Loan originators, except those who originate jumbo mortgages, were less busy this past week with residential lending activity. Home purchase financing took the biggest hit.
For the seven-day period that finished on July 21, the U.S. Mortgage Market Index from Mortgage Daily, an origination forecasting tool based on rate-lock volume at OpenClose, was 152.
Compared to the preceding week, the index — which is not adjusted for seasonal factors — retreated 12 percent. A 14 percent decline was recorded versus the same week one year prior.
Source: Mortgage Daily