The average rate on a 30-year mortgage in the U.S. eased again this week, slipping to its lowest level since late October.

A recent pullback in mortgage rates is spurring more homeowners to refinance their home loan and lower their monthly payments.

Mortgage demand slipped to the lowest level since December 2018, even after rates declined slightly last week .Applications for a mortgage to purchase a home fell 1 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 14 percent lower than the same week one year ago.

Fierce competition, low mortgage rates and soaring prices helped raise the amount borrowers took on to buy homes last year to an all-time high, eclipsing the mid-2000s housing bubble.

iStock/kroach(CNN) - Mortgage rates are lower than they've been in years, causing a tsunami of refinancing. Rates are even lower on larger mortgages and on 15-year loans. That sparked a 37% jump in the number of refinancing loans last week compared to the previous week, said the MBA. But even if homeowners can't find a home to buy, they are rushing to save money by locking in the low rates on refinancing. The difference between the current a 3.93% mortgage and a 4.8% mortgage for a $400,000 loan comes to savings of about a $200 a month.