New mortgage activity was depressed over the past week, and it was purchase-money business that was out front of the decline. Adjustable-rate activity, though, ascended.

As of the week ended March 31, the Mortgage Daily U.S. Mortgage Market Index was 148. The index is a measure of average per-user rate locks by clients of OpenClose.

Compared to the previous week, the index, an indication of upcoming originations, tumbled 12 percent. There are no adjustments made to the MMI for seasonal variations.

Source: Mortgage Daily