Heading into the holiday week, new mortgage activity accelerated, and it was interest in adjustable-rate mortgages that saw the greatest increase.
The Mortgage Market Index from Mortgage Daily, which provides insight into upcoming originations based on rate-lock volume at OpenClose, was 149 in the week ended June 30.
An increase of 11 percent was made over the preceding week for the index, which is not adjusted for seasonal variations. But a 20 percent tumble was recorded versus a year prior.
Experiencing the biggest rise from the week ended June 23 were rate locks for adjustable-rate mortgages, which jumped 16 percent. ARM activity ascended 29 percent from the same seven-day period in 2016. ARM share widened to 9.3 percent from 8.9 percent a week earlier and 5.7 percent a year earlier.
The Conventional MMI was 92, up 14 percent from the last report.
Refinance business climbed 13 percent from the previous week but sank 36 percent from the downwardly revised level in the week ended July 1, 2016. Refinance share was 30.3 percent, widening from 29.7 percent. But refinance share was cut from the downwardly revised 37.6 percent the same week last year. The latest share consisted of a 12.1 percent rate-term share and an 18.2 percent cashout share.
A 10 percent week-over-week gain left the Purchase MMI at 104, though the index was down 11 percent from the upwardly revised level twelve months earlier.
The Government MMI rose just 6 percent to 56. Government share thinned to 37.9 percent from 39.7 percent. The latest share was made up of a 28.9 percent FHA share and a 9.0 percent VA share.
Only the Jumbo MMI had a decline from the last report: 2 percent. But jumbo business has soared 41 percent from the same week in 2016. Jumbo share was trimmed to 7.0 percent from 7.9 percent but remained far wider than 3.9 percent one year prior.
Interest rates on jumbo mortgages were 12 basis points more than conforming rates. The jumbo-conforming spread was more broad than 10 BPS in the previous report and swung from a negative basis point the same seven days the previous year.
