Mortgage refinancings are at a three-year high, fueled by low rates

NEW YORK — Lenders are being flooded with applications to refinance mortgages at a pace not seen since 2016, as US homeowners rush to take advantage of a recent drop in rates.

The Mortgage Bankers Association, a trade group, said its gauge of applications for refinancing home loans rose 0.4 percent last week from the week before, reaching its highest level since July 2016. It was the fourth straight increase.

The advance came as rates for 30-year mortgages backed by Fannie Mae or Freddie Mac fell to 3.9 percent, the lowest since November 2016, according to the MBA. Amid growing fears of a possible slowdown in global economic growth, borrowing costs are broadly falling.

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