A modest weekly drop in new mortgage business was led by adjustable-rate mortgages. Government share widened, as did refinance share thanks to a gain in cashouts that more than offset a record-low rate-term share.

The Mortgage Daily U.S. Mortgage Market Index for the week ended March 16 drifted lower by 4 percent from the previous seven-day period. Seasonal factors are not considered in the index.

Even worse was the year-over-year performance, with the MMI tumbling 26 percent from the week ended March 17, 2017. The index reflects potential upcoming loan originations based on average rate locks per user at clients of OpenClose.

Source: Mortgage Daily