A nice up tick in purchase financing activity was wiped out by a weekly decrease in refinance business. Similarly, an increase in government volume was more than offset by a drop in conventional activity.

An indicator of upcoming originations, the U.S. Mortgage Market Index from Mortgage Daily, was 113 during the seven days ended Friday. The index is determined based on average per-user rate locks by OpenClose clients.

Compared to the preceding week, the MMI slipped more than a percent. No adjustments are made for seasonal factors to the index, which has plummeted 24 percent versus the same seven days last year.

Source: Mortgage Daily