Heading into Labor Day, new home-lending business turned mildly lower. That wasn’t the case, however, for adjustable-rate mortgage activity.

In the seven-day period that concluded on Friday, the U.S. Mortgage Market Index from Mortgage Daily, — a barometer of upcoming originations — was 154.

Compared to one week earlier, the index — which is based on rate-lock volume at OpenClose — retreated 4 percent. No seasonal adjustments are made to the index.

Source: Mortgage Daily