There have been increased claims made in regard of the refinancing of the mortgage applications. There has been a jump for a consecutive third week in this area; the deteriorating rates of mortgages have led to a demand of refinance.

There was an announcement made by the Mortgage Bankers Association that there shall be a seasonal basis of adjustment in the index that is offered in the application activities of the mortgage. This is inclusive of home purchase demand as well as refinancing, and there was a reported climb of as much as 7.8% in the week that ended on the 13th of May.

It has been further revealed that the refinance index as well as the overall index has shown an increase and have been on their highest levels since the end of last year.

The 30-year fixed mortgage rate is now 53 basis points below its 2011 peak, and has decreased for five straight weeks”, Michael Fratantoni, MBA's Vice President of research, said in a statement. He further added, "Over this five week span, the refinance index has increased by about 33 percent”.