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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

Mortgage Market Index Up, Purchases at 9-Mth High

Government leads overall rise in weekly mortgage business

DALLAS -- (May 29, 2018) As home purchase financing activity climbed to the highest level in nine months, overall new mortgage business was the best it's been in three months. Government programs were out front of the week-over-week gain.

The U.S. Mortgage Market Index from Mortgage Daily for the week ended May 25 increased 5 percent from the prior seven-day period to the highest level since the week ended March 23. No seasonal adjustments are made to the numbers.

Compared to the same week last year, the index -- an indication of upcoming home-lending production based on average per-user rate locks by customers of OpenClose -- has soared 28 percent.

A 10 percent ascension from the week ended May 18 was recorded for government business. Government share thickened to 38 percent from 36 percent.

Purchase-money rate locks climbed 7 percent to the highest level since the week ended Aug. 25, 2017.

Rate locks for adjustable-rate mortgages moved up 6 percent. At 16.8 percent, ARM share was slightly wider than 16.7 percent a week earlier.

Conventional business was up less than 3 percent.

Rate locks for refinances rose 2 percent. Refinance share thinned to 33 percent from 34 percent.

The week's weakest category was the Jumbo MMI, which was unchanged. Jumbo share was trimmed to 7.0 percent from 7.4 percent. Jumbo interest rates were 6 basis points lower than conforming rates. The spread was 17 BPS a week earlier.

full May 25 report

historical data

 

Government leads overall rise in weekly mortgage business

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
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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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