Mortgage rates in the United States have dropped to their lowest levels since the 1940s, but the banks that once handed out home loans freely are imposing such stringent requirements that many homeowners who might want to refinance are effectively locked out, the New York Times reports. The scarcity of credit not only hurts homeowners but also has broad economic repercussions at a time when consumer spending and employment are showing modest signs of improvement, the Times reports.
