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Obama urges homeowners to refinance

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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.