The Mortgage Bankers Association (MBA) Refinancing Index rose to 7250 for the week ending May 9, 2003, which is about a 20% rise compared to previous week’s showing of 6077.8.

A steep dip in mortgage rates during the last two days of the past week triggered another round of refinancing, said Citgroup in research this morning. The Refi Index is approximately 23% below the previous record of 9387. The firm said that if mortgage rates stay at current levels, the Index may likely post another record high at the next release.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.