Few Qualify for 'American Dream' Even With Lowest Mortgage Rates in Decades

WASHINGTON (AP) — Mortgage rates have reached their lowest levels in six decades, making this the best time in most Americans' lives to buy or refinance a home.

For people who qualify, today's rates could save thousands of dollars a year. Yet most people can't take advantage.

Half of would-be buyers say they'll never save enough for the 20 percent down payment now usually required.

And shrunken home values have erased much of the equity people need to refinance.

Too many would-be buyers can't come up with a down payment, don't have a job, lack enough income or are burdened by large debt loads.

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