Heading into the holiday week, new mortgage activity accelerated, and it was interest in adjustable-rate mortgages that saw the greatest increase.
The Mortgage Market Index from Mortgage Daily, which provides insight into upcoming originations based on rate-lock volume at OpenClose, was 149 in the week ended June 30.
An increase of 11 percent was made over the preceding week for the index, which is not adjusted for seasonal variations. But a 20 percent tumble was recorded versus a year prior.
Source: Mortgage Daily