Weekly mortgage business slowed during the holiday week and was also down from last year. Home purchase financing business took the biggest weekly hit, while refinances suffered least.

At 115, Mortgage Daily’s U.S. Mortgage Market Index for the week that finished on Oct. 12 retreated twelve percent from seven days prior. No adjustments were made for Columbus Day.

A more telling comparison, one with the same week last year, indicated that the index — a measure of average per-user rate locks by customers — had a 10 percent decline.

Source: Mortgage Daily