30-year fixed mortgage rates fell to a record low of 3.47% last week causing another, resulting in a 25% increase in refinance applications.
While new purchase mortgage applications are still lower than normal, they increased by 15.3% from the previous week.
“Last month, the Fed said it would buy unlimited amounts of Treasury bonds and mortgage-backed securities (MBS) “to support smooth market functioning” amid the coronavirus pandemic and historic selling on Wall Street.”