The Mortgage Bankers Association Refinancing Index rose to 2612.2 for the week ending Nov. 21, which is equivalent to about a 28% increase. This is compared to the holiday-adjusted level of 2043.9 the previous week.

A report by Citigroup Global Markets released this morning said that though the percentage increase is rather large, analysts said this should not be seen as a sign of renewed strength in refinancing activity.

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