The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.58 percent, the monthly payment for the same size loan would be $1,022.90, a savings of $219 per month for a homeowner refinancing now.
SURVEY RESULTS
30-year fixed: 4.58% - down from 4.62% last week (avg. points: 0.37)
15-year fixed: 3.97% - down from 4.02% last week (avg. points: 0.32)
5/1 ARM: 3.66% - down from 3.71% last week (avg. points: 0.38)