Mortgage rates hit a record low, but good luck trying to refinance

Freddie Mac said today that the average rate on a 30-year fixed-rate mortgage is down to 4.96%, the lowest rate on record (their records go back to 1971). In recent weeks, low mortgage rates have kicked up applications to refinance, though that's not translating too smoothly into actual refis. This morning the WSJ had a great figure from Fannie Mae chief economist Doug Duncan. He said that nearly 70% of borrowers couldn't make the cut, either because their credit isn't good enough, they don't have enough equity in their house, or their jumbo mortgages can't be bought or guaranteed.

Barbara!