A holiday slump in new mortgage business was led by purchase financing. But, fueled by a dip in interest rates, refinance activity was up the second week in a row.
In the week ended Sept. 9, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily — an indication of upcoming loan originations — was 169.
Compared to the report from the previous week, the index, a reflection of rate locks submitted by clients of OpenClose, moved lower by just over 1 percent.
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From:: Financing