Mortgage activity and rates up, except on ARMs

Defying the odds and expectations, mortgage activity shot up over 6% last week, as 30-year fixed mortgage rates crept up slightly.

As refinancing activity continues to decline, ARM activity is way up. In fact, ARM rates, or rates on Adjustable Rate Mortgages actually dipped to 4.28%, as ARMS have risen to almost 40% of all mortgage activity.