As rising rates have driven down the share of borrowers seeking rate-term refinances to the lowest level in six months, rising home values have driven the share of borrowers seeking cashout loans to a record high.

The U.S. Mortgage Market Index from Mortgage Daily, an indication of upcoming loan originations based on average per-user rate locks by OpenClose customers, was 92 in the week ended Jan. 5.

That was a 29 percent improvement for the index compared to the previous week, which included Christmas. There are no adjustments made to the index for seasonal variations.

Source: Mortgage Daily