New residential lending activity during the past seven days took a big leap from the holiday week. Leading the week-over-week improvement was surging refinance business.
An indication of upcoming mortgage originations that is based on average average per-user rate-lock volume at OpenClose, the U.S. Mortgage Market Index from Mortgage Daily, was 137 in the week ended Dec. 1.
Compared to the week that included Thanksgiving, the index, which is not adjusted for seasonal variations, shot up 22 percent. It was also stronger than in the same seven days last year, rising by 6 percent.
Source: Mortgage Daily
