An expected slowdown in new mortgage business during the holiday week impacted purchase financing and refinancing equally. The biggest week-over-week drop was with adjustable-rate mortgages.

A more than 15 percent decline from the preceding seven days was recorded for the U.S. Mortgage Market Index from Mortgage Daily for the week ended June 1. No adjustments were made for Memorial Day.

The index, however — which is an indicator of upcoming originations based on average per-user rate locks by OpenClose clients — increased 8 percent from the same seven-day period last year.

Source: Mortgage Daily