New mortgage activity slowed down this week, and purchase financing took the biggest hit. At the other end of the spectrum were refinances, which jumped from a week ago. Refinance and government share both widened, as did the jumbo-conforming spread

A 1 percent week-over-week drop was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven-day period that concluded on July 20. No seasonal adjustments are made to the MMI.

The index, which provides a peek into upcoming mortgage originations based on average per-user rate-lock volume for OpenClose clients, declined 13 percent from the same week last year.

Source: Mortgage Daily