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

Purchase Activity Falls to 9-Month Low

Government share widens as overall mortgage business slows

Oct. 16, 2017

By Mortgage Daily staff



As new mortgage activity softened during the holiday week, weekly purchase-money business sank to the lowest level since January. Government share has significantly widened over the past year.

An indication of upcoming loan closings, the U.S. Mortgage Market Index from Mortgage Daily, was 128 in the seven days that included Columbus Day and concluded on Oct. 13.

A 16 percent decline was recorded versus the preceding week for the index, which is determined based on average per-user rate-lock volume at OpenClose. No seasonal adjustments were made.

But compared to the same seven days in 2016, prospective mortgage activity dipped just a percent.

Suffering the biggest week-over-week decline was the Purchase MMI, which slid 19 percent to 77 -- the lowest level since the week ended Jan. 27, 2017. Rate locks for loans to finance home purchases were off just 3 percent from the week ended Oct. 14, 2016.

A more than 17 percent decline was recorded from the week ended Oct. 6 for the Conventional MMI, which landed at 75. There was a more than 14 percent reduction from this week during 2016 for conventional activity -- the weakest year-over-year performance of any category tracked.

Rate locks for mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs fell 13 percent from the previous report. But government business has grown stronger over the past 12 months, ascending 27 percent. Government share was 41.4 percent in the most-recent report, widening from 40.2 percent the preceding seven-day period and fattening from 32.2 percent a year prior. The most-recent government share consisted of a 27.5 percent FHA share and a 13.9 percent VA share.

A nearly 13 percent decline was clocked versus the previous week for adjustable-rate mortgage rate locks. But ARM activity has skyrocketed 79 percent from the same week a year ago -- by far the best improvement from a year earlier. ARM share widened to 10.0 percent from 9.7 percent and was nearly twice as much as 5.5 percent twelve months earlier.

Refinance rate locks retreated 11 percent from the last report but inched up 3 percent from the report from the same week last year. At 40.1 percent, refinance share was more broad than 37.8 percent a week earlier and 38.7 percent a year earlier. The latest share was comprised of an 18.7 percent rate-term share and a 21.4 percent cashout share.

The smallest week-over-week loss was with jumbo rate locks: less than 9 percent. Jumbo business has retreated 14 percent from the same week last year. Jumbo share widened to 7.7 percent from 7.1 percent but was more narrow than 8.9 percent in the report for 52 weeks earlier. The jumbo-conforming spread remained at 12 basis points and was a basis point wider than in the year-prior period.

next story

back to current headlines



Full Mortgage Market Index Report


Week Ended Oct. 13, 2017


Mortgage Market Index

127.952



Average Loan Amount
$231.584


Rate-Term Refinance Share 18.74%
Cashout Refinance Share 21.37%
Total Refinance Share 40.11%


Purchase Share 59.89%


FHA Share 27.47%
VA Share 13.94%
Total Government Share 41.40%


Conventional Share 58.60%


ARM Share 10.04%


Jumbo Share 7.73%


Jumbo-Conforming Spread 0.12%



Government share widens as overall mortgage business slows


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.



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