With government activity leading the way, new mortgage business turned lower last week. The proportion of people extracting home equity, meanwhile, widened to its broadest share on record.

In the seven days that concluded on Jan. 19, the U.S. Mortgage Market Index from Mortgage Daily, a barometer of upcoming loan closings based rate-lock activity at OpenClose, was 111.

The index, which is not adjusted to reflect seasonal factors, descended 8 percent from the preceding seven-day period. Compared to the same seven days last year, the index fell 9 percent.

Source: Mortgage Daily