Libor rates peaked in October of 2008 and have dropped every consecutive month since,13 in a row. Libor stands for "London Inter-Bank Offered Rate"

A majority of adjustable rate mortgages are tied to LIBOR.  To determine what your rate will adjust to one must review their "NOTE" and find their adjustable rate rider.  The adjustable rate rider is usually located at the end of your deed of trust in the loan paperwork that you received from the title company at closing.

Feel free to call me if you would like to learn how to calculate your new rate and payment.  I can be reached at 602.688.1339. 

Here are the most current libor rates:

3 Month Libor Rate-Last Year-2.22%---Last Month-0.28%---Currently-0.27%

6 Month Libor Rate-Last Year-2.63%---Last Month-0.59%---Currently-0.51%

1 Year Libor Rate-Last Year-2.91%---Last Month-1.25%---Currently-1.09%

Libor Rates Effective Week of November 16th, 2009