Mortgage rates at all-time low

October 5, 2009 4:37:08 AM PDT
This a good time for homeowners to save a little cash by refinancing their mortgage.Rates are near the all time low.

Freddie Mac reports the average 30 year rate now stands at 4.94 percent. That's the lowest since late may... And near the all-time low of 4.78 percent set in April.

A year ago, before the government moved to cut borrowing costs to stimulate housing and the economy the rate was over 6 percent.