Last year the average rate on 30 year fixed was 6.06 percent. Those who refinance a $200,000 loan would save almost $200 in monthly mortgage payments.
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Borrowers who refinanced during this year's first quarter reduced their mortgage payments by about $2.5 billion over the coming year, and half of borrowers who refinanced lowered their annual interest rate by at least 20 percent, according to Freddie Mac's quarterly Refinance Report.
The 15 year fixed rate slid to 4.48 percent, as it remains unchanged for the third week.
5 Year adjustable mortgage rates fell to 4.80 percent from 4.85 percent last week.
1 year adjustable rate mortgage fell to 4.77 percent from 4.82 percent last week.
The nationwide fee averaged 0.77 points last week according to Freddie Mac.
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