FORTUNE — It appears even the bright spots of this tired economy are still working against heavily indebted homeowners. Mortgage rates have hit new lows nearly every week, but many borrowers are still unable to take advantage of them.
Like it is in so many parts of today’s sideways economy, relief is out of reach. Stimulus dollars are everywhere, but somehow never where they’re needed most.
Last week, U.S. mortgage rates fell for the eighth consecutive week to a record low after the Federal Reserve said it would buy more government debt to help the economy recover. A 30-year fixed-rate mortgage in the week ending Thursday dropped to 4.44% from 4.49%, according to Freddie Mac, which noted it was the lowest since the mortgage finance company began collecting data in 1971. The 15-year rate averaged 3.92%.
While SF isn’t in the same situation with many owners being underwater (as is the national case), we still do have plenty of owners who have ratios that don’t permit them to re-finance. While it is an incredible time to be a buyer, the low interest rates really aren’t doing much for many homeowners, which is a shame.