Mortgage rates declined for the third straight week, with lenders on average offering 3.63 percent on a 30-year fixed loan, Freddie Mac reported Thursday.
The mortgage finance giant said that this week's rate for a 30-year mortgage
Concerns over Asian and European economies have driven rates down to their lowest levels since May 2013.
The steady decline has spurred a resurgence in mortgage applications as borrowers look to lock in the historically low rates. The Mortgage Bankers Association said Wednesday that applications to refinance climbed 22 percent last week from a week earlier, while loan applications to purchase homes dipped 3 percent.
A week earlier, both refinances and purchase loans soared.
Freddie Mac's survey asks lenders about the terms they offer low-risk borrowers on loans up to $417,000.
Actual rates are influenced by many factors, including a borrower's debt load and credit history.
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