Another report of new lows in mortgage rates led to a 22% surge in the MBA's Refi Index to ~5331 for the week ending July 13, just under its mid-June high since April 2009 of 5386. As a percent of total application activity, refinancing share rose to 80.1% from 77% in the prior report.

“Applications for HARP refinance loans accounted for 24 percent of refinance activity last week, in line with the HARP share for the past few weeks.”  said Mortgage Bankers Association Vice President of Research and Economics Michael Fratantoni. This statement suggests that Home Affordable Refinance Program (HARP)-related refinancings are near peak levels and stabilizing.

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