The 4.5% mortgage myth?

Perspective: Borrowing into trouble easier than borrowing out

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The Fed’s cut to "zero to 0.25 percent" cost of money and non-response in the mortgage markets combined to produce consternation among a refinance-hungry public.

Excepting a frantic hour at no-fee 4.75 percent on Wednesday morning, mortgage rates remain as they have been for 10 days, roughly 5 percent with an inescapable origination fee. And that deal is available only for the best FICOs and loan-to-values.