Refinance Applications Rise as Rates Decline

The number of applications to refinance homes rose 4 percent last week, as mortgage rates declined,
REALTOR® Magazine Online
according to the weekly mortgage applications survey by the Mortgage Bankers Association.

Overall, mortgage applications rose slightly on an adjusted basis from 656.3 to 656.5. On an unadjusted basis, they increased 11.2 percent compared with the previous week and were up 11.5 compared with the same week a year ago, an anomaly attributed to the Columbus holiday.

Mortgage rates fell slightly during the week:

    • 30-year fixed-rate mortgages decreased to 6.21 percent from 6.4 percent.
    • 15-year fixed-rate mortgages decreased to 5.86 from 6.09 percent.
    • 1-year ARMs decreased to 6.1 from 6.17 percent.