Prospective mortgage borrowers were busier last week initiating the loan process even though refinance share was cut to its thinnest level in seven years.

An industry gauge for future business, the Market Composite Index, rose a seasonally adjusted 2 percent in the week ended Feb. 3 from a week earlier.

The index, which reportedly covers more than three-quarters of all U.S. retail residential loan applications, increased 6 percent on an unadjusted basis.

Source: Mortgage Daily