Low Rates Alone Not Seen Reviving Housing Market NPR
The turmoil in the financial markets has been pushing mortgage rates lower. Thirty-year fixed-rate mortgages have now fallen to about 4.3 percent, which is very close to the lowest level on record.
But many Americans can't qualify for those low rates, and analysts say these historic interest rates aren't likely to do much to help the housing market.
That is, unless the government intervenes.
Millions of Americans could be putting hundreds of dollars of spending money in their pockets every month, if only they could refinance their home loans. But about half of U.S. homeowners can't.
"Basically, we're not qualifying any new people," says Guy Cecala, publisher of Inside Mortgage Finance. "Ironically, the people who are looking to refi are the people who may have refied two years ago and qualified."
So maybe they can save a little more money refinancing again.
"We're certainly not picking up anybody who's been sitting on the fence for three years and suddenly waking up and saying, 'Woah, maybe I should go refi,' " Cecala says.
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