Mortgage application activity bounced back from the Memorial Day holiday
week with a seasonally adjusted increase of 4.2 percent in the Mortgage Bankers
Association’s (MBA’s) Market Composite Index.  On an unadjusted basis the index rose 15  percent. The prior week’s results included an
adjustment to account for the holiday. The Refinance
Index for the week ended June 11 was up 6 percent from the prior week but was 22
percent lower than the same week one year ago. The refinance share of mortgage
activity increased to 61.7 percent of total applications from 60.4 percent the
previous week. The seasonally
adjusted Purchase Index gained 2 percent and was 11 percent higher on an
unadjusted basis. Activity was down 17 percent compared to the same week in


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