While there was a modest retreat in the volume of overall new weekly mortgage activity, an increase was recorded for jumbo and adjustable-rate mortgage business.
An indication of upcoming originations, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose, slipped 6 percent in the week ended April 14.
The index, which reflects average rate-lock volume by OpenClose users, fell 16 percent from the same week last year. There are no seasonal adjustments made to the MMI.
Source: Mortgage Daily
