Week shows highest refi rate since May 2009

Spurred by a significant uptick in refinances, overall mortgage activity climbed 6.7 percent during the week ending July 2, compared to the previous week, according to the Mortgage Bankers Association’s weekly mortgage applications index. The MBA refinance index increased 9.2 percent during the same time period, hitting its highest level since the week ending May 15, 2009. Continuing the trend seen over the last several weeks, refinances comprised the bulk of the mortgage activity last week, accounting for 78.7 percent of total applications. The purchase index, meanwhile, decreased 2 percent week-over-week. TRD