Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan

As mortgage rates have dropped this year, more mortgage borrowers are considering refinancing.

Over the last week, the 30-year fixed-rate mortgage average 3.73%, according to Freddie Mac. This is the lowest mortgage rates have been since late 2016. Mortgage rates track the path of the 10-year U.S. Treasury note TMUBMUSD10Y, -0.61% which has dropped nearly 67% so far this year.

Last week, applications for mortgage refinances jumped nearly 3% week-over-week following multiple weeks in which mortgage interest rates dropped or stayed at recent lows, according to data released Wednesday from the Mortgage Bankers Association. In all, there were nearly double the number of refinance applications last week as there were during the same period a year ago, as refinance activity maintained its highest clip since 2016.

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