With investors dumping a good portion of their money into Bonds/Treasuries the 10 year yield is currently at 2.06% ( as of 11:50 am 08/18/2011) . The 30 year mortgage rate is most closely tied to this yield, so it has most certainly dropped to historically low levels. Here’s the truth about how one can obtain these record low rates. 1) credit score must be above a 740 2) it helps to have a good loan size, lets say over $125,000 3) whether it’s a purchase or a refinance, you’ll want to have 20-25% equity 4) you’ll want to work with a mortgage professional that you can trust, and has top notch processing/customer service. When rates drop low, the banks get bombarded with applications, so it takes a strong mortgage rep to get your loan through with a 30 day rate lock time.
Somerset Lending Corp has a proven system, that in most cases can close on a purchase or refinance in 2-3 weeks.