India, June 27 -- Mortgage refinance rates declined again today, giving homeowners a better opportunity to secure monthly payments that are lower. The Mortgage Research Center says the average rate for a 30-year fixed refinance loan dropped to 6.68% and was down 2.51% since last week, as per a Forbes report.

The APR dropped, including all fees and costs, to 6.71%, a drop from 6.88% in APR last week.

If a person were to borrow and refinance $100,000 on a 30-year fixed at 6.68%, the payment would be about $644 (principal and interest) per month. Total interest over the 30 years would be about $132,443.

At these levels, if someone used a refinancing of a 30-year fixed mortgage to borrow $100,000, then their payment on that loan, for princ...