A big decline in weekly mortgage refinance business more than offset a modest gain in home purchase financing activity. The share of rate-term refinances descended to a new record low.

At 123 for the seven-day period that ended on April 27, the U.S. Mortgage Market Index from Mortgage Daily was down by 15 percent from last week. There were no seasonal adjustments made.

A 19 percent decline was recorded versus the same one-week period a year ago for the index — a barometer of upcoming loan closings determined based on average per-user rate-lock volume by customers of OpenClose.

Source: Mortgage Daily