The Federal Reserve announced big new steps last week to further push down mortgage interest rates and spur housing. But the vast majority of Americans with mortgages have rates higher than those rock-bottom ones already being offered by the big lenders, indicating that many people are unable to take advantage of the historic drops in loan costs when it could be helping them the most.
Several factors may be keeping homeowners from securing lower mortgage rates, economists said, including battered credit, insufficient income, stricter lending standards and the cost of refinancing. But a major aftershock from the housing crisis itself also remains a big stumbling block: the significant chunk of homeowners who are underwater and unable to get new loans.
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