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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
Mortgage Market Index Up from Year Earlier
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DALLAS -- (Dec. 26, 2017) While new weekly mortgage activity turned lower ahead of Christmas, there was a year-over-year gain. The share of prospective borrowers extracting cashout or opting for an adjustable-rate mortgage continued to grow.
Mortgage Daily's U.S. Mortgage Market Index, which provides insight into upcoming loan originations based on average per-user rate locks by OpenClose clients, was 121 in the week ended Dec. 22.
The index, which is not adjusted to reflect seasonal factors, tumbled 17 percent versus the preceding week. But a more telling comparison is the year-over-year change: up 7 percent.
The Conventional MMI was 73, sinking from the week ended Dec. 15 by 19 percent --
more than any other category.
Rate locks for refinances declined 18 percent. Refinance share dipped to 43.7 percent from 43.9 percent. This week's share included a 27 percent cashout share -- far wider than 18 percent twelve months ago. The growing cashout share reflects rising home values that are giving homeowners more equity to draw from.
A 17 percent decline was recorded for
the Purchase MMI, which came in at 68.
Government rate locks dropped 16 percent. Government share was 40 percent, widening from 39.0 percent.
A 6 percent reduction was recorded for ARM rate locks.
ARM share was 12 percent -- more broad than 10 percent a week earlier and a year earlier.
Rate locks for jumbo mortgages dipped 4 percent for the week. Jumbo share widened to 9 percent from 8 percent. Rates on jumbo rate locks were 25 basis points higher than conforming rates in Freddie Mac's Primary Mortgage Market Survey for the week ended Dec. 21. The spread increased from 20 BPS the prior week. |
full Dec. 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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