Mortgage interest rates falling

Many homeowners are looking to save money by refinancing their mortgages and reducing monthly payments. Anyone who has obtained a loan in the past year has gotten a 6 percent fixed rate, according to Julie Teitel, a senior vice president at GuardHill Financial. Both fixed and adjustable mortgage rates have declined, and Melissa Cohn, president of Manhattan Mortgage, said rates are expected to fall to 4.5 percent.