Borrowers who refinanced their mortgages in the first six months of 2009 reduced their monthly payments by a median of $120, or 10.5 percent — an annual savings of $2.3 billion, according to a study by First American CoreLogic.

Over five years, that’s $11.5 billion in the pockets of homeowners — money that could boost consumer spending and help drive growth as the economy rebounds, said Mark Fleming, the author of the study, "Consumer Benefits of Government Mortgage Finance Programs in 2009."

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