The seasonally-adjusted Mortgage Bankers Association (MBA) Refinancing Index rose to 3298.3 for the week ending Feb. 13, which is a 6.4% increase relative to the previous weeks’ showing of 3099.1.

The rise in the Index reflects the large extended drop in mortgage rates, said Citigroup Global Markets in a report released this morning. Analysts also noted that weekly average mortgage rates dipped by roughly 10 basis points.

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