The number of mortgage loan applications rose 3 percent since last week, announced the Mortgage Bankers Association this morning. Word must be getting out about falling interest rates.

Of those, 52.4 percent were refinancing applications. And more than 17 percent were adjustable rate mortgage (ARMs) applications.

Here’s the latest news on mortgage loan rates (also from MBA):

-average rate for a 30-year fixed rate mortgage – 5.98 percent, down from 6.27 percent

-average rate for a 15-year fixed rate mortgage – 5.26 percent, down from 5.77 percent

-average rate for one-year ARMs – 5.83 percent, down from 5.84 percent

If you’re thinking about refinancing or buying a home, be sure to check out Ilyce’s articles on refinancing and buying. This site also features foreclosure information that can help you become more informed to make better decisions.

Mar. 5, 2008