As the heart of the holiday season approaches, new mortgage business is beginning to erode. Government activity was most impacted by the deceleration.

In the seven-day period that ended on Dec. 15, the U.S. Mortgage Market Index from Mortgage Daily was 147, declining by 7 percent compared to the previous week.

The index is an indicator of upcoming loan originations based on average per-user rate locks by clients of OpenClose. No adjustments were made for seasonal factors.

Source: Mortgage Daily