For the week ending May 30, the Mortgage Bankers Association reported a remarkable 25.7% drop in the Refinance Index to 1496.1. 

The MBA used just a a half day adjustment rather than a full day to reflect the Memorial Day holiday. This is a factor to the particularly large decline.  Based on Countrywide Securities comments in research this week, a full day adjustment would have placed the Refinance Index in the 1700 area.

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