As home purchase financing activity climbed to the highest level in nine months, overall new mortgage business was the best it’s been in three months. Government programs were out front of the week-over-week gain.
The U.S. Mortgage Market Index from Mortgage Daily for the week ended May 25 increased 5 percent from the prior seven-day period to the highest level since the week ended March 23. No seasonal adjustments are made to the numbers.
Compared to the same week last year, the index — an indication of upcoming home-lending production based on average per-user rate locks by customers of OpenClose — has soared 28 percent.
Source: Mortgage Daily