Mortgage rates have declined for their third straight week, giving a boost to homebuyers looking to refinance, according to new data provided by the Mortgage Bankers Association (MBA). 

MAJOR US CITIES STRUGGLE TO REGAIN FOOTING IN HOUSING MARKET AS COVID-19 RESTRICTIONS EASE

The MBA's weekly mortgage application survey, covering the week ending June 11, found that the market composite index, a measure of mortgage loan application volume, increased 4.2% compared to the prior week. The previous week’s results included an adjustment for the Memorial Day holiday. On an unadjusted basis, mortgage application volume increased 15% compared with the previous week.

Meanwhile, the MBA's refinance index jumped 6% from the previous week, but is still down 22% for the same week a year ago. The refinance share of mortgage activity increased to 61.7% of total applications, compared to 60.4% the previous week, and the adjustable-rate mortgage (ARM) share of activity decreased to 3.8% of total applications.

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