Homeowners stand to save about $2,000 a year by refinancing, president says

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clipped from www.marketwatch.com Obama says millions can reduce mortgage payments WASHINGTON (MarketWatch) -- As many as 9 million Americans can now take advantage of lower mortgage rates and save money by refinancing their home loans, President Barack Obama said Thursday. Speaking at the beginning of a White House roundtable about housing finance, Obama said with mortgage rates at historic lows, a typical homeowner can now save between $1,600 and $2,000 a year by modifying their mortgages. According to the latest data compiled by Freddie Mac, the average interest rates charged on 15- and 30-year fixed-rate mortgages remain below 5%. These rates are down by nearly 1% and by 1%, respectively, from year-ago levels. See full story. Read MarketWatch real estate coverage. "We are at a time where people can really take advantage of this," Obama said.