Government share was the most broad it’s been in five months thanks to the widest veterans share in at least two years. Although rate-term share was the widest it’s been in six months, it was still refinances that led an overall week-over-week decline.

An indication of upcoming single-family loan originations, the U.S. Mortgage Market Index from Mortgage Daily, was 109 in the week ended Sept. 28. The MMI is based on average per-user rate locks by OpenClose clients.

Compared to the preceding seven days, the index dropped more than 13 percent. No seasonal adjustments are made to the MMI. Mortgage business was down 18 percent from the same week last year.

Source: Mortgage Daily