New mortgage business retreated for the fourth consecutive week, with the holiday dragging down the latest seven-day period. Even more significant was the year-over-year decline. Cashout and veterans activity were the slowest since last year. But one bright spot was purchase-money business.

In the week that finished on Sept. 7, an 8 percent descension from the prior seven days was recorded for the Mortgage Daily U.S. Mortgage Market Index. The index has fallen each week since the week ended Aug. 10. No adjustments were made to the MMI for Labor Day.

Compared to the same week last year, the index — a barometer of average rate-lock volume for customers of OpenClose — has fallen 24 percent. The year-over-year drop is more telling given the holiday week to holiday week comparison.

Source: Mortgage Daily