As Americans celebrated the 242nd birthday of the United States, new mortgage business sank to the lowest level since the holidays. Adjustable-rate volume took the biggest hit. But jumbo activity accelerated.

An indication of upcoming loan originations, the U.S. Mortgage Market Index from Mortgage Daily for the seven days ended July 6, was 98 — the lowest level since it was 92 in the week ended Jan. 5.

The index, which is not seasonally adjusted, was down 16 percent from last week. Compared to the same-seven days in 2017, the index — which is determined based on average per-user rate-lock volume by OpenClose clients — was off 8 percent.

Source: Mortgage Daily