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If your New Year’s resolution was to apply for a mortgage refinance, you are not alone. More refinancing applications were completed during the first week of 2012 than during the holiday season, even when adjusted for vacation days.

The Mortgage Bankers Association (MBA) reported that for the week ending January 6, 2012, the Refinance Index, which looks at how many applications are filed for refinancing a mortgage, rose by 3.3 percent when compared to the previous week. Interestingly, the Purchase Index showed an increase of 8.1 percent over the previous week, a hopeful indication of movement in the housing market.

Mortgage rates and refinancing

According to HSH.com, the average mortgage rate for a 30-year fixed-rate home loan was 4.26 percent last week, a slight decrease from the previous week. Mortgage rates for a 15-year home loan dipped to 3.56 percent and rates for a 5/1 adjustable rate mortgage dropped to 3.09 percent.

HSH.com says that mortgage rates are starting 2012 at approximately the lowest rates in sixty years. In addition, HSH.com says that “it would take monumental economic change for better or worse to move them in either direction very much.”

Refinancing changes in 2012

While mortgage rates are anticipated to stay fairly low all year, HSH.com points out that “Congress is raising the cost of borrowing somewhat by using mortgage guarantee fees as a means to have money to pay for payroll tax rollbacks. Increases in G-fees (as they are called) will start being included in rates or fees starting in April.”

If you are considering refinancing a home, you may want to begin the application process soon so as to go to settlement before any new fees kick in or mortgage rates rise.

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