New mortgage activity ascended from the holiday week, and a sudden surge of strength in refinance business was out front of the improvement. Adjustable-rate activity also accelerated.
In the seven days ended March 2, the Mortgage Daily U.S. Mortgage Market Index, a gauge of upcoming originations, increased more than 7 percent from the preceding week that included Presidents Day.
The index, which is determined based on average per-user rate-lock volume by clients of OpenClose, rose nearly a percent compared to the same seven days last year. No seasonal adjustments are made.
Source: Mortgage Daily