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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity. |
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PRESS RELEASE
Weekly Mortgage Market Index Retreats as Rates Up
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DALLAS -- (July 25, 2016) As mortgage rates ascended for the second straight week, new mortgage activity declined -- with refinance business taking a bigger hit than purchase financing.
The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate locks by OpenClose clients, landed at 177 in the week ended July 22.
Compared to the 15-month high reached a week earlier, the index retreated 16 percent. However, on a year-over-year basis, the index moved higher by nearly a quarter.
The index reflects seven days' activity through midnight Thursday.
The biggest decline from the week ended July 15 was with the Jumbo MMI, which tumbled 28 percent to 13. Jumbo share declined to 7 percent from 9 percent in the prior report.
The spread between interest rates on jumbo mortgages and conforming loans widened to 18 basis points from 14 BPS.
Rate locks for adjustable-rate mortgages declined 22 percent. ARM share was trimmed to 6.0 percent from 6.4 percent.
After that were rate locks for refinances, which dropped by a fifth. Refinance share fell to 37 percent from 39 percent.
Rate locks for purchase financing declined 13 percent from the previous report.
Data on loans guaranteed by the Department of Veterans Affairs was added for the first time to the newest report. As a result, the category of rate locks for mortgages insured by the Federal Housing Administration has been replaced by the Government MMI. In its first week, the Gov MMI was 60.
Government share totaled 34 percent in the latest report.
Fixed interest rates on 30-year conforming mortgages averaged 3.45 percent in the most-recent week, climbing for the second consecutive week from 3.42 percent in the week ended July 15.
Rates on 15-year loans were 70 BPS lower than 30-year rates, the same as a week prior. |
full July 22 report
historical data
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Historical data for the U.S. Mortgage Market Index is available at:
http://www.MortgageDaily.com/MortgageMarketIndex.asp
About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, MortgageDaily.com is a leading online source of mortgage news and mortgage statistics for the mortgage industry. In addition to the weekly Mortgage Market Index, Mortgage Daily also publishes the quarterly Mortgage Employment Index, Mortgage Litigation Index and Mortgage Fraud Index. The Dallas-based publication additionally provides a quarterly ranking of the biggest mortgage originators and mortgage servicers. Visit Mortgage Daily at www.MortgageDaily.com.
CONTACT:
214.521.1300
NewsAlert@MortgageDaily.com
About OpenClose
Founded in 1999 and headquartered in Palm Beach, Florida, OpenClose® is a leading end-to-end loan origination system (LOS) provider that delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of browser-based lending automation solutions for lenders, banks and credit unions of all sizes. OpenClose's LOS is completely engineered by the same company, thus avoiding assembling best-of-breed applications or acquiring technologies in an effort to create an end-to-end platform. The company focuses on providing lending organizations with full control of their data and creating a truly seamless workflow for comprehensive automation and compliance adherence. For more information, visit www.openclose.com or call 561.655.6418.
Source: MortgageDaily.com
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Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.
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Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.
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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.
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Jumbo Mortgage News
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Mortgage Market Index powered by
OpenClose
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Weekly MMI
by Year:
current
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
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About the Mortgage Market Index
The U.S. Mortgage Market Index was first launched in December 2009 at 197.
The index, itself, reflects the average number of per-user rate locks by clients of OpenClose for the seven days ended each Thursday at midnight. OpenClose has been the data provider since June 2015.
The MMI is an excellent indicator of upcoming mortgage originations.
A byproduct of the Mortgage Market Index is a full report each week that includes the latest share by loan type, the jumbo-conforming spread and details about refinance and government activity -- as well as other important mortgage data.
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