“Mortgage rates fell back this week pulling interest rates on 30-year fixed mortgages under 5 percent,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Lower mortgage rates should help homeowners lower their monthly payments and feed the ongoing recovery in the housing market.” For instance, the Federal Housing Finance Agency reported that Freddie Mac and Fannie Mae have financed more than 3.5 million refinance loans during the first nine months of 2009. Freddie Mac estimates that borrowers who refinanced their conventional loan during the third quarter reduced their interest rate by a median of 1.1 percentage points, which will save these borrowers an aggregate of $3 billion in mortgage payments over the next 12 months.