Falling bond yields have pushed mortgage rates to their lowest level in nearly three years, spurring a rush by homeowners to refinance.

The rate on a 30-year, fixed-rate mortgage fell to 3.6%, mortgage-finance giant Freddie Mac said Thursday. That rate was nearly 5% in November. Mortgage rates are closely linked to yields on 10-year Treasury notes, which on Wednesday fell to 1.675%, the lowest since October 2016.

Still...