Refinance activity up as interest rates fall to five-month lows

Refinancing activity rose by 4 percent last week as interest rates dropped to their lowest levels in five months, according to data from the Mortgage Bankers Association for the week that ended April 29. While mortgage applications for refinancing rose week-over-week, though, purchase applications remained relatively steady, up only 0.3 percent from last week and still 36.9 percent below their level one year ago. The average contract interest rate for the 30-year fixed-rate mortgage dipped to 4.76 percent, down from 4.8 percent one week ago, for its third straight weekly decline. Interest rates for the 15-year mortgage also fell to 3.96 percent from 4.03 percent week-over-week. TRD