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Reading MiMi

The following information is provided to help you read and understand the Freddie Mac Multi-Indicator Market Index® (MiMi®).


MiMi Scale

In the example above, the Miami MiMi is 68.3 in June 2014. This index value indicates that the Miami housing market is Weak (gray) but on its way to becoming more stable (In Range - green) as indicated by the black, three-month trend arrow above the numerical index value. Further, the Miami housing market is 11.7 index points from being In Range, and has improved by over 17% from the same time last year.


Index Value and Trend

Index Value and Trend

This icon displays the numerical MiMi value for the current month. The MiMi value ranges between 80 and 120 and helps determine if a housing market is Weak, In Range, or Elevated. The arrow above the MiMi value indicates the direction of change for a housing market over the last three months. To account for statistical noise, the MiMi value must move by at least one-tenth of a point or the associated directional trend for the that market's three month period will be considered flat, depicted by . In the Miami example above, over the past three months the Miami MiMi value has increased by 1.19% toward an In Range status indicating an improving trend for the Miami housing market.



MiMi Status  Weak (Gray): (Weak < 80):The housing market is weak due to one or more of the four MiMi local indicators.

  In Range (Green): (80 ≤ In Range ≤ 120): The housing market is in its long-term normal range and may be considered stable.

  Elevated (Blue): (Elevated > 120): The housing market is elevated due to one or more of the four MiMi local indicators.


Top Ranked & Most Improved

MiMi Ranking

On the national tab, MiMi ranks states and metros from most stable to least stable for the most current month.

The rankings are determined by how close or far away a market’s MiMi value is from zero on the MiMi scale. The most stable markets are those with MiMi values closest to 100 on the MiMi scale. Conversely, markets with MiMi values closest to 0 or 120 on the MiMi scale are ranked last.

For example, in June 2014 North Dakota is the most stable state with a MiMi value of 96.2 with the District of Columbia closely following it with a MiMi value of 94.3. In the example we have been following, Miami with a MiMi value of 68.3 is ranked 32nd out of the 50 metros that MiMi tracks.



MiMi Commentary

The MiMi commentary summarizes current and recent MiMi values and trends for a particular market. It also provides insight into the four indicators that make up the composite MiMi value and discusses how they are influencing the status of a market. Finally, the commentary highlights the market’s ranking over time.


The Four Local Indicators

Four Local Indicators

The composite numerical MiMi value is derived from the following four key local indicators: mortgage purchase applications, payment-to-income ratios, if borrowers are current on their mortgage payments (not 90+ days late or in foreclosure1) and local employment data2. Each market’s MiMi value is the average of its four local indicators. Each indicator is weighted and seasonally adjusted to provide a single MiMi value for the U.S., each state plus the District of Columbia, and the top 100 metro markets. Each state and metro MiMi value is benchmarked against its own long-term normal range. The colored box for each indicator (as with the MiMi scale) corresponds to its current month status: Weak, In Range or Elevated.

1Delinquency data provided by CoreLogic®; 2Employment data provided by the Bureau of Labor Statistics

  • Purchase Applications
    This indicator measures home purchase applications relative to the single-family housing stock in that market. In an Elevated market, turnover will be high and applications for home purchases will increase. In a Weak market, home purchase applications as a proportion of the housing stock will be low, indicative of depressed home sales. An increase in purchase applications means home sales financed with conventional mortgages are on the rise.
  • Payment-to-Income
    This indicator measures payments on 30-year fixed-rate mortgages relative to homebuyers’ income. If home prices and mortgage rates rise faster than income, this indicator will rise into the Elevated range, which could be a sign house prices are rising too rapidly and becoming unaffordable for the median-income family. An increase in this indicator means that payments on a 30-year fixed-rate mortgage have increased relative to income. This could be because of an increase in local house prices, a mortgage rate increase, or because income is falling.
  • Current on Mortgage
    This indicator measures the proportion of mortgages that are not seriously delinquent (90+ days late on payments or in foreclosure) in that market. In a Weak market, the proportion of homeowners who are seriously delinquent will exceed historical averages. An increase in this indicator is good news because it means more households are paying their mortgages on time, whereas a decrease in this indicator means more households are falling behind on their mortgage payments.
  • Employment
    This indicator measures the proportion of the labor force that is employed (1 minus Unemployment Rate) in the specified market. In a Weak market the unemployment rate will exceed historical averages. An increase in this indicator means the employment rate has increased, and the unemployment rate has fallen.


Time Series

Time Series

The time series chart provides historical context for state and local markets over time, and in comparison to the national housing market. Hovering over the time line displays the MiMi value for that month and year, as well as the value for each of the four indicators.

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