Lower mortgage rates spurred both purchase and refinancing  applications in the week ending May 6. The Mortgage Bankers Association reported the 30-year fixed mortgage rate averaged 4.67%, down nine basis points from the prior week and is at its lowest since December 2010.  

"The 30-year fixed mortgage rate is now 46 basis points below its 2011 peak, and has decreased for four straight weeks by a total of 31 basis points," said Michael Fratantoni, MBA vice president of research.

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.