A sharp increase in weekly cashout share drove overall refinances significantly higher. But the volume of new purchase-money business turned significantly lower ahead of the holiday weekend — leading a drop in overall business and also way down from a year ago.

A 3 percent decrease from the prior seven-day period was recorded for the U.S. Mortgage Market Index for the week ended Aug. 31. It is typical ahead of a holiday weekend for a drop in the index, which isn’t adjusted for seasonal factors.

The MMI, which is determined based on average per-user rate locks submitted by customers of mortgage technology provider OpenClose, plummeted 30 percent versus the same week in 2017.

Source: Mortgage Daily