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

Weekly VA Mortgage Business Rises to 4-Month High

Overall new mortgage activity recovers from holiday slump

Oct. 20, 2017

By Mortgage Daily staff

Prospective mortgage origination activity ascended from the holiday week, with adjustable-rate mortgages seeing the strongest gain. Lending activity for veterans climbed to the highest level in over four months.

During the seven days that concluded on Oct. 20, the U.S. Mortgage Market Index from Mortgage Daily, which is determined based on rate-lock volume at OpenClose, was 149.

Compared to the previous seven-day period that included Columbus Day, the index jumped 16 percent. The index, a barometer of prospective loan closings, is not adjusted for seasonal factors.

Average per-user rate-lock volume descended 9 percent versus the same-seven days in 2016.

ARM rate locks shot up from the week ended Oct. 13 by 43 percent -- the largest week-over-week improvement of any category. ARM business nearly doubled from a year ago, with volume soaring 93 percent. ARM share widened to 12.3 percent from 10.0 percent in the prior report and 5.8 percent a year prior.

A 20 percent rise was recorded for the Conventional MMI, pushing that index up to 90. Conventional activity fell 17 percent from the week ended Oct. 21, 2016.

Rate locks for purchase financing increased 17 percent, leaving the Purchase MMI at 90. Purchase-money business slipped 3 percent from this week last year.

Refinance activity rose 15 percent from a week earlier but fell 15 percent from a year earlier. Refinance share was 39.6 percent, a little more narrow than 40.1 percent last week and thinner than 43.0 percent in the report from a year ago. Most recently, refinance share was made up of a 17.2 percent rate-term share and a 22.4 percent cashout share.

Next were rate lock for government mortgages, which rose 11 percent and were up 8 percent from 12 months ago. The VA component of the Government MMI was 21 -- the highest it's been since the week ended June 6. Government share thinned to 39.7 percent from 41.4 percent but was more broad than 33.4 percent in the year-earlier report. FHA share accounted for 25.7 percent of the latest total, and VA share was 13.9 percent.

The smallest increase from the last report was with jumbo rate locks: 10 percent. The Jumbo MMI was 18 percent lower than a year ago. Jumbo activity represented 7.3 percent of total activity. The share thinned from 7.7 percent last week and 8.2 percent the same one-week period last year. Jumbo interest rates were 15 basis points more than conforming rates, widening from a 12-basis-point spread. Last year at this time, the spread was less than a basis point.

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Full Mortgage Market Index Report

Week Ended Oct. 20, 2017

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 17.17%
Cashout Refinance Share 22.43%
Total Refinance Share 39.60%

Purchase Share 60.40%

FHA Share 25.73%
VA Share 13.93%
Total Government Share 39.66%

Conventional Share 60.34%

ARM Share 12.31%

Jumbo Share 7.34%

Jumbo-Conforming Spread 0.15%

Overall new mortgage activity recovers from holiday slump

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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