The mild wave of recent rate-term refinances has retreated to the lowest level in at least nearly a decade — leading overall new mortgage business lower. Loan share for veterans was the thinnest it’s been in 12 months.

A prediction tool for upcoming single-family loan originations, the Mortgage Daily U.S. Mortgage Market Index, was down by 11 percent during the week ended July 27. No seasonal adjustments were made to the MMI.

Compared to the same seven days last year, the index — which is determined based on average per-user rate-lock volume by customers of OpenClose — has moved lower by 24 percent.

Source: Mortgage Daily