As originators of residential loans headed into the Mothers Day weekend, new business turned lower. The decline was similar among all types of mortgages.
The U.S. Mortgage Market Index from Mortgage Daily and OpenClose for the week the finished on May 12 landed at 146. There are no seasonal adjustments.
Compared to the previous week, the index — an indication of upcoming mortgage originations based on OpenClose rate-lock volume — retreated 11 percent.
Source: Mortgage Daily