The Mortgage Bankers Association (MBA) Seasonally Adjusted Refinancing Index broke a record again Wednesday morning when it jumped 12.9% to an all-time high of 9977.8. It went up from 8840.9 last week. The prior record of 9387.0 was set March 12.
Reports said that this week's number was adjusted for the Memorial Day holiday and that without the adjustment, the Index would have shown a 10% decrease in activity for the week. Analysts said that the record-breaking reading on the Index corresponds to the 5.45% 30-year fixed mortgage rate seen the week of May 15.