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

Mortgage Biz in July 4 Week Lowest Since Holidays

ARMs down most, jumbo activity up

July 6, 2018

By Mortgage Daily staff



As Americans celebrated the 242nd birthday of the United States, new mortgage business sank to the lowest level since the holidays. Adjustable-rate volume took the biggest hit. But jumbo activity accelerated.

An indication of upcoming loan originations, the U.S. Mortgage Market Index from Mortgage Daily for the seven days ended July 6, was 98 -- the lowest level since it was 92 in the week ended Jan. 5.

The index, which is not seasonally adjusted, was down 16 percent from last week. Compared to the same-seven days in 2017, the index -- which is determined based on average per-user rate-lock volume by OpenClose clients -- was off 8 percent.

Retreating the most were rate locks for adjustable-rate mortgages: 23 percent. ARM activity has skyrocketed, though, 111 percent from the week ended July 7, 2017. ARM share thinned to 16.8 percent from 18.2 percent but has more than doubled versus 7.8 percent in the year-earlier report.

A one-fifth week-over-week decline was recorded for conventional rate locks. The category was just 3 percent off the level reached this week in 2017.

Rate locks for loans to finance a home purchase decreased 17 percent and were down 16 percent from a year ago.

A 15 percent drop was recorded for refinance rate locks. Refinance business has risen, however, 13 percent from 12 months previous. Refinance share widened to 34.4 percent from 33.8 percent and was also fatter than 27.9 percent this week last year. The latest share consisted of a 9.2 percent rate-term share and a 25.1 percent cashout share.

Government rate locks slowed by a 10th and were down 15 percent on a year-over-year basis. Government share broadened to 38.7 percent from 36.0 percent but was more narrow than 41.9 percent in the year-prior report. The most-recent share was comprised of a 25.4 percent FHA share and a 12.7 percent VA share.

Unlike all other categories, jumbo rate locks increased -- rising 3 percent. Jumbo business was up nearly a percent from this week in 2017. Jumbo share jumped to 10.4 percent from 8.5 percent the previous week and 9.5 percent a year previous. At 11 basis points more than conforming rates reported by Freddie Mac, the jumbo-conforming spread was the same as last week and thinner than 17 BPS the same week last year.




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Full Mortgage Market Index Report


Week Ended July 6, 2018


Mortgage Market Index

97.957



Average Loan Amount
$241,484


Rate-Term Refinance Share 9.22%
Cashout Refinance Share 25.14%
Total Refinance Share 34.36%


Purchase Share 65.64%


FHA Share 25.94%
VA Share 12.73%
Total Government Share 38.67%


Conventional Share 61.33%


ARM Share 16.79%


Jumbo Share 10.42%


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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