The current average interest rate for the 30 year fixed rate mortgage plummeted to an average of 5.62 percent while the 15 year fixed rate mortgage fell to an average of 5.07 percent. Adjustable rate mortgages have also seen a decline as reports show a weakened U.S. economy.

For the second consecutive week mortgage applications have skyrocketed to levels that have not been seen in a while. Refinance applications rose 43.4 percent to account for 62.7 percent of total loan applications.

The home purchase market has remained fairly steady as many consumers are still leery about the housing market. Purchase application did increase, however, 11.4 percent from the previous week.

Even though the criteria for qualifying for a home mortgage is stricter then a year ago, many homeowners are qualifying for traditional and FHA fixed rate mortgages with less than perfect credit.

For tips on how to make sure you get the best deal when refinancing your mortgage visit Future Planning Financial. Future Planning Financial provides live streaming mortgage rates and downloadable mortgage e-books so you can be sure you are asking all the right questions when talking with a mortgage lender.