A sharp week-over-week increase in new purchase financing activity drove overall mortgage business higher this past week. But jumbo activity turned significantly lower.
In the week that ended on March 10, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, a gauge of upcoming loan originations, came in at 168.
That turned out to the the highest level since the week ended Nov. 11, 2016, for the index, which is determined based on average per-user rate locks by clients of OpenClose.
Source: Mortgage Daily