Refinancing and purchase activity rose in the week ending June 11 as 30-year fixed mortgage rates declined to the low 4.70s on Freddie Mac's survey. The Mortgage Bankers Association reported that the Refinance Index jumped 21.1% to ~3462 - its highest level since May 2009.

As a percent of total applications, refinancing share increased to 74.8% from 72.2%, which is the highest refinance share since last December.

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