Obama urges homeowners to refinance

President Barack Obama today encouraged homeowners to refinance their homes, taking advantage of mortgage rates that have hit record lows. Rates are now at 4.78 percent, a percentage point lower than they were a year ago. Obama said there are 7 to 9 million Americans who could be refinancing their homes now, but Obama also warned against mortgage scams, telling homeowners not to work with anyone who requested money up front for a refinancing.