The mortgage market has failed to recover from the slump in new mortgage business that accompanied the holiday week. But government and purchase business were both better.

During the seven days that finished on June 8, the U.S. Mortgage Market Index from Mortgage Daily retreated nearly 3 percent compared to the preceding week — which included Memorial Day.

The MMI, which is not adjusted for seasonal factors, was determined based on average per-user rate lock volume by customers of OpenClose. Compared to the same week in 2017, a 22 percent decline was recorded.

Source: Mortgage Daily