The holiday week had a significantly negative impact on new mortgage activity, though business held up from a year ago. Leading the week-over-week decline was refinance business.
During the week ended Nov. 25, Mortgage Daily’s U.S. Mortgage Market Index, an indication of upcoming originations based on per-user rate locks by OpenClose clients, was 106.
The index, which is not adjusted for seasonal variations, tumbled by a third compared to the previous report. However, activity slowed by less than a percent compared to a year earlier.
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From:: Financing