As new mortgage activity softened during the holiday week, weekly purchase-money business sank to the lowest level since January. Government share has significantly widened over the past year.
An indication of upcoming loan closings, the U.S. Mortgage Market Index from Mortgage Daily, was 128 in the seven days that included Columbus Day and concluded on Oct. 13.
A 16 percent decline was recorded versus the for the index, which is determined based on average per-user rate-lock volume at OpenClose. No seasonal adjustments were made.
Source: Mortgage Daily