Refi Demand Skyrockets 47% as Rates Slide; Credit Availability Improves

Mortgage applications soared during the week ended June 7 as interest rates declined further. While applications for home purchases were up, it was refinancing that again drove the overall numbers. The week ended May 31 was shortened by the holiday weekend and we have come to expect numbers both during and after those events to take on a life of their own. However, commentary from the Mortgage Bankers Association (MBA) spokesperson Joel Kan indicated it was rates more than the calendar that drove results for both reporting periods. MBA’s Market Composite Index, a measure of mortgage loan application volume, increased 26.8 percent on a seasonally adjusted basis from the week ended May 31. On an unadjusted basis, the Index shot up by 38 percent compared with the previous week. The Refinance Index

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