Conventional activity led a week-over-week increase in new mortgage business. Rate-term refinance share descended to a new record low, while purchase share was the highest it’s been in six months.

A tool for predicting upcoming originations, the Mortgage Daily U.S. Mortgage Market Index, increased nearly 3 percent from the previous week during the seven days ended April 13. No seasonal adjustments are made to the index.

Compared to the same seven-day period last year, the MMI declined by more than 8 percent. The index is calculated based on average per-user rate-lock volume by customers of OpenClose.

Source: Mortgage Daily