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Consider a 30-year, $170,000 mortgage with a rate of 5.70 percent. Seven years into the mortgage, rates have fallen to 5 percent. What would be

Consider a 30-year, $170,000 mortgage with a rate of 5.70 percent. Seven years into the mortgage, rates have fallen to 5 percent. What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate?

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