Mortgage loan applications rose 11% in late February, with purchase applications up 6.1% and refinance applications up 14.3%. Refinance applications increased 109% year-over-year, and purchase applications rose 10%. Current mortgage rates average 6.022% for 30-year and 5.349% for 15-year fixed loans, lower than last year. Rates may stay in the low- to mid-6% range but could rise to 7%. Homebuyers and homeowners are encouraged to consider loans, refinancing, or tapping home equity to benefit from these rates.