Although a week-over-week decline in new mortgage business was mostly across-the-board, adjustable-rate mortgage activity rose — with ARM share at its widest in over a year.
For the week that finished on May 26, the U.S. Mortgage Market Index from Mortgage Daily — which is based on average per-user rate locks by OpenClose clients — was 155.
The index, which is not seasonally adjusted, retreated 16 percent from the previous report — indicating that upcoming originations might be weaker than previously expected.
Source: Mortgage Daily
