An estimated 1 million homeowners with Federal Housing Administration (FHA)-insured loans could benefit by refinancing at today's low rates – but the government's mortgage insurer doesn't think it will happen.

The last time mortgage rates were nearly this low was in the August-to-September period of 2010, according to a new FHA report. At that time roughly 150,000 applications were pending for FHA refis. Today, the reading is a mere 50,000.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.