Refinancing is Highest Since April 2004
The refinance share of all mortgage activity hit 46.4 percent, the highest since April 2004. A week ago, 42.9 percent of mortgages were the refinancing of old mortgages, according to the Mortgage Bankers Association in Washington.
The average interest rate for 30-year fixed rate mortgages was 5.62 percent, up ever-so-slightly from 5.55 percent a week earlier, the MBA added.
