Massachusetts homeowners continued to take advantage of low interest rates in September, as the number of residential mortgage refinances rose by 59 percent compared to September 2019, according to data from The Warren Group, publisher of Banker & Tradesman.

Refinance volumes totaled $11.4 billion in September for 1- to 3-family homes and condominiums, a 47 percent increase over September 2019 and the most volume during September since 2016, which saw $17.75 billion in refinances that year.

Massachusetts had 27,371 residential refinances in September compared to 23,705 in August and 17,216 in September 2019. More than 20,400 single-family homeowners and 3,800 condo owners refinanced in September compared to about 12,500 and nearly 2,200, respectively, in the same month last year.

While the state’s overall residential refinance activity stood at $90.9 billion year-to-date through September, an 18.1 percent increase compared to the same time period last year, refinance volumes on single-family homes and condominiums have more than doubled compared to last year. Refinance volumes on single-family homes year-to-date is at $48.35 billion, up 123.8 percent compared to the same time period last year, and condo owners have refinanced for $9.31 billion, a 147.4 percent year-over-year increase.

The refinance boom in 2019 picked up in the second half of the year after the Federal Reserve made the first of its three cuts to the benchmark interest rate at the end of July. Interest rates have reached historic lows several times in 2020.

While purchase volumes have trailed 2019 activity year-to-date, the state did see a spike in September compared to the same month last year, a sign that homebuying has continued past the traditional spring market.

With 5,714 single-family purchase mortgages, September activity increased by 26.1 percent compared to September 2019. Condominium purchase mortgages increased by 26.5 percent compared to last year, to 1,859 in September.

Mortgage volumes rose even more, reflecting rising home prices in Massachusetts. Single-family volumes in September increased 48.5 percent compared to last year, to $2.64 billion, and condo mortgages increased by 44.9 percent compared to last September, to $785.26 million.

While the nearly 38,000 single-family purchase mortgages so far in 2020 trail 2019 numbers by 5 percent, 2020’s volume of activity has now surpassed 2019’s volume through September. Single-family volumes were at $16.76 billion year-to-date compared to $16.18 billion for the same time period last year.

Condominium volumes have moved closer to last year’s pace, even though the number of purchase mortgages trails last year by 10 percent. Condo purchase mortgages were at $4.99 billion year-to-date through September compared to $5.18 billion for the same period last year. So far in 2020, there have been 12,482 condo purchase mortgages.