New mortgage activity strengthened over the past week, with a widening share of prospective borrowers opting for adjustable rates. But overall business dipped from a year ago.

An indication of upcoming loan originations, the U.S. Mortgage Market Index from Mortgage Daily, landed at 153 during the seven-day period that concluded on Oct. 27.

The index, which is calculated based on per-user rate-lock volume by OpenClose clients, rose 3 percent from the preceding week. No seasonal adjustments were made.

Source: Mortgage Daily