As mortgage activity increased last week, a surge was recorded for adjustable-rate mortgage business — which leapt to the highest level in more than three years thanks to rising fixed rates.

In the week ended Feb. 2, the U.S. Mortgage Market Index from Mortgage Daily was 136. The index provides a peek into upcoming originations based on average rate-lock volume at OpenClose.

Compared to the prior seven-day period, the index was elevated by more than 4 percent. A more than 2 percent increase was recorded versus the same-seven days last year.

Source: Mortgage Daily