Interest rates on jumbo mortgages went from being less than their conforming counterparts to more last week. Still, new jumbo business accelerated.
An indication of upcoming residential loan originations, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose was 165 in the week ended May 5.
The index, which is based on average per-user rate locks by clients of OpenClose, improved by 9 percent from the preceding report. Activity fell, though, 17 percent from a year earlier.
Source: Mortgage Daily