Freddie Mac reports a decline in mortgage rates during 10 of the last 13 weeks, with the 30-year fixed rate presently at 6.11 percent and the 15-year fixed rate at 5.84 percent.

Buyers of homes priced at the national median of $221,300 would save $13,763 over 30 years by obtaining a mortgage at the current rate, versus the average rate of 6.44 percent for the year. The decline in fixed borrowing costs is enabling home owners to refinance out of adjustable-rate mortgages before their payments reset or tap into their home equity to pay off other debts or make big-ticket purchases.

The Mortgage Bankers Association reports a nearly 14-percent jump in refinancing applications last week.

Source: USA Today, Noelle Knox (12/08/06)