The refi wave appears to have crested and baby-boom mortgage conversions seem to be waning, two new surveys indicated.

The Mortgage Bankers Association's Refinance Index slumped 6.6% to total 827 in the week ending May 28. The index now stands nearly 44% below its peak of 1465.6 just 11 weeks earlier on March 12. The index uses March 16, 1990, as a base point for 100.

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