June 2011 had the distinction of boasting the largest increase in applications for mortgages in the last three months. The MBA reports that record-low interest rates are to thank for this surge in mortgage applications. Their seasonally-adjusted index of application activity grew 13 percent for the week of June 10th, 2011. This was largest boost since March 2011. We must mention that most of this influx is for refinance applications, rising 16.5 percent from the week before. Purchase applications saw a small rise -- 4.5 percent. Michael Fratantoni, the Mortgage Bankers Association's vice president of research and economics, says about the boom, "Mortgage rates have declined for 8 of the past 9 weeks. Coming off of the Memorial Day holiday, refinance application volume increased significantly, as borrowers jumped to lock in the lowest mortgage rates since last November."

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