With government activity leading the way, weekly new mortgage business leapt higher from the holiday week. Rates on jumbo mortgages became less attractive.
For the week ended June 9, the Mortgage Market Index from Mortgage Daily was 157. The index is an indication of upcoming originations based on OpenClose rate-lock volume.
The MMI, which is not adjusted for seasonal factors, jumped 36 percent compared to the preceding week — which included the Memorial Day holiday.
Source: Mortgage Daily