Joining the Refi rush won't be so easy this time

The Chicago Tribune reports:

The many no-money-down borrowers in sinking markets whose homes are now worth less than their mortgage balance are finding little help from lower interest rates.

"There's a widening gap between those people who can qualify for a mortgage and get great rates and those who can't," said Barton Pitts, president of Professional Mortgage Partners in Downers Grove. "It's a totally different world."

Lower interest aren't going to help those without money for a down payment or those who now have no equity in their house.