New mortgage business really picked up from the holiday week. The strongest showing was with adjustable-rate mortgages — with ARM share coming in wider than any prior week in at least nearly a decade.
The Mortgage Daily U.S. Mortgage Market Index soared 20 percent in the week ended Sept. 14 from the seven days that included Labor Day. No seasonal adjustments are made to the MMI.
But a 15 percent decrease was recorded from a year previous for the index, which is an indicator of upcoming mortgage originations based on average per-user rate locks by customers of OpenClose.
Source: Mortgage Daily