Freddie Mac reported 30-year fixed mortgage rates moved back to match July's record low of 3.49% in the week ending Sept. 20, down six basis points from the previous week.
However, adjusted for the fee that was, at an average of 0.6 point versus 0.7 back then, the no-point rate is slightly better at 3.64% versus 3.67%.
As many credit-eligible borrowers have already taken advantage of the historically attractive mortgage rates in the past several months, refinancing response is likely to be muted.
It will take a notable decline below this level to push the Mortgage Bankers Association's (MBA) Refinance Index back to July's high of 5453.
Over the two weeks ending Sept. 14, the Refinance Index surged nearly 13% to 4765 in response to mortgage rates declining to 3.55% from 3.66%.
In other terms, 15-year fixed mortgage rates set a new record low of 2.77%, an eight basis point decline from last week. One-year ARM rates held at a record low of 2.61% while 5/1 hybrid ARMs rose to 2.76% from 2.72%.
