The average interest rate on 30-year, fixed-rate mortgages for the week ending Jan. 9, decreased to 4.89 percent from 5.07 percent, according to the most-recent survey from the Mortgage Bankers Association.
Credit restrictions, negative or minimal amounts of home equity, and high levels of outstanding debt have resulted in the denial of nearly 70 percent of borrowers’ applications to refinance.
To read the full story, please click here:
http://www.chicagotribune.com/business/chi-biz-mortgage-rates-below-5-percent-jan15,0,7714045.story
Source: CAR.org 1/15/09
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