A deceleration in new mortgage refinance activity more than offset a week-over-week increase in purchase financing. New jumbo business, however, moved solidly higher.

The U.S Mortgage Market Index from Mortgage Daily and OpenClose for the week ended Dec. 16, an indicator of upcoming residential loan originations, landed at 154.

That left the index, a reflection of average per-user rate locks by OpenClose clients, at 2 percent less than the previous week. No seasonal adjustments are made to the MMI.

Source: Mortgage Daily