Cheap mortgages are renewing interest in refinancing, but don’t seem to be doing much to spur homebuyers into action yet.

Freddie Mac’s weekly survey of lenders shows rates on 30-year fixed-rate home loans at 3.92 percent, the best rate since June 2013.

But according to the Mortgage Bankers Association, 65 percent of mortgage applications for the week ending Oct. 17 were for refis. Purchase loan applications were down 9 percent from the same time a year ago.

Mortgage credit remains tight, but there’s talk that more clarity on underwriting standards from Fannie Mae, Freddie Mac and FHA will loosen up lending. Source: Freddie Mac.

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