A modest weekly increase in the U.S. Mortgage Market Index was led by loans to finance a home purchase. As rates retreated, adjustable-rate activity turned sharply lower.

During the seven days ended April 21, the U.S. Mortgage Market Index from Mortgage Daily and OpenClose was 164. No seasonal adjustments were made.

The index, which is an indication of upcoming originations based on average rate-lock volume by OpenClose users, rose more than 4 percent from the prior report.

Source: Mortgage Daily