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

Increase in Mortgage Business Led by Conventional

Record-low rate-term refinance share

April 13, 2018

By Mortgage Daily staff

Conventional activity led a week-over-week increase in new mortgage business. Rate-term refinance share descended to a new record low, while purchase share was the highest it's been in six months.

A tool for predicting upcoming originations, the Mortgage Daily U.S. Mortgage Market Index, increased nearly 3 percent from the previous week during the seven days ended April 13. No seasonal adjustments are made to the index.

Compared to the same seven-day period last year, the MMI declined by more than 8 percent. The index is calculated based on average per-user rate-lock volume by customers of OpenClose.

Conventional rate locks ascended from the week ended April 6 by 5 percent -- the most of any loan type. Conventional activity, however, descended 18 percent from a year ago.

Purchase rate locks were up more than 3 percent but tumbled from the week ended April 14, 2017, by more than 19 percent -- the worst year-over-year performance of any category. Still, purchase share of 61.7 percent was the widest it's been since the week ended Oct. 6, 2017, when it was 62.2 percent.

A nearly 2 percent week-over-week increase was recorded for refinances, while the category was up 17 percent on a year-over-year basis. Refinance share was 38.4 percent -- the most narrow it's been since it was 37.8 percent in the week ended Oct. 6, 2017. The share was 38.7 percent in last week's report and 30.0 percent in the the report from a year ago. The latest share consisted of a 30.8 percent cashout share and a 7.6 percent rate-term share -- the thinnest share since the MMI launched in late 2009.

Rate locks for adjustable-rate mortgages inched up a percent and were one-fifth better than twelve months ago. ARM share was 14.4 percent this week, 14.6 percent last week and 11.0 percent a year ago.

Government rate locks dipped less than a percent and were a 10th stronger than the same week in 2017. Government share was trimmed to 42.0 percent from 43.4 percent but widened from 35.0 percent twelve months ago. The latest share was made up of a 30.1 percent FHA share and an 11.9 percent VA share.

Rate locks for jumbo mortgages declined 5 percent -- the most of any category. A 16 percent drop was recorded versus the same week last year. Jumbo share thinned to 6.7 percent from 7.3 percent a week earlier and a year earlier. Jumbo interest rates were 8 basis points more than conforming rates reported Thursday by Freddie Mac, less than 10 BPS in the last report and swinging from a negative 8 BPS in the year-earlier report.

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Full Mortgage Market Index Report

Week Ended April 13, 2018

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 7.59%
Cashout Refinance Share 30.75%
Total Refinance Share 38.35%

Purchase Share 61.65%

FHA Share 30.08%
VA Share 11.91%
Total Government Share 42.00%

Conventional Share 58.00%

ARM Share 14.40%

Jumbo Share 6.71%

Jumbo-Conforming Spread 0.08%

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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