With purchase financing and adjustable-rate business leading the way, mortgage activity dropped during the holiday week. Meanwhile, mortgage rates continued their descent to depths not previously seen and are poised to establish even more new records. Loan originators pulled 9 percent fewer pricing inquiries than last week, leaving the U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily for the week ended June 1 at 199. The index was also lower than a year ago, when it stood at 212. The decline was the result of the Memorial Day holiday. The upcoming longer work week — as well as plummeting mortgage rates — is likely to drive business higher in the next report.
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