Many unable to refinance even with low interest rates

Interest rates for fixed-rate mortgages are now below 5 percent, their lowest level since the 1950s. But while many borrowers are looking to refinance, as many as half of them won’t be able to meet the credit requirements for refinancing, mortgage lenders said. And only a third of outstanding U.S. mortgage debt will likely qualify for refinancing, according to Doug Duncan, Fannie Mae’s chief economist. Refinancings are still at their highest level since June 2003, according to the Mortgage Bankers Association.