Refinancing activity responded to a further decline in mortgage rates, said the Mortgage Bankers Association (MBA). The Refinance Index jumping 13.2% to ~2568 in the week ending May 13. 

This is the highest the index has been since mid-December. As a percent of total application activity, refinancing share surged to 66.7% from 63.1%, which is the highest the level has been since late January of this year.

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