The rate on a 30-year fixed refinance declined to 6.59% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.51%. On a 20-year mortgage refinance, the average rate is 6.

Mortgage rates fell last week on the back of reports of a weakening job market. Homeowners jumped on the opportunity, driving up demand for refinances. The 30-year fixed-rate mortgage fell 10 basis points, to its lowest since March, as economic data indicated weakness in the U.S. economy, particularly in the labor market.

The interest rate for the most popular U.S. home loan dropped to 6.67% last week, the lowest rate since early April, triggering a rush of homeowners seeking to lock in cheaper financing on existing mortgages but doing relatively little to draw new homebuyers into the market.