Average rate on year fixed rate mortgage

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Reference no: EM131545392

FreddieMac reports that the average rate on a 30-year fixed rate mortgage is 3.92% as of January 2012. This is down from 4.76% in January 2011 and 5.03% in January 2010. If you have a $232,000, 5%, 30-year mortgage, how much interest will you save if you refinance your loan at 3.5% for 15 years? (Use 360 days a year. Round your answer to the nearest cent.)

Interest savings $

Reference no: EM131545392

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