The Refinance Index surged 26.4% to 4500.6 in the week ending Jan. 13 and it is closing in on 2011's record high of 4866.7 set in mid-August. This was reported by the Mortgage Bankers Association (MBA) this morning.

As a percent of total applications, the refinancing share increased to 82.2% from 80.8% and is at its highest level since October 2010.  Meanwhile, the Purchase Index rose 10.3% to 195.4.

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