How to make the most of falling mortgage rates

mortgage rates

mortgage ratesBy Enjoli Francis | ABC News

The average 30-year fixed-rate mortgage is close to 3.6 percent, a near rock-bottom low that’s more than a full percentage point lower than this time last year.

And for many, refinancing could mean huge savings.

In the words of “Shark Tank’s” Barbara Corcoran: ”Money’s on sale.”

If a home buyer has a typical $200,000 30-year fixed rate mortgage at 4.6 percent and they refinance at 3.6 percent, they stand to save $118 a month — more than $40,000 over the life of that loan.

Too many homeowners across the U.S., however, are paying more than they need to — 20 percent are still paying rates of more than 8 percent, according to the Consumer Finance Protection Bureau.

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