Recently, mortgage rates have been falling drastically and have become the lowest that they have been this entire year. The 30-year fixed rate mortage averaged 4.61 percent this week and last year at this time it averaged 4.84 percent. The 15-year fixed rate averaged 3.80 percent this week while last year it was 4.24 percent just last year. These numbers are examples showing us just how drastically the mortgage rates have declined lately. The number of mortgage applications are increasing even as the rates continue to fall. Refinancings have sky rocketed to the highest level since Decemeber 2010, they have increased 13.2 percent over the prior week.

 

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http://www.realtor.org/RMODaily.nsf/pages/News2011052001?OpenDocument