The share of prospective borrowers who sought to refinance their existing mortgages jumped to the highest weekly level in five months. What’s unusual is that the share of adjustable-rate mortgages also swelled.
Overall new mortgage business, as measured by the Mortgage Daily U.S. Mortgage Market Index for the week ended Aug. 17, retreated 4 percent from one week earlier. No seasonal adjustments are made to the MMI.
Activity, which is determined through average per-user rate-lock volume reported by OpenClose, sank compared to the same week in 2017 — plummeting by 23 percent.
Source: Mortgage Daily