Refi Activity Continues to Grow as Rates Remain Low

Mortgage rates moved slightly lower for the week, helping to spur ongoing refinance activity, according to Freddie Mac.

The 30-year fixed-rate mortgage averaged 3.44% for the week ending Sept. 8, down from last week when it averaged 3.46%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.9%.

"As mortgage rates continue to range between 3.41% 3.48%, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60%," said Sean Becketti, chief economist at Freddie Mac.

While refi application activity increased last week by 1%, the week before it increased by 4%, according to the Mortgage Bankers Association. Refis make up 64% of all new applications received, compared with 56.9% one year ago.

The 15-year fixed-rate mortgage averaged 2.76%, down from last week when it averaged 2.77%. A year ago at this time, it averaged 3.1%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.81%, down from last week when it averaged 2.83%, while a year ago it averaged 2.91%.