New mortgage refinance activity tumbled this past week, dragging down overall home-lending activity. Government lending business, though, held up.
The U.S. Mortgage Market Index from Mortgage Daily and OpenClose, which does not reflect seasonal adjustments, was 152 in the week ended April 28.
That was a 7 percent drop from the preceding week for the index, which is an indication of upcoming loan originations based on OpenClose rate-lock volume.
Source: Mortgage Daily