New mortgage activity turned sharply higher last week. While government-backed programs had the largest gains, rate-term refinance business reached a 10-month high.

The U.S. Mortgage Market Index from Mortgage Daily, an indicator of upcoming loan originations based on rate-lock activity at OpenClose, was 158 in the week ended Dec. 8.

A 15 percent improvement was recorded versus the preceding seven-day period. There are no adjustments made to the index for seasonal factors.

Source: Mortgage Daily