According to a Mortgage Bankers Association (MBA) survey, the average 30-year fixed-rate mortgage dropped to 3.87%, the lowest rate since MBA started the survey, while the 30-year fixed-rate jumbo loan (greater than $417,500) fell to 4.13%, also the lowest in the survey’s history. Meanwhile, says NationalMortgageNews, applications to refinance loans rose one percent to 78%, indicating the purchase money business remains tepid, as overall mortgage applications dropped nine percent week-to-week. Purchase money apps fell 13 percent during the same time frame. But because of the low interest rate, lenders are reporting a flood of phone calls and emails. MHProNews.com was told by one lender a home refinance 30-year FRM application would require up to 90 days to process because of all the inquiries.

(Image credit: TexasLendingToday)