A week-over-week decline in new mortgage activity was led by a big drop in demand for adjustable-rate mortgages and refinances. One bright spot was jumbo business, which overcame price deterioration.

In the seven days that concluded on June 23, the Mortgage Market Index from Mortgage Daily was 134. The index is an indication of upcoming originations based on OpenClose rate-lock volume.

An 18 percent decline from the previous week was recorded for the index, which is not adjusted for seasonal factors. Compared to the same week last year, the MMI has retreated 14 percent.

Source: Mortgage Daily