The current mortgage rate on a 30-year fixed mortgage fell by 0.03 percentage point in the last week to 7.05%, according to Curinos. Meanwhile, the APR on a 15-year fixed mortgage dropped 0.05 percentage point during the same period to 6.

Mortgage demand rose 5.4% during the week ending Dec. 6, stemming from an increase in refinances and lower interest rates.

Mortgage rates dipped again last week, causing a 27% rise in mortgage refinance applications. Editor-in-Chief at Investopedia Caleb Silver explains why mortgage rates are lowering.

The rate on a 30-year fixed refinance increased today. The current 30-year, fixed-rate mortgage refinance rate is averaging 7.12%, according to Curinos, while 15-year, fixed-rate refinance mortgages average of 6.