A big bounce in refinance business lifted overall new home lending activity. Adjustable-rate mortgage share was the broadest it’s been in more than two years. Jumbo product was excluded from the rally.

A barometer of prospective mortgage production, the U.S. Mortgage Market Index from Mortgage Daily, climbed more than a 10th during the seven-day period that finished on May 4 from one week earlier.

But the index, which was determined based on average per-user rate locks by OpenClose clients, declined 18 percent from one year earlier. No adjustments are made for seasonal variations.

Source: Mortgage Daily