A week-over-week surge in conventional activity was the primary driver of a rise in new mortgage business, though cashout refinance and adjustable-rate activity also jumped.

The Mortgage Market Index from Mortgage Daily, an indication of upcoming originations based on OpenClose rate-lock volume, was 163 in the week ended June 16.

Compared to the previous week, the index, which reflects no adjustments for seasonal factors, moved up 4 percent. But it was down 8 percent versus one year earlier.

Source: Mortgage Daily