Overall new mortgage activity eased this week as purchase and refinance transactions were lower and adjustable-rate activity held up. Jumbo borrowers got a break.
New loan activity was down 3 percent from last week, according to the Mortgage Market Index for the week ended April 8 from Mortech Inc. and MortgageDaily.com. The index has fallen to 200 from 226 a year ago.
Refinance activity slipped 3 percent this week, while the refinance share fell to 41 percent from 42 percent. ARM share reflected a 29 percent rate-term share and 12 percent cashout share.
Purchase transactions were also off 3 percent over the past week.
But the share of prospective borrowers who were shopping for an adjustable-rate mortgage edged up to 9.75 percent from 9.48 percent a week earlier. The strong share helped keep ARM inquiries from losing any ground this week.
The spread between conforming mortgages, those no higher than $417,000, and jumbo mortgages improved to 60 basis points this week from 64 BPS seven days earlier.
The difference between 15-year mortgages and 30-year loans was unchanged at 78 BPS.
