The Mortgage Bankers Association Refinancing Index increased by 8.5% to 1479.4 for the week ending June 11, 2004. Though the prior week was shortened by the Memorial Day holiday, the Index still increased by 9% holiday-adjusted.

Citigroup Global Markets said despite the Memorial Day holiday and President Reagan's funeral making a precise comparison of refinancing activity over the past few weeks more difficult, it seems after five weeks of drops the index has stabilized at around 1500.

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