Adjustable-rate mortgage business climbed as ARMs accounted for one-in-five new transactions. But weekly fixed-rate business was lower. The jumbo-conforming spread widened, and government activity sank.
During the seven days ended June 22, the U.S. Mortgage Market Index from Mortgage Daily, which is not adjusted for seasonal factors, retreated 15 percent from the preceding week to 117.
That turned out to be the lowest level for the index — an indication of upcoming loan originations based on average per-user rate-lock volume by OpenClose customers — since the week ended Jan. 19 of this year .
Source: Mortgage Daily