Mortgage rates fell again, falling to a record low for the 14th time this year, defying their usual correlation to Treasury yields, which have recently been moving higher. And that is sending ever more borrowers to their lenders looking to refinance their home loans.
Mortgage applications to refinance rose 2% last week from the previous week, and an eye-popping 89% higher from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. As rates continue to move lower, millions more borrowers can save on their monthly payments, even those who refinanced less than a year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan…