Freddie Mac reported 30-year fixed mortgage rates eased back to 3.91% with an average 0.8 point in the week ending Jan. 5. This is from 3.95% and matches the record low set in the week ending Dec. 22.

With the no-point rate at 4.11%, some borrowers underlying the 4.0% coupon have an incentive to refinance. To be fully in the money, however, rates need to fall another 25 basis points to around 3.75%, according to recent email commentary by Sandler O'Neill + Partners Managing Director Scott Buchta.

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