U.S. home refinancing hits highest in one-and-a-half years as rates drop

``Applications for U.S. mortgage refinancing jumped to their highest level in 1-1/2 years last week as interest rates on 30-year home loans fell to their lowest in over three years due to a bond market rally, an industry group said on Wednesday. The drop in mortgage rates and bond yields followed Britain's surprise vote to exit the European Union on June 22. ''