Although purchase financing drove overall new mortgage business lower this past week, an increase was recorded for refinances and jumbo loans as adjustable-rate mortgage activity surged.

Mortgage Daily’s U.S. Mortgage Market Index, an indication of upcoming home-lending activity based on per-user rate locks at OpenClose, was 147 in the week ended Aug. 11.

Volume retreated by 5 percent from the preceding seven-day period and sank by more than a fifth from the same seven days last year. There are no adjustments made for seasonal factors.

Source: Mortgage Daily