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

New Refis Marginally Higher

Mortgage Market Index 203 for the week ended Feb. 25

Feb. 28, 2011

By staff

Refinance activity edged up last week as purchase business slipped.

Overall mortgage inquiries were barely changed last week. The U.S. Mortgage Market Index for the week ended Feb. 25 edged up to 203 from 201 a week earlier.

A year earlier, the index was higher at 238.

The weekly rise was supported by a 4 percent increase in refinance inquiries. The higher activity pushed the refinance share to 49 percent from the prior week's 48 percent and from 44 percent during the same week last year.

The most recent refinance share reflected a 34 percent rate-term share and a 15 percent cashout share.

Purchase activity was 2 percent lower in the most recent week.

The share of inquiries that were for adjustable-rate mortgages fell to 9.45 percent from the previous week's 9.50 percent.

The spread between conforming and jumbo 30-year mortgages improved to 70 basis points this week from 73 BPS in the prior report.

The spread between the 15-year and the 30-year conforming mortgage was unchanged at 74 BPS.

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Full Mortgage Market Index Report

Week Ended Feb. 25, 2011

National Average Loan Amount

Top 3 States state
$290,137 DC
$268,894 CA
$267,693 MA

Bottom 3 States state
$150,544 IA
$152,608 MI
$152,869 NE

National Average Rate-Term Refinance Amount

Top 3 States state
$277,243 CA
$273,524 DC
$271,853 MA

Bottom 3 States state
$136,272 VT
$149,318 MS
$154,194 NE

National Average Cashout Refinance Amount

Top 3 States state
$286,068 DC
$272,794 CA
$264,906 HI

Bottom 3 States state
$108,814 MS
$138,269 IA
$150,000 ND

National Average Jumbo Loan Amount

Top 3 States state
$1,251,357 UT
$1,106,400 OK
$1,066,605 CO

Bottom 3 States state
$441,858 IA
$470,500 MT
$471,228 NE

National Rate-Term Refinance Share

National Cashout Refinance Share

National Cashout Refinance Share

Product state State Average
Conv30 MA $284,756
Conv30 MO $179,883
Conv30 CA $283,344
Conv30 NJ $269,338
Conv30 TX $211,611
Conv30 PA $230,452
Conv30 KS $198,878
Conv30 IL $211,861
Conv30 NE $170,078
Conv30 VA $253,931
Conv30 NY $259,466
FHA30 TX $160,089
Conv30 OH $172,379
Conv15 TX $189,644
Conv30 FL $190,210

Average rate for each product from All investors Product
5.025% Conv30
4.290% Conv15
3.580% 5-1LiborARM
4.700% FHA30
4.100% FHA15
4.760% VA30
5.720% Jumbo30

Mortgage Market Index

National ARM Share

Mortgage Market Index graph

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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.

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Mortgage Market Index powered by

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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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