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Mortgage Refinancing on the Rise

The slight rate hike in mortgage interest rates last week did little to deter homeowners from refinancing home mortgage loans, according to a survey of mortgage lenders this week. Fixed 30 year mortgage interest rates went up to 5.81%, not counting fees last week versus 5.72% the week before, according to the same survey. The fixed 30 year mortgage interest rate is considered a benchmark of the mortgage industry; this mortgage interest rate is still below the 2005 year high of 6.08%, hit last March.

Fixed 15 year mortgage interest rates crept up to 5.38% from 5.29% the week before. Interest rates on one year adjustable rate mortgages (ARMs) crept up to 4.94% from 4.82% the previous week. With ARM loans, low initial payments allow potential homebuyers to purchase a home they might not be able to afford with a traditional fixed interest mortgage loan. Since fixed mortgage interest rates have rising recently, the demand for ARM loans has been increasing.

This week’s survey said the total number of mortgage applications for new home purchases and mortgage refinancing loans jumped up 1.5% last week. Refinancing of existing mortgage loans had the biggest jump.

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