On a standard 30-year fixed-rate mortgage of $100,000, for example, the monthly saving was $139 a month, or $1,668 a year.

Perhaps that is just as well: The average monthly savings for those homeowners who do sign up is only about $5.

Totaling all the monthly savings from the rate cuts, the average customer can expect to save $17.40 a year.

For example, if total fees are $3,000 and the monthly saving is $300, the borrower would break even in 10 months.

Delay until 50 and the same monthly savings will produce an income of about £2,000.

By contrast, an adjustable-rate mortgage with 6.3 percent fixed rate for the first five years would only cost $619, a monthly savings of $67.

A $4 to $6 monthly saving means a lot in a city where the average daily wage is about $3.

So shaving a couple of per cent off your mortgage will mean a significant monthly saving.

That $17 monthly savings may not sound like much, but it adds up to more than $6,100 over 30 years.

Remember to indicate whether you wish to save by lump sum, regular or monthly savings.