The share of prospective borrowers seeking loans insured by the Federal Housing Administration was wider than during any week since Mortgage Daily began tracking it, while rate-term refinance share was a record low. Jumbo interest rates deteriorated compared to their conforming counterparts.
An indication of upcoming originations, the Mortgage Daily U.S. Mortgage Market Index, fell 7 percent in the week ended April 6 from the prior seven-day period. No seasonal adjustments were made to the MMI to account for the effect of Easter Sunday or Passover.
The index, which is determined based on average per-user rate-lock volume by clients of OpenClose, has declined 16 percent compared to the same seven days last year.
Source: Mortgage Daily