twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
www.openclose.com

15-Month High for New Weekly Mortgage Business

Mortgage Market Index 209 in week ended July 15

July 18, 2016

By Mortgage Daily staff



Although long-term interest rates for residential loans turned slightly higher, new mortgage business soared to the highest level in 15 months. Jumbo activity had the biggest gain.

Mortgage Daily's U.S. Mortgage Market Index, a reflection of average per-user rate-lock volume at clients of OpenClose, was reported at 209 for the week ended July 15.

New mortgage activity -- which turned out to be the strongest it's been since the week ended March 20, 2015 -- increased by more than a quarter versus the previous week.

Compared to the same week last year, the index made a whopping 64 percent gain.

Jumbo activity experienced the largest week-over-week improvement, soaring 73 percent from the week ended July 8. The Jumbo MMI was up 28 percent from the same week in 2015. Jumbo share widened to 8.6 percent from 6.3 percent but was thinner than 11.1 percent this week last year.

The jumbo-conforming spread grew to 14 basis points from 12 basis points but swung from a negative 20 BPS in the year-earlier period.

At 48, the FHA MMI was up 41 percent compared to the last report and soared 79 percent from the year-earlier report. FHA share was 22.8 percent, wider than 20.3 percent the prior week and 20.9 percent a year prior.

The method utilized to determine refinance share in the Mortgage Market Index report, which was originally designed to provide a seamless transition between data providers, has been improved. As a result, refinance data and purchase data have been revised going back to the week ended June 26, 2015.

The revision had the effect of reducing refinance share for the week ended July 8, 2016, from 70.4 percent originally reported to 34.9 percent using the new methodology -- a level more in line with the 37 percent refinance share reported for May by Ellie Mae Inc.

Rate locks for refinances rose 40 percent from the revised prior week and skyrocketed 148 percent from revised figure for the week ended July 17, 2015. Refinance share leapt to 39.0 percent from a revised 34.9 percent a week earlier and a revised 25.8 percent a year earlier. The latest week's share consisted of a 24.1 percent rate-term share and a 14.9 percent cashout share.

The Purchase MMI was 127 this week, a 17 percent improvement from the revised level the prior week and a more than one-third improvement on a revised year-over-year basis.

A 31 percent increase from the previous week was observed for rate locks on adjustable-rate mortgages, while ARM business rose 5 percent from a year previous. ARM share widened to 6.4 percent from 6.2 percent but was much thinner than 10.0 percent 12 months ago.

Conventional activity rose by 22 percent, the smallest week-over-week gain of any category, and was 60 percent stronger than a year ago.

Thirty-year fixed rates averaged 3.42 percent in the latest week, up a basis point from the last report but 67 BPS better than a year earlier.

Fifteen-year rates were 70 BPS less than 30-year rates. The spread widened from 67 BPS but was slashed from 84 BPS one year ago.

Fixed rates are likely to be around 13 BPS higher in the next Mortgage Market Index report based on a Mortgage Daily analysis of Treasury market activity.

next story

back to current headlines



Full Mortgage Market Index Report


Week Ended July 15, 2016


Mortgage Market Index 208.916


Average Loan Amount
$261,775


Rate-Term Refinance Share 24.11%
Cashout Refinance Share 14.94%
Total Refinance Share 39.04%


Purchase Share 60.96%


FHA Share 22.77%


ARM Share 6.45%


Jumbo Share 8.64%


Conforming 30-Year Fixed-Rate Average 3.42%
Conforming 15-Year Fixed-Rate Average 2.72%
Jumbo 30-Year Fixed-Rate Average 3.56%



Mortgage Market Index 209 in week ended July 15


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

Logout forgot
password?


Mortgage Market Index powered by
OpenClose



Weekly MMI
by Year:

current

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009



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.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders