This week, mortgage applications have increased by 4.8% compared to last week, which might be because of the fact that mortgage rates have decreased reaching new record-lows that haven't been seen in almost 50 years.
The best mortgage rates for those of you planning on refinancing your existing home this week are the 5-year adjustable-rate mortgages, which have reached a new record-low rate this week.
30-year fixed-rate mortgages have decreased to 3.41% this week compared to 3.43% last week. This is one of the lowest 30-year rates we have seen since the start of 2013.
15-year mortgage rates have also decreased from 2.65% last week to 2.64% this week. This is the lowest rate we have seen this year and it is also only slightly above the record-low 2.63% rate we saw in November 2012.
5-year adjustable-rate mortgages have also decreased this week to 2.6% compared to 2.62% last week. According to Freddie Mac, this is the lowest 5-year rate we have seen in almost half a decade.
1-year adjustable-rate mortgages are the only ones that haven't decreased this week, and have actually increased 0.01% to 2.63%, compared to 2.62% one week ago.
The refinance share of mortgage activity this week has remained at 75% of all mortgage applications and the adjustable-rate mortgage share of applications has also remained unchanged at 5%.