Mortgage loan originators locked in more loans for veterans than they have during any week in at least 16 months. Government led a week-over-week gain in overall business.
An indication of upcoming single-family loan originations, the
U.S. Mortgage Market Index from Mortgage Daily, was 162 during the seven-day period that ended on Nov. 10.
It was the single strongest week since the week ended July 14 for the index, which is determined based on average per-user rate volume by clients of OpenClose.
A 12 percent ascension was made from the previous report. Compared to the same week last year, however, activity has slowed by 11 percent.
Racing to the top of the gain from the week ended Nov. 3 were government rate locks — soaring by 34 percent. The FHA index was the highest it’s been since July, and the VA MMI was more during the week that included Veterans Day than it’s ever been since Mortgage Daily began collecting the numbers for Department of Veterans Affairs business in July 2016.
The Government MMI was even up from the same seven days a year ago, climbing 3 percent — the best year-over-year performance of any index. Government share was 40.8 percent, far wider than 34.1 percent in the report from a week earlier and 35.2 percent a year earlier. Government share most recently was made up of a 27.1 percent FHA share and a 13.7 percent VA share.
A 13 percent week-over-week increase was recorded for the Purchase MMI, leaving it at 93. But purchase business remains down by more than 12 percent from the week ended Nov. 11, 2016.
Refinance rate locks increased 11 percent from the last report but were down 9 percent from one year prior. Refinance share was trimmed to 42.8 percent from 43.2 percent though it was wider than 41.9 percent in the year-earlier report. The latest share consisted of a 17.0 percent rate-term share and a 25.8 percent cashout share.
With a less than 1 percent advance, the Conventional MMI was 96. Conventional volume has retreated 19 percent on a year-over-year basis.
Rate locks for jumbo mortgages fell 4 percent and were down 30 percent from the same period in 2016, more than any other category. At 6.5 percent, jumbo share was a little less wide than 7.6 percent in the last report and 8.3 percent in the report from one year ago.
Jumbo interest rates were 13 basis points higher than 30-year rates, no as much as the 19 BPS in the previous week but more than 6 percent the same week last year.
Adjustable-rate mortgage activity declined 7 percent and was off 4 percent from the same seven-day period in 2016. ARM share was 8.3 percent, more narrow than 10.0 percent in the preceding period but wider than 7.7 percent the preceding year.
