Historic lows in mortgage rates fail to motivate buyers, owners
Consumers are practically shrugging off the lowest mortgage rates in history. They have their reasons for hesitating to buy homes or to refinance existing mortgages, freeing up cash to spend: Eleven million residential properties are worth less than the mortgages on them. Nearly 15 million Americans are unemployed. Millions more are worried about their jobs; and still more are determined to cut their spending and pay down their debts, ignoring the siren song of cheap money.