As was expected, new home-lending activity turned lower during the week that included the July 4th holiday. New jumbo business, however, actually accelerated.
At 167, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week that ended on July 8 was off 11 percent from a week earlier.
But the slowdown was insignificant since there were no seasonal adjustments made to the index, which is based on average per-user rate locks by OpenClose clients.
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From:: Financing