New mortgage business took a giant leap following Mothers Day. Although jumbo rates deteriorated, new jumbo activity doubled during the latest seven-day period.
An indicator of upcoming residential loan originations, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose, was 185 in the week ended May 19.
The index, which is determined based on average rate-lock volume per OpenClose user, jumped 26 percent when compared to the preceding week.
Source: Mortgage Daily