Mortgage Rates Plunge to Lowest Ever

But plunging house values make refinancing impossible for many homeowners
By Peter Fearon,  Newser Staff
Posted Jan 16, 2009 2:12 AM CST
Mortgage Rates Plunge to Lowest Ever
30-year benchmark mortgage rates are at their lowest since Freddie Mac began keeping track in 1971.   (AP Photo/Pablo Martinez Monsivais, File)

The benchmark 30-year mortgage interest rate has fallen below 5% for the first time ever as the collapsing economy continues to force interest rates down. Adjustable-rate mortgages fell to 5.25%, reports MarketWatch. But many homeowners can't take advantage of the new low rates to refinance because the value of their homes have dropped below their mortgage debt.
(More Freddie Mac stories.)

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