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October 24, 2014

Will low rates entice more to buy or re-fi?

  • It's tempting but millions have already re-financed and the housing market is restrained by tight credit, rising prices and stagnant incomes.
    • By MARCY GORDON
    AP Business Writer

    WASHINGTON — With mortgage rates sliding for a fifth straight week, the possibility of locking in a rate below 4 percent is tempting for consumers and could unleash a wave of refinancing. It may even convince some Americans to buy their first home.

    Yet there are limits to how far the wave can extend. Millions of homeowners already re-financed in 2013, when the average 30-year mortgage rate stayed below 4 percent until mid-year. And the overall housing market remains hampered by tight mortgage credit, rising home prices and stagnating incomes.


     
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