With jumbo loans and adjustable-rate mortgages leading the way, new business retreated on a week-over-week basis. But activity moved higher from a year ago.
The Mortgage Daily U.S. Mortgage Market Index, a measure of average per-user rate locks by clients of OpenClose, was 168 in the week ended March 24.
Business slowed by 10 percent from the previous week based on the index, an indication of upcoming originations. There are no adjustments for seasonal variations.
Source: Mortgage Daily