New record lows in mortgage rates provided a modest 1.3% stimulus in mortgage application activity for the holiday-shortened week ending June 1.

The Mortgage Bankers Association reported the Refi Index rose 2.0% to ~4476, its highest level since early/mid-February when the index was in the low 4500-area. As a percent of total applications, refinancing share jumped to 78% from 76.6% with the share also at its highest since the latter half of February.

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