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 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.

Freddie Mac’s benchmark rate for a 30-year mortgage averaged 6.60% for the week ending December 12. It’s the third consecutive week the rate has decreased.

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.