Chitownproperty

The good news is that mortgage rates are way down: 5.67% for a 30-year fixed loan this week. But the bad news is that the people who need to refinance the most–i.e. people who are trying to escape the leaping interest rates of their ARM–are the least likely to be able to do it, says Les Christie of CNN/Money.

Because the credit market has tightened, lenders are less likely to give money to people with little or no equity in their homes–bad news for someone who’s suffered a decline in their home’s value, or put very little money down with the purchase. And, of course, good credit matters now more than ever. So unfortunately, the only way to lowering your mortgage payments now is the old fashioned way, by paying down your loan and shoring up your credit.