According to the Mortgage Bankers Association’s Weekly Applications Survey, refinance activity was at its highest level since February 10 last week, after climbing 2.0 percent from the previous week. The Market Composite Index, which measures total mortgage loan application volume, rose 1.3 percent on a seasonally adjusted basis, despite purchase demand falling slightly. Last week’s results include an adjustment for the Memorial Day holiday. Still, the refinance share of total mortgage activity increased to 78 percent and was the highest refinance share since February 24. The increase in refinance volume was likely due to the fact that average mortgage rates dropped to yet another survey low. The average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances decreased to 3.87 percent from 3.91 percent the week before. More here and here.

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