The volume of mortgage applications rose by about 9.1 per cent last week when compared to the week before, a development which can be seen as a surge in the activities of refinancing. It has been reported that the refinancing fillings for the past week have increased by 10.7 per cent and an increase of about 4.4 per cent, that is seasonally adjusted, was also seen in the mortgage applications to buy homes.

The increase pattern was very much similar to that of the very first week of 2010 and it has been noted that the four - week moving average of all the mortgages was seen to decrease by about 1 per cent.

It is an interesting fact that the majority of the applications were to refinance the home loans that already existed and it came to about 71.7 per cent of all the applications, and has seen a slight increase from what was 71.5 per cent in the previous week.

It has also been reported that the rate which is charged on a scheme of a fixed - rate mortgage that lasted 15 years averages about 4.33 per cent, which was lesser than the previous 4.45 per cent, and the one - year ARMs also saw an average rate which dropped to 6.72 per cent from what was 6.83 per cent.