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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
www.openclose.com

PRESS RELEASE

Weekly Mortgage Market Index Slips in Holiday Week

Mortgage Market Index 169

DALLAS -- (Sept. 12, 2016) A holiday slump in new mortgage business was led by purchase financing. But, fueled by a dip in interest rates, refinance activity was up the second week in a row.

In the week ended Sept. 9, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily -- an indication of upcoming loan originations -- was 169.

Compared to the report from the previous week, the index, a reflection of rate locks submitted by clients of OpenClose, moved lower by just over 1 percent.

But the modest decline during the week that included Labor Day was actually not bad given that there are no seasonal adjustments made to the index.

A 34 percent increase in the MMI, however, was recorded versus a year previous.

Leading the decline from the week ended Sept. 2, 2016, were rate locks for adjustable-rate mortgages, which tumbled 8 percent. ARM share dipped to 6 percent from 7 percent a week earlier.

Rate locks for purchase financing fell 5 percent from the prior report.

A more than 2 percent decline from the prior week was recorded for the Government MMI. Government share, meanwhile, thinned to 28.8 percent from 29.1 percent.

Off less than 1 percent on a week-over-week basis, the Conventional MMI landed at 120.

Jumbo rate locks rose a percent from the prior report. Jumbo share widened to 11.2 percent from 10.9 percent. Jumbo interest rates were 3 basis points higher than conforming rates. The jumbo-conforming spread widened from 2 BPS in the last report.

Outperforming all other categories was the Refinance MMI, which rose 3 percent from the previous week -- when it was also higher.

Fixed rates on conforming 30-year mortgages averaged 3.44 percent in the latest report, down 2 BPS compared to a week previous and sinking 46 BPS from a year previous.

The spread between 15- and 30-year rates was trimmed to 68 BPS from 69 BPS.

full Sept. 9 report

historical data

 

Mortgage Market Index 169 in week ended Sept. 9

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:
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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


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.


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.


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.


FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



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Mortgage Market Index powered by
OpenClose



Weekly MMI
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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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