Although weekly home purchase financing activity moved higher, a reduction in the volume of refinance business pulled down overall new activity.

The U.S Mortgage Market Index from OpenClose and Mortgage Daily, an indication of upcoming originations, was 119 in the week ended Jan. 27.

That was a 2 percent decline from the previous week for the index, which is determined based on average rate-lock volume by clients of OpenClose.

Source: Mortgage Daily