As expected, new residential lending activity slowed during the holiday week, with purchase financing and refinancing activity both taking a similar hit. Jumbo business fared worst.
The U.S. Mortgage Market Index from OpenClose and Mortgage Daily, which provides insight into prospective home lending activity, was 129 in the week ended Oct. 14.
Compared to the previous week, the index — a reflection of average per-user rate locks by OpenClose clients for the seven days ended Thursday at midnight — tumbled a fifth.
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From:: Financing