Although weekly mortgage application volume was solidly higher, the share of activity for loans insured by the government declined to the lowest level in 8 months. The jumbo-conforming spread thinned.
The Market Composite Index climbed a seasonally adjusted 4 percent from the preceding seven-day-period during the week ended June 1, which included Memorial Day.
But the index, a measure of retail residential loan application volume, sank 7 percent from the week ended May 25 when no seasonal adjustments are made.
Source: Mortgage Daily