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

Refinances Wipe Out Weekly Purchase Gains

Conventional drop offsets rise in government

Oct. 22 2018

By Mortgage Daily staff

A nice up tick in purchase financing activity was wiped out by a weekly decrease in refinance business. Similarly, an increase in government volume was more than offset by a drop in conventional activity.

An indicator of upcoming originations, the U.S. Mortgage Market Index from Mortgage Daily, was 113 during the seven days ended Friday. The index is determined based on average per-user rate locks by OpenClose clients.

Compared to the preceding week, the MMI slipped more than a percent. No adjustments are made for seasonal factors to the index, which has plummeted 24 percent versus the same seven days last year.

The biggest decline from the week ended Oct. 12 was with rate locks for adjustable-rate mortgages: 16 percent. But ARM business was up a percent from 12 months earlier -- the only category to gain from a year previous. ARM share thinned to 16.4 percent from 19.3 percent, though it was more broad than 12.3 percent the same week in 2017.

Refinance rate locks retreated 8 percent and plunged from the week ended Oct. 20, 2017, by 32 percent -- the most of any category. The refinance share was trimmed to 35.3 percent from 37.7 percent and was more narrow than 39.6 percent in the report from the same week a year ago. Comprising the share was a 12.1 percent rate-term share and a 23.2 percent cashout share.

Up next were rate locks for conventional mortgages -- falling 5 percent from a week earlier and sinking 27 percent from a year earlier.

Jumbo rate locks slowed 4 percent and declined 9 percent from one year previous as jumbo share dipped to 8.8 percent from 9.0 percent. Jumbo share has widened, however, from 7.3 percent a year prior. Based on conforming rates reported Thursday by Freddie Mac, the jumbo-conforming spread swung to a positive 3 basis points from a negative 3 BPS but was slashed from 15 BPS in the same seven days a year ago.

A 3 percent gain was made for purchase-money rate locks, although a 19 percent annual decline was recorded.

Last week's best performance was delivered by rate locks for government mortgages, which climbed 5 percent. Government activity has slowed, however, 19 percent from the same week n 2017. Government share broadened to 42.3 percent from 39.8 percent and was also wider than 39.7 percent in the year-earlier report. FHA share accounted for 28.0 percent of the government share, and VA share made up the other 14.2 percent.

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Full Mortgage Market Index Report

Week Ended Oct. 19, 2018

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 12.09%
Cashout Refinance Share 23.16%
Total Refinance Share 35.25%

Purchase Share 64.75%

FHA Share 28.02%
VA Share 14.24%
Total Government Share 42.26%

Conventional Share 57.74%

ARM Share 16.36%

Jumbo Share 8.76%

Jumbo-Conforming Spread 0.03%

Refinances Wipe Out Weekly Purchase Gains

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.

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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

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FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

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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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