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

Record Low Rate-Term Refi Business

Overall refinances up as purchase activity falls

June 29, 2018

By Mortgage Daily staff

Prospective rate-term refinance business descended to the lowest level in at least six years. Still, overall refinance activity moved higher even as purchase-money activity was lighter.

The U.S. Mortgage Market Index, which is published by Mortgage Daily based on average per-user rate-lock volume by clients of OpenClose, was virtually unchanged in the week ended June 29 versus one week earlier.

Compared to the same seven days last year, the index -- an indicator of upcoming loan originations -- has slowed down by 21 percent. No seasonal adjustments are made to the data.

Rate locks for adjustable-rate mortgages fell 12 percent but have accelerated 53 percent from the week ended June 30, 2017. ARM share slipped to 18.2 percent from 20.6 percent but was more than double the 9.3 share in the year-earlier period.

Jumbo rate locks receded 5 percent and were off 4 percent on a year-over-year basis. Jumbo share thinned to 8.5 percent from 8.9 percent but was much wider than 7.0 percent this week last year. Jumbo interest rates were 11 basis points more than conforming rates reported Thursday by Freddie Mac. The spread thinned from 15 BPS the prior week and 12 BPS a year prior.

Conventional rate locks were down less than a percent but have tumbled 19 percent from a year prior.

A less than 1 percent increase was recorded for government business, while the category has plummeted by a quarter from one year ago. Government share was 36.0 percent, a little more thick than 35.7 percent in the last report and a little less thick than 37.9 percent one year earlier. Most recently, FHA share comprised 24.9 percent of the total, and VA share made up 11.1 percent.

Rate locks for loans to finance home purchases dipped less than 2 percent and plunged more than a quarter from 12 months ago.

The best week-over-week performance was turned in by rate locks for refinances, which inched up nearly 3 percent from last week. Refinance business, however, has descended 12 percent over the past year. The Rate-Term Refinance MMI was 8.6 this week -- the lowest level for that index since at least 2011. It had been as high as 215 in the week ended Sept. 28, 2012.

Refinance share widened to 33.8 percent from 32.9 percent a week earlier and 30.3 percent a year earlier. Included in the share was a 7.3 percent rate-term share and a 26.4 percent cashout share.

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Full Mortgage Market Index Report

Week Ended June 29, 2018

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 7.34%
Cashout Refinance Share 26.42%
Total Refinance Share 33.76%

Purchase Share 66.24%

FHA Share 24.89%
VA Share 11.10%
Total Government Share 35.99%

Conventional Share 64.01%

ARM Share 18.16%

Jumbo Share 8.45%

Jumbo-Conforming Spread 0.11%

Refis see bigger rise than purchases

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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