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

FHA Share Sinks as New Mortgage Biz Down

ARM business sees biggest decline

July 30, 2018

By Mortgage Daily staff

As new mortgage business fell last week -- government-insured share sank to the most narrow level since last year, the jumbo-conforming spread thinned, and demand for adjustable-rate mortgages tumbled most.

In the seven days that ended on Aug. 3, the Mortgage Daily U.S. Mortgage Market Index -- an indicator of upcoming single-family loan originations -- receded 5 percent from the preceding week.

The index, which is determined based on average per-user rate-lock volume by clients of OpenClose, has plunged 28 percent compared to the same week in 2017. No seasonal adjustment are made to the index.

A 12 percent tumble from the week ended July 27 was recorded for the ARM MMI, the biggest drop of any program. ARM activity has increased, however, 41 percent from the same week a year ago. ARMs accounted for 17.4 percent of all activity, less than 18.8 percent in the last report and just 9.0 percent in the year-earlier report.

Jumbo rate locks slowed 11 percent and were down 7 percent from the week ended Aug. 4, 2017. Jumbo share thinned to 8.4 percent from 9.0 percent but was wider than 6.6 percent twelve months previous. Interest rates on jumbo loans were 15 basis points more than conforming rates reported Thursday by Freddie Mac, less than the 18-basis-point spread in the last report but more than 5 BPS as of the same report from last year.

Compared to the last report, government rate locks were down 7 percent, while they have plunged by a third from a year earlier. Government share was 35.1 percent and was
comprised of a 11.6 percent VA share and a 23.6 percent FHA share -- the thinnest FHA share since it was 18.9 percent in the week ended Nov. 3, 2017.

A more than 5 percent decrease was recorded for rate locks of loans to finance a home purchase. Purchase-money activity sank 28 percent from the same-seven days in 2017.

A nearly 5 percent decline hit refinance rate locks, while -- similar to purchases -- refinance business fell 27 from one year prior. Refinance share inched up to 31.4 percent from 31.3 percent a week earlier and a year earlier. Most recently, refinance share was made up of a 8.3 percent rate-term share and a 23.0 percent cashout share.

With a 4 percent dip from the previous week, conventional rate locks had the best week-over-week performance. Conventional business declined 24 percent from the same week last year.

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Full Mortgage Market Index Report

Week Ended Aug. 3, 2018

Mortgage Market Index


Average Loan Amount

Rate-Term Refinance Share 8.32%
Cashout Refinance Share 23.04%
Total Refinance Share 31.36%

Purchase Share 68.64%

FHA Share 23.57%
VA Share 11.57%
Total Government Share 35.13%

Conventional Share 64.87%

ARM Share 17.42%

Jumbo Share 8.44%

Jumbo-Conforming Spread 0.15%

Rate-Term Refinances Lowest in Nearly Decade

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.

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.

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

Jumbo Mortgage News
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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