Bulls To Bears: U.S. stocks are rising today, fixed mortgage rates fall

U.S. stocks are rising today after the European Central Bank, the Federal Reserve and three other major central banks agreed to make U.S. dollars more readily available in Europe's struggling financial system. Stocks have gained for the third straight day after German Chancellor Angela Merkel and French President Nicolas Sarkozy calmed jittery investors by insisting that Greece would remain a eurozone member and would achieve its fiscal targets. On another note, fixed mortgage rates fell to the lowest level in six decades for the second straight week. But few Americans can take advantage of the historically low rates. Still, cheap mortgage rates haven't helped home sales. Sales of new homes are on pace for the worst year on records dating back a half-century. The pace of re-sales is shaping up to be the worst in 14 years.
Many Americans are in no position to buy or refinance. High unemployment, scant wage gains and large debt loads have kept them away. Others can't qualify. Banks are insisting on higher credit scores and 20 percent down payments for first-time buyers. Some homeowners have too little equity invested in their homes to meet loan requirements.