When a homeowner refinances their mortgage, they’re replacing their original mortgage with a new one. The reason to do this is to secure better terms on their home loan. So naturally, the right time to refinance a loan is when mortgage rates are lower than they were when the house was purchased. That’s why it’s no surprise that a recent report from Ellie Mae shows that, in September, refinances made up a larger share of total mortgage loan activity than they had in any previous month dating back more than four years. After all, mortgage rates have been trending downward ever since spiking last winter. In fact, they’re now hovering just above historic lows and it’s fueling the increasing interest in refinancing among current homeowners. “The continued decline in interest rates is driving the refinance revitalization that is now accounting for almost 50 percent of all closed loans in the month,” Jonathan Corr, president and CEO of Ellie Mae, said. And with rates expected to remain low for the foreseeable future, homeowners will likely continue to benefit from refinancing their loans and locking in a lower rate. More here.