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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

Conv Leads Drop in Weekly Mortgage Market Index

Jumbo activity increases

DALLAS -- (May 21, 2018) A week-over-week decline in new mortgage activity was spearheaded by new conventional lending. The overall decline was contrasted by jumbo business, which recorded a gain.

During the seven-day period that concluded on May 18, the U.S. Mortgage Market Index from Mortgage Daily was off from the preceding week by 4 percent. No seasonal adjustments were made.

Compared to the same seven days last year, the MMI -- an indication of upcoming originations based on average per-user rate-lock volume by clients of OpenClose -- has tumbled by 24 percent.

Out front of the descension from the week ended May 11 were rate locks for conventional mortgages, which were down 7 percent.

Up next were rate locks for loans to finance a home purchase, which declined 4 percent.

Refinance rate locks dipped 2.2 percent from the last report. Refinance share was 34.0 percent wider than 33.5 percent a week earlier.

A 2.1 percent week-over-week rise was recorded for the ARM MMI. ARM share thickened to 16.7 percent from 15.8 percent.

Rate locks for government mortgages increased 2 percent. Government share widened to 36.4 from 34.3 percent in the last report.

The week's best-performing category was jumbo, with the Jumbo MMI climbing 9 percent. Jumbo share widened to 7.4 percent from 6.6 percent. Interest rates on jumbo mortgages were 17 basis points higher than conforming rates. The spread was no different than in the last report.

full May 18 report

historical data

 







Conventional Leads Weekly Drop In Mortgage Biz Jumbo activity increases

May 21, 2018

By Mortgage Daily staff







A week-over-week decline in new mortgage activity was spearheaded by new conventional lending. The overall decline was contrasted by jumbo business, which recorded a gain.

During the seven-day period that concluded on May 18, the U.S. Mortgage Market Index from Mortgage Daily was off from the preceding week by 4 percent. No seasonal adjustments were made.

Compared to the same seven days last year, the MMI -- an indication of upcoming originations based on average per-user rate-lock volume by clients of OpenClose -- has tumbled by 24 percent.

Out front of the descension from the week ended May 11 were rate locks for conventional mortgages, which were down 7 percent. The Conventional MMI has retreated 27 percent over the past year.

Up next were rate locks for loans to finance a home purchase, which declined 4 percent. A 30 percent drop from the week ended May 19, 2017, was recorded for the Purchase MMI.

Refinance rate locks dipped 2.2 percent from the last report and have fallen 7 percent on a year-over-year basis. Refinance share was 34.0 percent -- including a 9.7 percent rate-term share and a 24.3 percent cashout share. Total refinance share was 33.5 percent a week earlier and 27.9 percent a year earlier.

A 2.1 percent week-over-week rise was recorded for the ARM MMI, while rate locks for adjustable-rate mortgages have soared 43 percent from 12 months earlier. 

Rate locks for government mortgages increased 2 percent, though government business was down 17 percent from the report a year ago. Government share of 36.4 percent was comprised of a 25.3 percent FHA share and an 11.0 percent VA share. Total government share was 34.3 percent in the last report and 33.5 percent in the year-earlier report.

The week's best-performing category was jumbo, with the Jumbo MMI climbing 9 percent. Jumbo business, however, has tumbled 40 percent from a year previous. Jumbo share widened to 7.4 percent from 6.6 percent but was more narrow than 9.3 percent as of a year prior. Interest rates on jumbo mortgages were 17 basis points higher than conforming rates reported Thursday by Freddie Mac. The spread was no different than in the last report but much wider than 3 BPS from the same week in 2017.




back to current headlines






Full Mortgage Market Index Report




Week Ended

May 18, 2018





Mortgage Market Index

140.753







Average Loan Amount

$236,637







Rate-Term Refinance Share

9.70%

Cashout Refinance Share

24.29%

Total Refinance Share

34.00%





Purchase Share

66.00%





FHA Share

25.35%

VA Share

11.00%

Total Government Share

36.35%





Conventional Share

63.65%





ARM Share

16.67%





Jumbo Share

7.40%





Jumbo-Conforming Spread

0.17%











back to main Mortgage Market Index page















Conventional Leads Weekly Drop In Mortgage Biz Jumbo activity increases

May 21, 2018

By Mortgage Daily staff







A week-over-week decline in new mortgage activity was spearheaded by new conventional lending. The overall decline was contrasted by jumbo business, which recorded a gain.

During the seven-day period that concluded on May 18, the U.S. Mortgage Market Index from Mortgage Daily was off from the preceding week by 4 percent. No seasonal adjustments were made.

Compared to the same seven days last year, the MMI -- an indication of upcoming originations based on average per-user rate-lock volume by clients of OpenClose -- has tumbled by 24 percent.

Out front of the descension from the week ended May 11 were rate locks for conventional mortgages, which were down 7 percent. The Conventional MMI has retreated 27 percent over the past year.

Up next were rate locks for loans to finance a home purchase, which declined 4 percent. A 30 percent drop from the week ended May 19, 2017, was recorded for the Purchase MMI.

Refinance rate locks dipped 2.2 percent from the last report and have fallen 7 percent on a year-over-year basis. Refinance share was 34.0 percent -- including a 9.7 percent rate-term share and a 24.3 percent cashout share. Total refinance share was 33.5 percent a week earlier and 27.9 percent a year earlier.

A 2.1 percent week-over-week rise was recorded for the ARM MMI, while rate locks for adjustable-rate mortgages have soared 43 percent from 12 months earlier. 

Rate locks for government mortgages increased 2 percent, though government business was down 17 percent from the report a year ago. Government share of 36.4 percent was comprised of a 25.3 percent FHA share and an 11.0 percent VA share. Total government share was 34.3 percent in the last report and 33.5 percent in the year-earlier report.

The week's best-performing category was jumbo, with the Jumbo MMI climbing 9 percent. Jumbo business, however, has tumbled 40 percent from a year previous. Jumbo share widened to 7.4 percent from 6.6 percent but was more narrow than 9.3 percent as of a year prior. Interest rates on jumbo mortgages were 17 basis points higher than conforming rates reported Thursday by Freddie Mac. The spread was no different than in the last report but much wider than 3 BPS from the same week in 2017.




back to current headlines






Full Mortgage Market Index Report




Week Ended

May 18, 2018





Mortgage Market Index

140.753







Average Loan Amount

$236,637







Rate-Term Refinance Share

9.70%

Cashout Refinance Share

24.29%

Total Refinance Share

34.00%





Purchase Share

66.00%





FHA Share

25.35%

VA Share

11.00%

Total Government Share

36.35%





Conventional Share

63.65%





ARM Share

16.67%





Jumbo Share

7.40%





Jumbo-Conforming Spread

0.17%











back to main Mortgage Market Index page









Jumbo activity increases

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


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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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