A combination of rising interest rates and the holiday season drove the U.S Mortgage Market Index to the lowest level it’s been in its seven-year history.

The index, an indication of upcoming mortgage originations based on average per-user rate locks by OpenClose clients, was 80 in the week ended Dec. 30.

That was the lowest level on record for the MMI, which is not adjusted for seasonal factors, since it was launched by Mortgage Daily in December 2009.

Source: Mortgage Daily