Mortgage Trends

The Mortgage Bankers Association (MBA) reported the Refinance Index ticked up noticeably in the first week of June, from 2475 to 2883, the highest reading since November 2010. This is bittersweet as it finally showed some linear connection between falling rates and refi demand...only to have rates rise the very next week. Even so, the last time rates fell from 5.0 to 4.5 as they have in 2011, readings around 3000 on the refi index represented the LOW END, moving over 5000 on the index by the time rates hit the same reported level as they did that first week this month.