An improvement in new weekly mortgage activity was mostly fueled by a solid increase in purchase financing. Adjustable-rate business soared more than any other category.

An indication of upcoming loan originations, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily, was 147 in the week that ended on March 3.

The index, which is based on average rate locks per user by clients of OpenClose, climbed 13 percent from the prior week, which included the Presidents Day holiday.

Source: Mortgage Daily