Driven primarily by refinances, weekly new mortgage business moved up from the holiday week. The share of adjustable-rate mortgage activity reached the highest level in 20 months.

During the week ended Sept. 15, the U.S. Mortgage Market Index from Mortgage Daily — an indication of upcoming loan originations based on per-user rate-lock volume at OpenClose — was 143.

The index climbed 8 percent from the prior week. No adjustments were made to the index for the Labor Day holiday. Compared to the same week last year, the index fell 14 percent.

Source: Mortgage Daily