Freddie Mac reported a new low of 3.88% on 30-year fixed mortgages for the week ending Jan. 19, down one basis point from last week. 

With the no-point rate holding at just over 4.0%, borrowers underlying the 4.0% coupon have moved into the 40 basis point refinancing window, according to Sandler O'Neill + Partners Managing Director Scott Buchta.

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