Mortgage rates were split this week, with the 30-year fixed falling to its lowest level in more than six weeks. 

The average 30-year fixed rate fell 3 basis points from the previous week, to 5.95 percent. A basis point is one-hundredth of a percentage point. The 30-year fixed has now fallen 44 basis points in the past two weeks and is at its lowest level since Feb. 6.

By contrast, the average 15-year fixed -- a popular option for refinancing -- moved up 7 basis points, to 5.53 percent. The average jumbo 30-year fixed fell 6 basis points, to 7.37 percent.

Adjustable-rate mortgages also were split this week. The one-year adjustable-rate mortgage moved up 11 basis points, to 6.25 percent. The popular 5/1 ARM fell 28 basis points, to 6.16 percent.

The recent sharp decline in mortgage rates has triggered a surge in mortgage applications, according to the Mortgage Bankers Association. For the week ending March 21, application volume surged 48.1 percent from the previous week.

Refinancing was particularly strong, moving up 82.2 percent from the previous week.

Mortgage rates had been moving higher until about two weeks ago. Higher rates had depressed mortgage activity, with applications falling five times in the six weeks prior to the week ending March 21.

-- Chris Kissell

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