New residential lending activity made a healthy gain following the holiday week. Even more impressive was skyrocketing adjustable-rate mortgage activity.

A barometer of upcoming loan originations, the Mortgage Market Index from Mortgage Daily, was 172 in the week ended July 14. The index is based on rate-lock volume at OpenClose.

The index, which was not adjusted to account for seasonal factors, soared 61 percent from the previous week that included the July Fourth holiday.

Source: Mortgage Daily