I stopped everything that I was doing this afternoon the write a quick article about how low the ten year note rate is now. The ten year note rate just closed at 1.72% as of September 22 2011. This is quite shocking for me because I dont think the note rate has ever been this low. A few weeks ago the ten year note rate dropped below 2.00% and I was amazed. I wrote an article on May 18th 2011 how the note rate just closed at its lowest levels of 2011. It closed at 3.12% that day. Now four months later the rate has dropped 1.40%. We had a refinance frenzy in June 2003 when the 10 year note rate was hovering around 3.32%. I remember those days vividly because I had so much refinance business and all the mortgage companies in Rocklin had long delays in underwriting mortgage loans. I just want to remind you that mortgage rates are tied to the 10 year note rate. We should have the refinance frenzy of all time right now, however, many homeowners just dont have any equity in order to complete a refinance of their existing home loan. If you are going to apply for a home loan in the near future you should expect a delay in completing your loan as many of the lenders dont have the staffs of years ago. It would be a painful delay like it was back in 2003 when every homeowner had plenty of equity. The federal reserve announce yesterday that they are planning on helping with lowering all interest rates along with fixed mortgage rates. It shall be interesting to see how low our interest rates can go. Once we hit a bottom in interest rates ,it doesnt last long so you should lock in your rate very quickly if you see a rate that you like.
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