Driven by refinance transactions, new mortgage activity retreated this past week. While adjustable-rate business was down the most, the category had the biggest year-over-year gain.
A predictor of upcoming single-family loan originations, the U.S. Mortgage Market Index from Mortgage Daily, was 139 during the seven-day period ended Sept. 22.
The index, which is determined based on average per-user rate-lock volume by clients of OpenClose, declined 3 percent from the previous week. No seasonal adjustments were made.
Source: Mortgage Daily