Fewer prospective borrowers locked in rates on mortgages this past week, with locks for loans insured by the Federal Housing Administration slower than any week since early January. But cashout refinance share was widest in at least five years.
At 145, the U.S. Mortgage Market Index from Mortgage Daily, for the seven days ended Nov. 3 declined 5 percent from the prior report. No seasonal adjustments were made.
Compared to the same seven-day period last year, the index, which serves as a gauge for upcoming single-family loan originations, has diminished by one-tenth.
Source: Mortgage Daily