The average U.S. rate for a 30-year fixed mortgage dropped to 5.31 percent today.  This rate marks the lowest it has been since March 2004 when the Fed’s benchmark rate was 1 percent.

Mortgage applications in the U.S. jumped to an almost four-year high last week, but applicants will face many more hurdles in obtaining their loan then they had in years past.  40% of banks have tighten their underwriting policies in the 3rd quarter, 2007.  This means mortgage brokers will expect good credit, pay stubs and tax documents with you application.