Despite Record Low Interest Rates, 4 in 5 Americans are Unwilling to Buy or Refinance Homes, Harris Poll Finds

WASHINGTON, Sept. 5, 2012 /PRNewswire/ -- Four out of five Americans are unwilling to buy homes or refinance their mortgages, despite record-low interest rates, according to a recent Harris poll. Only workers between the ages of 18 and 34 were slightly more likely to invest in housing over the next year.

(Photo:  http://photos.prnewswire.com/prnh/20120905/PH67372 )

The nationwide survey was conducted by Harris Interactive for Union Plus, the benefits arm of the AFL-CIO. The survey also found that 53 percent of respondents have major concerns about the economy – they fear job loss.  Eighty three percent of respondents expressed concern that "closing costs for purchasing or refinancing a home are too high."

In an effort to encourage union members to take advantage of historic low interest rates, Union Plus launches an awareness campaign today for union members in the New York, NY, and Columbus, OH, areas. Union members can learn more by visiting www.unionplus.org/home-mortgage-programs.

"With only 18 percent of working families willing to invest in buying new homes, what this poll tells us, first and foremost, is that we need to help working Americans feel confident about investing in housing," said Union Plus President Leslie Tolf.  

"Union Plus offers a mortgage program that gives union families the opportunity to take advantage of the savings they can get by buying or refinancing at extremely low rates, while offering them a unique safety net to protect them against economic hardship," Tolf added.

Union Plus Mortgage is available only to union members, their parents or children, and it offers $495 in savings on closing costs for either new purchases or refinancing.

Under the plan, first-time homebuyers can apply for a $500 Union Plus "Welcome to Your First Home Award." 

The Union Plus Mortgage Protection Program offers assistance in the form of interest-free loans and grants to help with mortgage payments if participants become unemployed, are on strike or locked out, or become disabled.

Over 200,000 union families have used the Union Plus Mortgage and over $9 million dollars in mortgage assistance has been provided to families who have encountered economic hardship.  To learn more about Union Plus Mortgage visit www.unionplus.org/home-mortgage-programs or call 1-800-416-5786.

SOURCE Union Plus