Compared to the week last year that included Thanksgiving, new mortgage business ascended — and it was refinances that drove the improvement. But refinances also led a week-over-week reduction in overall activity.

At 112, the U.S. Mortgage Market Index from Mortgage Daily was 5 percent higher than during the same seven-day period last year. The index is a reflection of average per-user rate-lock volume at OpenClose.

But the MMI, which provides a peek into the volume of upcoming single-family originations, declined by a quarter from the preceding week. No adjustment was made for the holiday week.

Source: Mortgage Daily