While mortgage professionals have not lost hope that low-rate, government-subsidized mortgages could eventually happen, they are advising clients on the fence about refinancing not to wait. Interest rates remain near historic lows, but at the same time, lending standards have tightened and property values have fallen. If those trends continue, some borrowers may no longer be eligible to refinance.
By Bob Tedeshi, March 7, 2009, NYT

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