The 22-year-old American, who began the day one stroke ahead of Chun In-gee of South Korea and Madelene Sagstrom of Sweden, made five birdies and sank putts from 20 feet on the second and 25 feet on the third to remain bogey free across the round.
Korda, who fired a first-round 66 on Thursday, moved to 11-under 133 for the tournament, taking a 36-hole lead into the weekend of a major for the first time in her career.
“I did not know what I was doing on those two holes,” Korda said. “My caddie Jason just said, okay, take a deep breath right now, so I was happy those two went in.
“Golf is just all about momentum, so you roll one in here and there and it just makes it a lot easier.
South Korean Lee, who began the round in 19th, made seven birdies and also remained bogey-free as she surged up the leaderboard to second spot.
American Lexi Thompson and Denmark’s Nanna Koerstz Madsen are tied for third, four shots behind Korda.
The ANA Inspiration is usually played in April but was pushed back due to the COVID-19 pandemic and is being held without fans in attendance.
The conditions are less than ideal at Rancho Mirage, with temperatures expected to soar above 100°F (37.8°C) during the tournament. Reporting by Arvind Sriram in Bengaluru; Editing by Kim Coghill