Mortgage business went out with a whimper in 2017, with new activity during the final week — which included Christmas — plunging to the lowest level since tracking began. Jumbo activity has doubled over the past year.
A predictor of upcoming originations, Mortgage Daily’s U.S. Mortgage Market Index, was 72 in the seven days that concluded on Dec. 29 — the lowest level on record since it was launched in late 2009.
The index, which is based on average per-user rate locks submitted by clients of OpenClose, tumbled 41 percent from the preceding seven-day period and was even down 11 percent from the same-seven days in 2016. No seasonal adjustments are made to the index.
Source: Mortgage Daily