New mortgage activity picked up from the holiday week, with home-purchase financing leading the way. But the cashout share of business diminished to the most narrow level since last year.

During the week ended July 13, the Mortgage Daily U.S. Mortgage Market Index jumped 37 percent from the preceding seven-day period. No adjustment was made to the prior week for the Fourth of July.

The index, an indication of upcoming originations based on average per-user rate-lock volume for clients of OpenClose, dropped 22 percent versus the week that concluded a year previous.

Source: Mortgage Daily