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| DALLAS—(April 24, 2017) A modest weekly increase in the U.S. Mortgage Market Index was led by loans to finance a home purchase. As rates retreated, adjustable-rate activity turned sharply lower.
During the seven days ended April 21, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose was 164. No seasonal adjustments were made. The index, which is an indication of upcoming originations based on average rate-lock volume by OpenClose users, rose more than 4 percent from the prior report. A 13 percent decline, however, was recorded compared to activity in the week ended April 22, 2016. Rate locks for purchase financing rose 5.6 percent from the last report—more than any other category and leaving the Purchase MMI at 116. Conventional rate locks increased 5.5 percent from a week earlier, leaving the Conventional MMI at 108. Jumbo business was up 4 percent from the week ended April 14, 2017, and has moved higher each week since the week ended March 31, 2017. Rate locks for jumbo loans represented 7 percent of the latest and previous weeks’ overall total. Jumbo rates were 5 basis points less than conforming rates, less than the prior week’s 8 BPS. The Government MMI moved up 2 percent for the week. The uptick came despite a thinning of the government share to 34 percent from 35 percent. Refinance rate locks inched up by over a percent from a week earlier. Refinance share was narrower at 29 percent than 30 percent in the last report. Rate locks for adjustable-rate mortgages retreated 22 percent on a week-over-week basis. ARM’s share dropped to 8 percent from 11 percent. |
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| full April 21 reporthistorical data
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Historical data for the U.S. Mortgage Market Index is available at: About Mortgage Daily |
