Archives for June 2009

Starting July 1st, 2009, student loan repayments will be limited to 15 percent of a borrower’s discretionary income or 15 percent of the amount that a borrower’s (and spouse’s if applicable) adjusted gross income exceeds 150 percent of the poverty line, divided by 12.

If  you’re still paying the college loan off after 25 years all unpaid interest and principal are capitalized and any outstanding loan balance is forgiven.  Student loans that have been made on behalf of a dependent student and Direct Consolidation Loans that contain PLUS loans are not eligible for the income-based repayment program.

The bill gradually cuts interest rates on subsidized Stafford loans for undergraduate students in half according to the following schedule:

•  6.8 percent for loans first disbursed July 1, 2006 to July 1, 2008
• 6 percent for loans first disbursed July 1, 2008 to July 1, 2009
• 5.6 percent for loans first disbursed July 1, 2009 to July 1, 2010
• 4.5 percent for loans first disbursed July 1, 2010 to July 1, 2011
• 3.4 percent for loans first disbursed July 1, 2011 to July 1, 2012

These new changes are part of the The College Cost Reduction And Access Act signed into law on September 27th, 2008 by President Bush.

The National Association of Student Financial Aid Administrators has put together a more detailed analysis of the student loan income based provision of the law.

http://www.nasfaa.org/Publications/2007/LNIBRProvisions102207.html

Discover Bank just annouced a new program that allows 12 month CD account holders to withdrawal their money penalty free if they become unemployed.

Discover Bank will allow penalty-free early withdrawals from 12-month certificates of deposit for new and renewing account holders who lose their jobs.

To qualify for penalty-free withdrawals account holders must open or renew a 12-month CD with a minimum $2,500 balance between July 1 and Dec. 31, 2009. If the account holder involuntarily loses his or her job during the term of the CD, they will be allowed to make a partial withdrawal of the funds or close the account with a full return of their principal and any credited interest with no penalties. The program also applies to self-employed people under certain circumstances.

Discover Bank

One of our readers, Amanda Bonzo , alerted us to this deal. Thanks Amanda!

Bank CD rates were mixed this past week with longer term CD rates increasing and shorter term CD rates contining their slide down. The increase in longer term CD rates wasn’t much but at least rates are headed in the right direction.

Certificate of deposit rates are not expected to increase by much until the economy recovers and the Fed starts raisinginterest rates.

I wonder if there is a chance CD rates will increase at banks that payoff the funds they borrowed from TARP. Banks that do payoff TARP might be compelled to increase deposit rates if the economy takes longer to recover and they have to write off more bad loans as a result. The other option is to borrow again from TARP which is a lot less appealing than raising CD rates.

Banks that have won approval from the Treasury Department to pay back TARP funds include, JP Morgan Chase, Goldman Sachs which became a bank holding company last fall to survive during the credit crises, Bank of New York Mellon, State Street, Capital One, BB&T, U.S. Bancorp, Northern Trust and Morgan Stanley.

CD Rates

The average rate for a three month certificate of deposit rates decreased to 0.765 per this week, down from the previous week’s average rate of 0.774 percent. Ally Bank is offering one of the best CD rates on a 3 month CD, their rate is currently 1.24 percent with an annual percentage yield of 1.25 percent.

Six month certificate of deposit rates are averging 1.068 percent this week, down from the prior week’s average CD rate of 1.076 percent. Aurora Bank is currently offering one of the highest CD rates for a 6 month CD, their rate is at 1.75 percent with an annual percentage yield of 1.7654 percent.

The average CD rate for a 12 month CD declined to 1.348 percent this week, down from last week’s average CD rate of 1.358 percent. First Fed Direct is offering a 12 month bank CD yield of 2.30 pecent.

18 month certificate of deposit rates were down this week to 1.491 percent, down from the prior week’s average CD rate of 1.503 percent. OneWest Bank is offering a promotional CD rate of 2.37 percent with an APY of 2.40 percent for an 18 month CD.

The average rate for a two year CD was up this past week to 1.751 percent, up from last week’s average CD rate of 1.749 percent. Tennesse Commerce Bank is offering one of the best CD rates for a two year CD, their rate is currently at 2.62 percent with an APY of 2.65 percent.

Three year CD rates at banks increased to 2.016 percent, up from the prior week’s average rate of 2.005 percent. Melrose Credit Union is offering one of the top CD rates for a three year CD, the CD rate is currently 3.00 percent with an APY of 3.03 percent.

The average rate for four year CD is up to 2.231 percent, up from the previous week’s average rate of 2.221 percent. Intervest National Bank is currently offering a rate of 3.49 percent with an annual percentage yield of 3.55 percent for a four year CD.

