Mortgage applications surged on a seasonally adjusted basis for the week ending May 30, according to the Mortgage Bankers Association (MBA). The Purchase Index jumped 16% to 461 and the Refi Index gained 13% to 9978 - both new record highs. The previous record on the Purchase Index of 416 was set the week ending May 2, and the previous record of 9387 Refi Index set for the week ending March 14.
As a percentage of total applications, refinancing activity fell slightly to 76.7% from 77.1% in the previous week. ARM share activity was also lower at 13.1% versus 13.4%.