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

Refi Surge Leads Mortgage Business Higher

ARM activity improves

March 5, 2018

By Mortgage Daily staff

New mortgage activity ascended from the holiday week, and a sudden surge of strength in refinance business was out front of the improvement. Adjustable-rate activity also accelerated.

In the seven days ended March 2, the Mortgage Daily U.S. Mortgage Market Index, a gauge of upcoming originations, increased more than 7 percent from the preceding week that included Presidents Day.

The index, which is determined based on average per-user rate-lock volume by clients of OpenClose, rose nearly a percent compared to the same seven days last year. No seasonal adjustments are made.

Refinance rate locks ascended from the week ended Feb. 23 by 18 percent -- more than any other category. Refinance volume has escalated 39 percent from 12 months previous. Refinance share widened to 43.8 percent from 39.8 percent and was much more broad than 31.7 percent the same week in 2017. Most recently, the share was made up of a 13.7 percent rate-term share and a 30.1 percent cashout share.

A nearly 17 percent week-over-week escalation was recorded for adjustable-rate mortgage business, while ARM activity has soared from the week ended March 3, 2017, by 87 percent -- the largest year-over-year gain. ARM share fattened to 19.4 percent from 17.9 percent a week earlier and 10.4 percent a year earlier.

The Conventional MMI was 11 percent more than in the last report but off 2 percent from the year-prior report.

Rate locks for government mortgages inched up over a percent and were 5 percent stronger than 12 months earlier. Government share was trimmed to 37.4 percent from 39.7 percent but was wider than 35.7 percent in the same seven days during 2017. The latest share was comprised of a 26.4 percent FHA share and a 11.0 percent VA share.

While there was virtually no change from the previous report for the Purchase MMI, the index tumbled 17 percent from the same report one year ago.

The only drop from the preceding report was with jumbo rate locks, which were off 4 percent. Jumbo business has softened 14 percent over the past year. Jumbo share fell to 6.5 percent from 7.3 percent a week prior and 7.6 percent a year prior. Jumbo rates were 10 basis points more than conforming rates reported Thursday by Freddie Mac. The spread thinned from 18 BPS in the report from a week earlier and swung from a negative 1 basis point in the report from a year earlier.

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Full Mortgage Market Index Report

Week Ended March 2, 2018

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 13.70%
Cashout Refinance Share 30.07%
Total Refinance Share 43.77%

Purchase Share 56.23%

FHA Share 26.42%
VA Share 11.01%
Total Government Share 37.44%

Conventional Share 62.56%

ARM Share 19.40%

Jumbo Share 6.46%

Jumbo-Conforming Spread 0.10%

ARM activity improves

back to main Mortgage Market Index page

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.

Jumbo Mortgage News
Origination, issuance and performance data and news for large-balance mortgages.

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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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