Mortgage refis are increasing again, as interest rates show no sign of dropping again. The Refinance Index rose 4.9 percent for the week ending January 7, as compared to the previous week, according to the Mortgage Bankers Assocation (MBA). The seasonally adjusted Purchase Index, an indication of existing home sales, fell 3.7 percent. Mortgage refinances currently account for nearly three-quarters of all mortgage applications, which suggests that home sales are weakening overall. Meanwhile, the average interest rate for a 30-year fixed-rate mortgage dropped slightly, to 4.78 percent from 4.82 percent, probably not enough to impact current homebuying trends.