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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 Off on Purchases, Conv
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DALLAS -- (Aug. 15, 2016) A week-over-week decline in new home-lending activity was driven by purchase and conventional financing, though jumbo business also played a role.
The U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Aug. 12 was 185, retreating 7 percent from a week prior.
But compared to year prior, the index -- which is determined based on average per-user rate locks by OpenClose clients -- has risen by nearly a third.
The biggest decline from the week ended Aug. 5, 2016, was with the Jumbo MMI, which dropped 12 percent to 17. Jumbo business accounted for 9 percent of overall activity. Jumbo share was down from 10 percent a week earlier. Interest rates on jumbo mortgages were 10 basis points more than conforming rates, thinning from an 11-basis-point spread in the last report.
A more than one-tenth drop from the last report was recorded for conventional activity.
Rate locks for purchase financing were off by almost 10 percent compared to the prior report.
A less than 3 percent decline was recorded for the Refinance MMI.
Refinance share widened to 44 percent from 42 percent a week earlier.
At 63, the Government MMI was barely changed from the last report. Government share widened to 34 percent from 32 percent the previous week.
The only category to experience a week-over-week gain was the ARM MMI, with rate locks for adjustable-rate mortgages increasing 13 percent. ARM share increased to 7 percent from 6 percent.
Fixed rates on conforming 30-year mortgages averaged 3.45 percent, up 2 BPS from the past week's report.
Rates on 15-year loans were 69 BPS lower than 30-year rates, the same spread as one week prior. |
full Aug. 12 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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