Home purchase financing activity tumbled during the week that included Veterans Day, dragging down overall business. But cashout refinance activity was the strongest it’s been in over four years.

The U.S. Mortgage Market Index from Mortgage Daily, a reflection of average per-user rate-lock volume at OpenClose, was 150 in the week ended Nov. 17.

Compared to the prior seven-day period, the index, an indication of upcoming originations that is not adjusted for seasonal factors, moved down nearly 8 percent.

Source: Mortgage Daily