The Mortgage Bankers Association (MBA) reported a 13% surge in the Refinance Index to ~4220 from 3735 for the week ending May 1, while refinancing share as a percent of total applications rose to 74.9% from 72.1%.

The gain in refinancing activity was due to new record lows in mortgage rates with the contract interest rate for 30-year conforming fixed-rate loans averaging 3.96%, down five basis points. Federal Housing Administration rates declined to 3.75% from 3.81%.

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.