Five year CD rates averaged 2.469 percent this week, up from last week’s average rate of 2.467 percent. Pentagon Federal Credit Union if offering an annual percentage yield of 4.00 percent for a five year CD, you will have to join the credit union to recieve the rate.

Mortgage rates declined again last week, the second week in a row of declines. Mortgage interest rates were down a lot more this week than last week. Brought on by the decline in U.S. Treasury prices. 10 year Treasury notes are at 3.50 percent, down from the recent highs of around 4.00 percent.

The Fed meet this past week to decide monetary policy going forward. The Fed is more optimistic about the economy and make it clear that a tightening (raising interest rates) wasn’t happening anytime soon. Mortgage loan rates are at historically low levels, partly because of the economy but the Fed has also been driving mortgage rates down with their programs.

Find current mortgage rates in your area: Mortgage Rates

Current Mortgage Rates

Current mortgage rates were down across the board this week over last week’s average rates. The average rate on a fixed rate conforming 30 year mortgage is back under 5.50 percent at 5.47 percent, down from the prior week’s average rate of 5.65 percent. Jumbo mortgages were also down this past week, the average rate on a fixed jumbo 30 year mortgage was 6.50 percent, down from the prior week’s average rate of 6.58 percent.

The average rate on a fixed rate conforming 15 year mortgage is under 5.00 percent at 4.92 percent this week, down from the prior week’s average rate of 5.14 percent. Jumbo 15 year fixed mortgage rates were down a lot this week. Current rates are at 6.05 percent, down from the prior week’s average rate of 6.39 percent. These rates are for a new home purchase or for a mortgage refinance.

Adjustable mortgage rates (ARMs) were down this past week over the prior week’s average rates. One year fixed rate conforming mortgages were down to 4.61 percent, down from the prior week’s average rate of 4.84 percent. One year jumbo fixed rate mortgages were down to 5.70 percent, down from last week’s average rate of 5.88 percent.

Today’s mortgage rate on a 3 year conforming ARM is currently at 4.92 percent, down from the prior week’s average rate of 5.10 percent. The average rate on a jumbo 3 year ARM is 5.65 percent, down from the previous week’s average rate of 5.75 percent.

Current mortgage interest rates on a 5 year conforming ARM is at 4.86 percent, down sharply from the prior week’s average rate of 5.21 percent. Home mortgage rates on jumbo 5 year ARMs are running at 5.67 percent, down from the prior week’s average rate of 5.80 percent.

Mortgage loan rates on 7 year ARMs are down this week. Conforming mortgage rates on a 7 year fixed mortgage is at 5.52 percent, down from the previous week’s average rate of 5.76 percent. The average home mortgage rate on a 7 year jumbo ARM is at 6.30 percent this week, down from last week’s average rate of 6.37 percent.

Todays mortgage rates on 10 year ARMs are also down this week, 10 year conforming ARMs are at 5.78 percent, down from the previous week’s average rate of 5.99 percent. Jumbo 10 year ARMs are at 6.73 percent, down from last week’s average rate of 6.86 percent.

Current mortgage rates on a 3 year interest only mortgage (conforming) is down to 4.99 percent, down from the average rate of 5.20 percent the prior week. Jumbo 3 year interest only ARM averaged 5.70 percent this week, down from 5.84 percent.

Rates on a 5 year conforming interest only mortgage is at 4.92 percent, down from the prior week’s average mortgage rate of 5.39 percent. Jumbo 5 year interest only mortgages averaged 5.96 percent, down from last week’s average rate of 6.04 percent.

7 year conforming interest only ARMs are currently at 5.73 percent, down from last week’s average rate of 6.05 percent. Jumbo interest only ARMs are currently averaging 6.44 percent, down from the prior week’s average rate of 6.55 percent.

Home equity line of credit (HELOC) rates were up slightly this week - current rates are at 4.79 percent, up from last week’s average rate of 4.77 percent. Home equity loan rates were almost unchanged this week, current average home equity loan rates on a 10 year home equity loan is 7.656 percent, down from the prior week’s average rate of 7.657 percent. The average rate on a 15 year home equity loan is at 7.789 percent, down from the prior week’s average rate of 7.790 percent.

Currently shopping for a mortgage for a home purchase or are you currently looking into refinancing a mortgage? MonitorBankRates.com has a mortgage search engine you can use to find current mortgage rates in your zip code.

Mortgage Interest Rates Search Engine

A dependent care flexible spending Account (FSA) allows you to save money pretax to pay for dependent care in the process also lowering your taxable income.

You direct part of your before-tax pay into a dependent care spending account to help pay work-related dependent care costs throughout the year. Eligible dependent care expenses are expenses that allow and your spouse, if married, to be employed.

