Mortgage rates are falling, and some homeowners are racing to refinance. How much can the average homeowner save by refinancing? It depends on where they are starting from. The 30-year fixed-rate mortgage fell to an average of 6.

Most mortgage-market observers began the year believing rates were more likely to rise than fall, but that hasn’t panned out. Rates ticked up slightly in early January but have fallen steadily since then in tandem with warning signs about the economy.

These are today's mortgage and refinance rates. Mortgage rates have dropped recently as investors weigh weaker economic data.