Mortgage rates are falling, but remain extremely high

Demand for mortgages has risen sharply this week. Rates have fallen to the lowest level since July, but are still extremely high. While there was a surge in refinancing, it appears to be led by those who bought this year and does little to give prospective first-time buyers hope of a dramatic drop in mortgage rates.

Roben Farzad, host of public radio's "Full Disclosure" joins host Robin Young for more on the housing market.