A 23 percent surge in new purchase mortgage inquiries led overall mortgage activity higher this week. Meanwhile, the jumbo-conforming spread fell to the lowest level on record since the Mortech-Mortgage Daily Mortgage Market Index was launched.
At 201, the Mortgage Market Index for the week ended Wednesday was up 10 percent from seven days earlier.
The index stood at 245 for the week ended Feb. 10 a year earlier.
Originators making pricing inquiries for purchase transactions powered the weekly increase. The Purchase MMI shot up to 108 from only 88 last Wednesday.
But refinances were 1 percent lower during the same period, while total refinance share fell to 46 percent from 51 percent. The rate-term share was 32 percent, and the cashout proportion was 14 percent.
The conforming 30-year fixed-rate mortgage rose to 5.150 percent in this week’ report from 4.951 percent last week and was 4.875 percent a year earlier.
The jumbo 30-year also climbed, to 5.81 percent from 5.65 percent.
It was the second consecutive week that the jumbo-conforming spread improved, with the spread falling to 0.66 percent from 0.70 percent seven days ago. In fact, it was the lowest jumbo spread since the Mortgage Market Index report was launched in December 2009.
