More homeowners are refinancing mortgages

(CNN)– Some homeowners are rushing to refinance their mortgages now that rates have dropped.

This week, the standard 30-year fixed rate mortgage averaged 6.49%.

That was up slightly from the prior week, according to a report released by finance company Freddie Mac on Thursday.

Last week, mortgage applications surged 17%.

The surge was driven by homeowners seeking to refinance which was up by 35% according to the Mortgage Bankers Association.