Mortgage Rates Plunge to Lowest Ever

But plunging house values make refinancing impossible for many homeowners
By Peter Fearon,  Newser Staff
Posted Jan 16, 2009 2:12 AM CST
30-year benchmark mortgage rates are at their lowest since Freddie Mac began keeping track in 1971.   (AP Photo/Pablo Martinez Monsivais, File)
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(Newser) – The benchmark 30-year mortgage interest rate has fallen below 5% for the first time ever as the collapsing economy continues to force interest rates down. Adjustable-rate mortgages fell to 5.25%, reports MarketWatch. But many homeowners can't take advantage of the new low rates to refinance because the value of their homes have dropped below their mortgage debt.