The holiday week took a toll on new mortgage business, with adjustable-rate mortgage activity erasing prior-week gains. Jumbo business was the only category to rise.
An indication of upcoming loan originations, the U.S. Mortgage Market Index from Mortgage Daily, was 132 in the week ended Sept. 8.
The index, which is based on per-user rate-lock volume at OpenClose, retreated 15 percent from the preceding week. No adjustment was made for the Labor Day holiday.
Source: Mortgage Daily