Mortgage Credit Tight?

Watching CNBC today and it amazes me that the press is talking about tight mortgage credit.
OK if you compare credit guidelines today versus 2005-2006 yes, it's tighter.

If you write off all your income and try to hide from the tax man, access to credit is limited. But you and I both know if you aren't paying ALL your taxes, you don't deserve the lowest rates available.
Those rates are always going to be for those who can document their income.

But the fact is Roughly 69% of American homeowners with mortgages at the end of the second quarter had rates of 5% or higher and about 33% of them had rates above 6%, according to detailed mortgage data provided to The Times by Santa Ana research firm CoreLogic."

So why haven't these people refinanced? Most likely, valuation, credit score or credit issues, or, and I hear this a lot. They want to wait for lower rates! Really? With the G- Fee increase and QEIII coming to fruition, don't bet on it. The banks and large lenders are just going to take the increased profits.

In 24 years I've never seen rates this low, and that's becuase they've never been this low.

So if you haven't looked at refinancing, take a look today, even if you refinanced over the last 18 months.