A week-over-week decline in new purchase-money activity was more than offset by an increase in refinance business. But the year-over-year tumble in purchases more than offset the surge in refinances.
During the week that concluded on April 20, the U.S. Mortgage Market Index from Mortgage Daily was virtually unchanged from the preceding seven-day period. No seasonal adjustments are made to the index.
However, the index, an indicator of upcoming residential loan originations based on average per-user rate locks by customers of OpenClose, has descended 12 percent compared to the same week last year.
Source: Mortgage Daily