Average mortgage rates fell to their lowest level since last November this past week.
Rates fell across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balance loans.
Naturally, lower rates spurred an increase in the number of current homeowners looking to refinance their loans.
Homeowners took advantage of the 6 basis-point drop in rates.
Jumbo rates fell even more, sending the average refinance loan size up 5 percent as borrowers with larger loans, who are typically more sensitive to rate changes, moved to refinance.
Loan application demand for loans to buy homes is up 3 percent.