New mortgage activity took a dip this week, with inquiries for jumbo mortgages leading the pack. The decline came despite a new low for mortgage rates — which could fall even lower. But one category — adjustable-rate mortgages — actually experienced an uptick. The average mortgage loan originator pulled 6 percent fewer pricing inquiries during the past seven days, putting the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended July 20 at 236. Compared to a year ago, however, new loan inquiries were 13 percent higher.
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