Apple cashes in on boom in debt refinancing. For Americans, especially homeowners, there's a message

Rates could go even lower. With the Federal Reserve expected to cut rates again at its mid-September meeting, and the market expecting multiple cuts before the end of the year, most bond experts agree that the declining yield trend will not reverse any time soon.

"Conditions can change quickly and make the availability of refinancing more scarce," Fratantoni said. "Unemployment increases and wage gains slow, and in many cases you might have credit that is not as strong as during booming times. The rates available for refinancing are for the strongest borrowers."

It is hard to imagine rates going up significantly any time in the near future, said investment grade strategist Jeffrey Khasin at bond research firm CreditSights. "You might be able to refinance even lower, but look at what people were doing on the corporate side. They did not wait," Khasin said, noting that the $70 billion-plus in corporate bonds issued last week occurred over a three day-period ahead of Friday's monthly jobs report.

"Rebalancing between stocks and bonds is basically not accomplishing much these days as both assets are up a lot," Goldberg said. "With absolute value high for stocks, bonds, and gold, it is time to be more concerned with a return of your money instead of a return on your money." He added, "It's a matter of taking control of something that is worthwhile amidst volatile financial markets.

It is time to say, 'Where is my money? How safe or unsafe is it? Do I have an acceptable debt level and what is my time horizon?' ... People are starting to do that. And most start with their house, and they are refinancing.Corporations raking in billions in attractive bond deals is another example of the rich getting richer. Companies includingbillions in debt to pay down older debt and for other general corporate purposes, as well as fund more stock buybacks and shareholder dividends.

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