As mortgage rates ascended for the second straight week, new mortgage activity declined — with refinance business taking a bigger hit than purchase financing.
The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate locks by OpenClose clients, landed at 177 in the week ended July 22.
Compared to the 15-month high reached a week earlier, the index retreated 16 percent. However, on a year-over-year basis, the index moved higher by nearly a quarter.
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From:: Financing