Mortgage refinancing activity increased to 43.8 percent of mortgage applications taken last week. This was up from 43.7 percent last week. More people are taking advantage of the declining interest rates to refinance or cash out equity in their homes. Applications for adjustable rate mortgages declined last week. The adjustable rate mortgage (ARM) portion on mortgage applications decreased to 27.8 percent of total applications; this was down 28.1 percent the week before.
The average interest rate for 30 year fixed rate mortgage dropped again to 5.73 percent from 5.78 percent. The average interest rate for 15 year fixed rate mortgages dropped to 5.36 percent from 5.41 percent the week before. Finally, the average interest rate for one year ARMs actually increased to 4.88 percent from 4.84 percent the week before.