The Mortgage Bankers Association released its weekly application survey and it shows that some folks are taking advantage of record-low mortgage rates. Most of them, however, are people refinancing. The survey showed a 4.5 percent increase in the overall number of applications, and a 5.7 percent increase in the number of people who applied to refinance. That means refinancings represented 82 percent of all appliations.

Mortgage rates remained low this week, the 30-year settled in at 4.55 percent, and the 15 year dropped to 3.91 percent. Strong demand for 10-year treasury bonds and falling yields mean that more rate declines are likely this week. Stay tuned.