New mortgage activity moved higher this week, and refinances saw the biggest gain. Cashouts accounted for a bigger share of business than during any week on record.

An indication of upcoming single-family loan originations, the U.S. Mortgage Market Index from Mortgage Daily, worked out to 142 in the week that concluded on Feb. 9.

The index, which is based on average per-user rate-lock volume by customers of OpenClose, was elevated by 4 percent compared to the preceding seven-day period.

Source: Mortgage Daily