By Diana Olick | CNBC
Another drop in mortgage interest rates, to their lowest level in three years, sent borrowers back to the bank to refinance home loans.
Total mortgage application volume increased 2.9 percent last week on a seasonally adjusted basis from the previous week. Applications are now nearly 35 percent higher than one year ago, when rates were considerably higher, according to the Mortgage Bankers Association.
Related: Refinancing up as Jumbo Rates hit 5-Year Low/Mortgage News Daily
