There was a modest dip in new mortgage business this week, with adjustable-rate mortgages seeing the biggest decline. Jumbo activity however, defied the overall trend.

Mortgage Daily’s U.S. Mortgage Market Index for the week ended Aug. 24 descended 2 percent from the preceding seven-day period. No adjustments are made to the MMI for seasonal factors.

Compared to the same seven days last year, the index — which provides a peek into potential upcoming mortgage production based on average per-user rate locks by OpenClose clients — sank 31 percent.

Source: Mortgage Daily