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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

Purchases Lead Mortgage Biz Lower in Holiday Week

Mild dip for refinances

Oct. 15, 2018

By Mortgage Daily staff



Weekly mortgage business slowed during the holiday week and was also down from last year. Home purchase financing business took the biggest weekly hit, while refinances suffered least.

At 115, Mortgage Daily's U.S. Mortgage Market Index for the week that finished on Oct. 12 retreated twelve percent from seven days prior. No adjustments were made for Columbus Day.

A more telling comparison, one with the same week last year, indicated that the index -- a measure of average per-user rate locks by OpenClose customers -- had a 10 percent decline.

Rate locks for loans used to finance house purchases plunged from the week ended Oct. 5 by 16 percent -- the greatest week-over-week decline of any category. Purchase-money activity was off 7 percent from the same week a year ago.

Government activity dropped 14 percent from both a week earlier and a year earlier. Government share was 39.8 percent and consisted of a 26.9 percent FHA share and a 12.9 percent VA share. Government share thinned from 40.6 percent the preceding week and 41.4 percent in the week ended Oct. 13, 2017.

Conventional rate locks moved lower by 11 percent and retreated 8 percent on a year-over-year basis.

A 7 percent decrease was recorded for jumbo rate locks, though the category has risen 4 percent from the same seven days in 2017. Nine percent of all business was jumbo. The share thickened from 8.5 percent the prior week and 7.7 percent a year prior. The widening jumbo share came as jumbo rates fell to 3 basis points less than conforming rates reported by Freddie Mac on Thursday. Jumbo rates were 20 BPS worse than conforming rates in the last report and 12 BPS more in the year-earlier report.

Rate locks for adjustable-rate mortgages eased 5 percent but have soared 72 percent from one year ago. ARM share widened to 19.3 percent from 17.8 percent and has ballooned from a 10th a year previous.

The smallest drop was with refinances, which dipped 4 percent. Refinance business sank 16 percent versus the prior-year report -- the worst year-over-year drop. Refinances accounted for 37.7 percent of weekly business, a wider share than 34.7 percent the same week in 2017 but a more narrow share than 40.1 percent twelve months earlier. Refinance share was comprised of a 13.0 percent rate-term share and a 24.7 percent cashout share.


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Full Mortgage Market Index Report


Week Ended Oct. 12, 2018


Mortgage Market Index

114.624



Average Loan Amount
$228,253


Rate-Term Refinance Share 13.02%
Cashout Refinance Share 24.72%
Total Refinance Share 37.74%


Purchase Share 62.26%


FHA Share 26.86%
VA Share 12.92%
Total Government Share 39.78%


Conventional Share 60.22%


ARM Share 19.29%


Jumbo Share 9.00%


Jumbo-Conforming Spread -0.03%



Purchases Lead Mortgage Biz Lower in Holiday Week


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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