Mortgages are starting to see more refinancing as rates drop lower than they have in 50 years. Although interest rates have been hovering around the 50 year low mark, they have finally dipped into unchartered waters. This last week they went to 4.44%, which is the lowest since 1971, when tracking of interest rates began.

Economists have been puzzled over the last few weeks as to why these low rates haven’t caused more people to refinance their original mortgages, but interest in refinancing has finally started to catch on. Not only are interest rates lower than they have been in years, but refinancing is cheaper, and that can be one reason as to why more people are going that direction.

Mortgage Rates Hit All-time Low

Although refinance volume has risen, new loan activity is hard to come by as new regulations are under way, making it more difficult for people to qualify. This isn’t such a bad thing for people with jobs and decent credit, but with unemployment hitting record numbers, it will be tough for a lot of people.

While interest rates are hitting all-time lows, the jobless rate is making it almost impossible for people to get the financing they need to turn things around.