With interest rates well below 4 percent for the week ending June 8, total mortgage applications soared 18 percent from the previous week, an industry trade group said Tuesday.
The Mortgage Bankers Association noted that the refinance index increased more than 19 percent from the previous week, reaching its highest level since April of 2009. The seasonally adjusted purchase index rose about 13 percent from a week earlier -- reaching its highest level in more than six months.
"Mortgage application volume increased sharply last week," said Michael Fratantoni, MBA's vice president of research and economics. "The increase was accentuated due to the comparison to the week including Memorial Day, but the level of refinance and total market activity is the highest since the spring of 2009."
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