Purchases Overcome Weekly Mortgage Slump

Mortgage refinance transactions were behind a weekly decline in new residential lending activity. But financing activity for home shoppers managed an increase.

At 159, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily for the week ended Oct. 28 was down nearly 3 percent from a week earlier.

But the index, which provides insight into upcoming originations based on average per-user rate locks by OpenClose clients, was up 22 percent from a year earlier.

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From:: Financing