Though Freddie Mac's survey rate has been staying at the 6.8% level in recent weeks - the survey consistently reported a below-7% average mortgage rate for 30-year fixed rates in February - the level of refinancing activity has not seen a corresponding level of increase.

This fact was highlighted in a recent Countrywide Securities report. In this report, analysts said, "The overall drop in interest rates, combined with the great performance of mortgages over the last month, has pushed mortgage rates to levels not seen since last fall."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.