New mortgage activity was driven higher by home purchase financing this past week. Also significantly improving was government business, which has expanded by nearly a fifth from a year ago.

A reading of 156 was recorded for Mortgage Daily’s U.S. Mortgage Market Index for the week ended July 28. The index provides insight into upcoming originations based on rate-lock volume at OpenClose.

A 3 percent rise in activity from the previous week was recorded for the index, which is not adjusted to reflect seasonal variations. Still, business was down by 11 percent versus the same week in 2016.

Source: Mortgage Daily