A sharp weekly increase in prospective loans to finance a home purchase to the highest level in six months drove new mortgage business to the highest level in more than four months. Conventional business was the best it’s been in nine months.
A 14 percent rise from the preceding week was recorded for the Mortgage Daily U.S. Mortgage Market Index for the seven days that concluded on March 23. No seasonal adjustments are made to the index.
The MMI, which provides market watchers with a peak into upcoming mortgage originations based on average per-user rate lock activity by clients of OpenClose, was down, however, 6 percent from the same week last year.
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From:: Financing