As new mortgage business recovered from a holiday slump, the share of activity that was for refinances reached the widest level in more than three years.

A predictor of upcoming home-loan originations, the U.S. Mortgage Market Index from Mortgage Daily, landed at 121 for the week ended Jan. 12.

The index, which is based on average per-user rate-lock volume by clients of OpenClose, climbed 31 percent from the seven days that included New Year’s. No seasonal adjustments were made.

Source: Mortgage Daily