Finance of America Mortgage funded roughly $5.19 billion in the second quarter, a $1 billion sequential improvement. Other lenders also posted gains.

“We didn’t have as much of a housing shock [even] as we had 20 million people laid off,” said Mark Calabria, director of the FHFA.

The average interest rate on 30-year fixed-rate mortgages could fall below 3.00% later this year, according to Freddie Mac's chief economist.