WASHINGTON (AP) - As rates on 30-year mortgages fall to their lowest levels on record, President Barack Obama is pointing to refinancing as a lifeline for homeowners being stung by plunging home values.
Obama was asked as part of his first online town hall meeting about what help is available to Americans who are still making their mortgage payments but are struggling. He replied that his administration has made it easier for Americans to refinance. He says 40 percent of mortgages are now eligible for refinancing. And he said homeowners need to take advantage of that.
Obama says the number of refinanced mortgages is already starting to go up “significantly.”
He says it’s a way for homeowners to cut their monthly payments.
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