Weekly ARM, FHA Business Climbs, Jumbo Sinks

As new adjustable-rate and government-insured business moved higher, jumbo activity retreated. Overall mortgage business, however, was little changed.

At 179 for the week ended May 20, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily slipped 1 percent from a week earlier.

But compared to the same week last year, the index — which reflects average per-user rate locks pulled by OpenClose clients — ascended 23 percent.

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From:: Financing