All eyes have been glued of late to the ups and downs of mortgage rates, and for good reason: In late October, they hit highs not seen in 23 years. This, in turn, pushed the cost of buying a home beyond reach for many Americans.

But what goes up has come down: Mortgage rates averaged about 6.63% for 30-year fixed-rate loans for the week ending Feb. 1, according to Freddie Mac data. That’s more than a full percentage point lower than the most recent peak* of around 7.8% just over three months earlier.

For potential homebuyers, lower mortgage rates mean that the cost of buying a house could likely be lower, too.So how much, exactly, would homebuyers save today?

Quite a bit, it turns out: about $366 every month.  - full story

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