In the wake of the federal reserve lower rates due to Covid-19, last week saw another record low for mortgage rates. As of last week the average conventional 30 year fixed rate dipped to 3.14%. Refinace applications also dropped 7% for the week, but overall for the year are up about 84%.
The mortgage data analytics firm Black Knight has suggested however that there are around 18 millon qualifying borrowers out there that could benifit from refinacing in this market.
FHA rates remained constant from the previous week at 3.27%