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Mortgage Market Index Up from Year Earlier


Mortgage Market Index 95 in week ended Dec. 20

Mortgage Market Index Up from Year Earlier

DALLAS — (Dec. 30, 2013) While the holidays took an expected toll on new mortgage business, activity was stronger than a year earlier. Government-insured business took the biggest week-over-week hit.

Tumbling 44 percent from a week earlier, the U.S. Mortgage Market Index from LoanSifter and Mortgage Daily was 95 for the week ended Dec. 27. The index reflects average pricing inquiries per LoanSifter user.

But when compared to Christmas week in 2012, activity was 29 percent higher. The year-earlier figures were revised to reflect numbers from the same data provider.

Out front of the holiday decline were pricing inquiries for Federal Housing Administration-insured loans, which sank 54 percent from the week ended Dec. 20. FHA business, however, was 53 percent better than the same week last year.

FHA inquiries accounted for just 15.1 percent of all activity, sinking from FHA share of 18.5 percent one week prior and 15.6 percent one year prior.

Refinancing activity dropped 45 percent and was down 12 percent from Christmas week 2012. Refinance share slipped to 48.5 percent from 49.1 percent and has narrowed significantly from 72.5 percent the same week last year. The most recent week’s share consisted of a 34.8 percent rate-term share and a 13.7 percent cashout share

Interest in purchase financing diminished, retreating 43 percent from the previous report. But purchase volume has soared 139 percent from the week ended Dec. 28, 2012.

Conventional activity fell 43 percent on a week-over-week basis but has strengthened 13 percent on a year-over-year basis.

Inquiries for adjustable-rate mortgages moved 16 percent lower from seven days earlier but have skyrocketed 391 percent from 12 months earlier.

ARM share jumped to 16.7 percent from 11.2 percent in the last report. ARM share was only 2.9 percent at the same point in 2012.

The best performance was turned in by the jumbo category, which declined just 5 percent over the prior week. Jumbo volume was 114 percent higher than the same week last year.

Jumbo share swelled to 11.6 percent from 6.8 percent in the last report. Jumbo share was 4.1 percent a year previous.

Jumbo interest rates were priced 21 basis points higher than conforming rates. The jumbo-conforming spread was 22 BPS a week earlier and 43 BPS a year earlier.

Conforming 30-year fixed rates rose to 4.808 percent from 4.767 percent. A year prior, 30-year rates were only 3.592 percent.

The rate discount for 15-year mortgages inched up to 102 BPS from 99 BPS and was far better than 61 BPS in the year-earlier report.

Full Mortgage Market Index Report

Week Ended Dec. 27, 2013

National Average Loan Amount $325,303

Rate-Term Refinance Share 34.79%
Cashout Refinance Share 13.72%
Total Refinance Share 48.51%

Purchase Share 51.49%

FHA Share 15.08%

ARM Share 16.70%

Jumbo Share 11.59%

Mortgage Market Index 95.432

Conforming 30-Year Fixed-Rate Average 4.808%
Conforming 15-Year Fixed-Rate Average 3.786%
Jumbo 30-Year Fixed-Rate Average 5.022%

Historical data for the U.S. Mortgage Market Index is available at:

About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, is a leading online source of mortgage news and mortgage statistics for the mortgage industry. In addition to the weekly Mortgage Market IndexMortgage Daily also publishes the quarterly Mortgage Employment IndexMortgage Litigation Index and Mortgage Fraud Index. The Dallas-based publication additionally provides a quarterly ranking of the biggest mortgage originators and mortgage servicers. Visit Mortgage Daily at

About Loan Sifter Inc.
LoanSifter, Inc. provides the mortgage banking industry’s most comprehensive platform for mortgage bankers, brokers, credit unions and banks to maintain compliance through the accurate pricing, marketing and management of mortgage loans. LoanSifter is also the leader in delivering production tools to lenders, including its eOriginations consumer online point-of-sale (POS) platform, email campaigns, rate alerts and automated quoting for Bankrate, LendingTree and Zillow. LoanSifter boasts nearly 1,000 clients, supports content for over 160 investors, and has the market’s most comprehensive integrations with leading loan origination systems (LOS), mortgage insurance companies and hedge advisory companies. For more information about LoanSifter, please visit

Holly Himelright


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