New purchase-money lending activity accelerated this past week, lifting overall business despite that refinances slowed to the lowest level since last year. Adjustable-rate prospects grew.
In the week ended Feb. 16, Mortgage Daily’s U.S. Mortgage Market Index was elevated by 5 percent compared to last week. It the highest level since the week ended Dec. 8, 2017.
The index, which isn’t adjusted for seasonal factors, helps in the forecasting of mortgage originations based on average per-user rate locks by clients of OpenClose.
Source: Mortgage Daily