A new study says that lower mortgage interest rates - and all the refinancing that followed in the first half of 2009 - will help soften the recession's blow.

Loan tracker First American CoreLogic says government initiatives to revive the economy led to lower interest rates, which in turn will lead to savings of $11.5 billion over the next five years.

The typical borrower saved $120 per month by refinancing.

"Lower mortgage payments mean more money in the consumer's pocket for other purposes. Realistically, if some share of this debt relief is used for the purpose of consumption it could have a direct and positive impact on the economy," the report concludes.

Mark Fleming, chief economist for First American CoreLogic, compiled the study.