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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

Refis Lead Drop in Weekly Mortgage Market Index

Refis lead week-over-week decline

DALLAS -- (Nov. 27, 2017) Compared to the week last year that included Thanksgiving, new mortgage business ascended -- and it was refinances that drove the improvement. But refinances also led a week-over-week reduction in overall activity.

At 112, the U.S. Mortgage Market Index from Mortgage Daily was 5 percent higher than during the same seven-day period last year. The index is a reflection of average per-user rate-lock volume at OpenClose.

But the MMI, which provides a peek into the volume of upcoming single-family originations, declined by a quarter from the preceding week. No adjustment was made for the holiday week.

Rate locks for refinances plummeted 35 percent from the week ended Nov. 17, 2017. The latest week's refinance share was 39 percent, thinning considerably from 45 percent the prior week.

A 28 percent drop from a week earlier was recorded for the Conventional MMI, which was 66.

Government rate locks tumbled 21 percent from the non-holiday week. The share of business that was government rose to 41 percent from 39 percent.

Rate locks for home-purchase financing dropped 17 percent from the last report, leaving the Purchase MMI at 68.

Adjustable-rate mortgage activity declined 12 percent. ARM share was more broad at 13 percent versus 11 percent in the prior report.

Jumbo mortgage rate locks dipped 2 percent, the strongest week-over-week performance. More than 9 percent of all locks were for jumbo mortgages, a bigger share than 7 percent in the previous report.

full Nov. 24 report

historical data

 

Refis lead week-over-week decline

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.

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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


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Mortgage Market Index powered by
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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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