After a few months of elevated yet stable interest rates, the 30 yr. conventional fixed mortgage dropped roughly 5/8% to an average 6% nationally. If you have been waiting to pull the trigger on a purchase or refinance, now's your shot to save a significant amount of money over the life of your loan. See the figures below.
A traditional principle and interest loan of $350,000 @ 6% is $2,098.43 a month.
The same loan @ 6.625% is $2,241.09, a savings of nearly $150 a month compared to a week ago.