Prospective rate-term refinance business descended to the lowest level in at least six years. Still, overall refinance activity moved higher even as purchase-money activity was lighter.

The U.S. Mortgage Market Index, which is published by Mortgage Daily based on average per-user rate-lock volume by clients of OpenClose, was virtually unchanged in the week ended June 29 versus one week earlier.

Compared to the same seven days last year, the index — an indicator of upcoming loan originations — has slowed down by 21 percent. No seasonal adjustments are made to the data.

Source: Mortgage Daily