When the yield on the benchmark 30-year bond plunged below 6% this month, the possibility of another refinancing boom suddenly seemed plausible.

Fixed mortgage rates also fell, toward 7%. Observers concluded that a surge in refinancing that started earlier this year would accelerate as more borrowers found they could cut monthly mortgage costs more than enough to offset new loan fees.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.