Even though there was a modest improvement in rates, new mortgage business slowed this past week. Still, activity was solidly stronger than it was at this point last year.
At 174 in the week ended Aug. 19, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily retreated 6 percent from the report issued a week prior.
The index is a representation of the average number of rate locks submitted per user by customers of OpenClose during the seven days ended on Thursday at midnight.
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From:: Financing