MBA "Refi" Index Spikes

The Mortgage Bankers Association's refinancing index increased to 853.7 for the week ended June 3, up from 832.2 the previous week.

Mortgage loan applications increased 1.7% from the prior week and refinancings made up 30.6% of the total volume, up slightly from 30.4% a week ago.

Meanwhile, the MBA's home purchase index increased to 300.1 from 292.9 the previous week.