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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 Share Wider Despite Record Low Rate-Term

Mortgage biz off, gov share broader

March 16, 2018

By Mortgage Daily staff

A modest weekly drop in new mortgage business was led by adjustable-rate mortgages. Government share widened, as did refinance share thanks to a gain in cashouts that more than offset a record-low rate-term share.

The Mortgage Daily U.S. Mortgage Market Index for the week ended March 16 drifted lower by 4 percent from the previous seven-day period. Seasonal factors are not considered in the index.

Even worse was the year-over-year performance, with the MMI tumbling 26 percent from the week ended March 17, 2017. The index reflects potential upcoming loan originations based on average rate locks per user at clients of OpenClose.

Business was universally down, with rate locks for ARMs falling 7 percent from the week ended March 9. But ARM activity jumped 30 percent from the same-seven days last year. Of all borrowers locked, 16.2 percent opted for an ARM, with the share dipping from 16.7 percent in last week's report. ARM share widened, though, from 9.2 percent a year previous.
A 6.2 percent decline was recorded for purchase business, and the year-over-year plunge was 38 percent.

Conventional activity slowed by 6 percent, while it sank 30 percent from a year ago.

Rate locks for jumbo mortgages decreased 5 percent and were off by a fifth from the same week in 2017. Jumbo share slipped to 6.5 percent from 6.6 percent but was fatter than 6.1 percent a year prior. Rates on jumbo loans were 9 basis points more than conforming rates reported by Freddie Mac, a thinner spread than 10 BPS in the last report. There was no difference between jumbo and conforming rates this week in 2017.

An 0.4 percent dip was recorded for refinances, though a 4 percent gain was made from a year earlier. The share for refinances widened to 41.4 percent from 39.9 percent a week prior and 29.5 percent a year prior. Cashouts accounted for 31.5 percent of the latest share, and rate-term share was 9.9 percent -- the most narrow share since the MMI was launched in late 2009.

Also down 0.4 percent were rate locks for government mortgages. The Government MMI declined 18 percent from a year prior. Government share was thicker at 40.0 percent versus 38.6 percent last week and 36.3 percent a year ago. FHA share was 27.5 percent, and VA share was 12.5 percent.

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Full Mortgage Market Index Report

Week Ended March 16, 2018

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 9.90%
Cashout Refinance Share 31.48%
Total Refinance Share 41.38%

Purchase Share 58.62%

FHA Share 27.47%
VA Share 12.53%
Total Government Share 40.00%

Conventional Share 60.00%

ARM Share 16.18%

Jumbo Share 6.53%

Jumbo-Conforming Spread 0.09%

Mortgage biz off, gov share broader

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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