Refis not an option for many who would benefit most

22M borrowers have less than 20% stake in their homes

Nearly seven in 10 homeowners with loan-to-value ratios of 80 percent or more are paying above-market mortgage rates and may be unable to refinance in order to take advantage of today’s lower rates, a new report by data aggregator CoreLogic shows.

Homebuyers who made small down payments when purchasing their property or who took cash out when refinancing or obtaining a home equity loan are also more likely to find themselves "underwater" — owing more than their home is worth because of falling home prices.