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A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
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PRESS RELEASE

Convent Leads Weekly Mortgage Market Index Higher

Conventional leads overall activity higher

DALLAS -- (May 14, 2018)  Weekly mortgage business was higher led by conventional activity. Purchase business was the strongest it's been in eight months. Rate-term refinance share, which at one point in the past six years was nearly two-thirds, fell to a new single-digit low.

A 7 percent increase from one week earlier was recorded for the U.S. Mortgage Market Index from Mortgage Daily  for the seven days ended May 11. No seasonal adjustments were made to the index.

Compared to the same seven-day period last year, the index -- a glimpse into potential upcoming loan production based on average per-user rate locks by clients of OpenClose -- moved lower by less than a percent.

A 12 percent gain from the week ended May 4 for conventional rate locks was the biggest week-over-week increase of any category.

Rate locks for mortgages to finance a home purchase ascended 8 percent to the busiest week since Sept. 1, 2017.

A 5.8 percent week-over-week gain was recorded for refinances. Refinances accounted for 33.5 percent of all business, less than the 34.0 percent share the prior week. The week's 6.6 percent rate-term share was the most narrow on record since the MMI went live in late 2009. Rate-term share had been as wide as 66.6 percent in 2012.

A 5.7 percent week-over-week improvement was noted for jumbo business. Jumbo share dipped to 6.6 percent from 6.7 percent. Jumbo interest rates were 17 basis points more than conforming rates. The spread widened from 11 BPS in the preceding report.

A less than 1 percent dip was recorded for government rate locks. Government share of 34.3 percent was down from 36.9 percent in the prior week and the thinnest since the week ended Nov. 3, 2017.

Faring worst most recently were rate locks for adjustable-rate mortgages -- falling 19 percent. Still, ARM business has climbed more than any other category compared to one year prior. ARM share was cut to 15.8 percent from 20.8 percent.

full May 11 report

historical data

 

Conventional leads overall activity higher

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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About the Mortgage Market Index
The U.S. Mortgage Market Index launched on Dec. 17, 2009.

The index itself reflects the average number of rate locks each week per OpenClose originator-user. The index is an excellent indicator of upcoming mortgage production.

A byproduct of the Mortgage Market Index is a full report each week that includes the latest mortgage rates, refinancing trends and other important mortgage data.



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