December 14, 2011
Refi Activity Hits Annual High, Interest Rates Hit Low
By Brandon Butler
As interest rates hit new record 2011 lows, refinancing activity last week in the United States rose to its highest levels this year, according to the Mortgage Bankers Association.
Applications for mortgages rose 4.1 percent last week, based in part on refinancing activity making up almost 80 percent of the market, its highest share this year.
The 30-year fixed-rate mortgage worth $417,500 or less, decreased to its lowest level in 2011 as well, to 4.12 percent.
Throughout November, activity on all types of loans dropped, except for those worth $729,000 or more, as the number of loans in that range rose 2 percent.
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