Data that provides a peek into potential production came in strong this past week. Refinance business saw an improvement that was double that of purchase-money activity.
Compared to the prior seven-day period, the U.S. Mortgage Market Index from Mortgage Daily for the week ended June 15 increased 13 percent. No seasonal adjustments were made.
But the index, an indication of upcoming mortgage production based on average rate-lock volume by clients of OpenClose, decreased 16 percent versus the same-seven days last year.
Source: Mortgage Daily