Comparing July's conforming mortgage rates to today's average rates, there's a 1.5 percent difference in favor of homeowners. Rate drops like that make big differences in a household budget.  Look at these before-and-after payments, based on rates from the chart: $150,000 mortgage ($144 savings/month) July 2008: $958 monthly February 2009: $814 monthly $250,000 mortgage ($240 savings/month) July 2008: $1,597 monthly February 2009: $1,357 monthly $350,000 mortgage ($335 savings/month) July 2008: $2,235 … [Read more...]