Heading into the Presidents Day holiday weekend, new refinance activity sank — driving down overall mortgage business. But adjustable-rate business soared.

A gauge of upcoming residential loan originations, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, was 123 in the week ended Feb. 17.

The index, which is determined based on average per-user rate-lock volume by customers of OpenClose, tumbled 17 percent compared to the previous week.

Source: Mortgage Daily