The volume of mortgage applications submitted weekly rose 6.7% in the week ending July 2, according to the Mortgage Bankers Association (MBA).The amount of applications submitted for refinance jumped 9.2% to the highest volume in more than a year, since the week ending May 15, 2009. The uptick in refinance interest brings the refi share of total applications to 78.7%, from 76.8% a week earlier.
"Mortgage rates remained near record lows last week, as incoming data on the job and housing markets were weaker than anticipated," said MBA vice president of research and economics, Michael Fratantoni, in a statement. "As more homeowners locked in to these low rates, the level of refinance applications increased to a new 13-month high."
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