Dependents can include someone under the age of 13 who is a dependent of yours, an elderly parent who is incapable of self care physically or mentally who lives with you or a spouse who is incapable of self care for the same reasons and lives with you.

The amount of money you can put into a dependent care account is limited by the IRS . If you are married and are filing a joint return the limit is $5,000 per year. If you are a single parent the maximum amount you can put into an FSA is also $5,000 per year. If you are married and filing separately the annual maximum amount is $2,500.

Be sure to estimate the amount of dependent FSA dollars you plan you spend. If you don’t use the money you will lose it, the money in the account cannot be carried over to the following year.

Health care costs are still going up considerably even though the inflation rate is low these days. The cost of  health care insurance is also rising for both employees and employers.

Finding ways to save money on health care costs and insurance is possible with better health care management. The Obama administrator is trying to tackle health care cost nationally but you too can do things to lower the cost of your health care.

One way of saving money on your family’s medical health care is by opening a Flexible Spending Account (FSA). A FSA allows you to save pre-tax money to pay for health care costs. The amount you can set aside for health care spending is usually between $2,000 to $5,000 depending on your employer. If you’re in the 25% tax bracket and your employer allows you to set aside $5,000 for health care you can save $1,250 in taxes.

The money you set aside in a FSA can be used for several different health care costs including health care deductibles, prescription medication, doctor office co-pays and over the counter drugs.

Since you can use pre-tax money to pay for health care deductibles you can get a higher deductible health care plan which will lower your annual health care insurance premiums, saving you money in the process.

The one draw back to a FSA is you have to use all the money you set aside in a given year or you will lose it. Looking at the previous year’s out of pocket medical expenses can help you decide how much to put into a FSA.

If you are looking for health insurance you can use MonitorBankRates.com to find health insurance providers in your zip code. 

Search for Health Insurance Companies 

Mutual Bank of Harvey, Illinois is offering two promotional CD rates. The first promo CD rate is for a 16 month CD, the current annual percentage yield is 2.46 percent. The second promo CD rate is for a 36 month CD, with a current annual percentage yield of 2.63 percent.

These rates are for a regular certificate of deposit or an individual retirement account (IRA) certificate of deposit. The minimum opening deposit for both types of certificate of deposit accounts is $2,500.

To open an account with Mutual Bank you will have to print the application and mail it to them. You can also open a CD account at one of their branch locations in New York, New Jersey, Texas and Illinois. Mutual Bank has been around since the early 1960’s. Their Federal Deposit Insurance Corporation (FDIC) CERT is 18659.

Sovereign Bank is offering a cash rewards checking account where you can earn up to 20% in cash rewards by shopping at participating retailers.

Sovereign Check-Card holders are automatically enrolled in the program and there isn’t a fee for using the cash rewards program. Sovereign Check-Card holders are rewarded when using their Check-Card for making purchases at participating online and in-store retailers.

To earn rewards online you have to shop online by clicking the link provided on the Sovereign Cash Rewards Website. This rewards program reminds me of Upromise where you can also earn rewards money for college or paying down current student loans by shopping.

The cash rewards you earn are credited to your checking account. The rewards can take up to 60 days to be credited to your Sovereign checking account after the date of purchase. In certain circumstances, it might take 90 days or more.

Home mortgage rates were mixed in the latest survey compared to the prior week’s mortgage interest rates. A fixed 30 year mortgage rate averaged 5.42 percent, with an average point of 0.7 this week, up from the prior week’s average rate of 5.38 percent.

While 30 year mortgage rates increased, the average rate on a 15 year mortgage decreased this week to 4.87 percent, down from the prior week’s average rate of 4.89 percent with 0.7 point. Today’s mortgage rates have stabilized after a recent three week increase. Mortgage refinancing rates have also increased during that time which slowed down mortgage refinancing applications.

You can still find a low mortgage rate compared to historical levels. Home mortgage rates will continue to stay low for the remainder of the year. The Federal Open Market Committee will not raise interest rates anytime soon because the committee believes inflation isn’t a threat.

If you’re looking to refinance or obtain a new mortgage you can compare mortgage rates in your zip code using our Mortgage Rate Tables. You can find today’s mortgage rates on 30 year mortgage, 15 year mortgages, adjustable rate mortgage, jumbo mortgages and more.

Adjustable mortgage rates were mixed last week the average mortgage interest rate on a five year ARM was 4.99 percent, up from the previous week’s average mortgage rate of 4.97 percent. One year adjustable mortgage rates were down to 4.93 percent, down from the prior week’s average mortgage rate of 4.95 percent with an average point of 0.7 on a home loan.

Freddie Mac’s weekly survey doesn’t include jumbo mortgage rates since Freddie only reports on first-lien prime conventional conforming mortgages with a loan-to-value of 80 percent.

Freddie Mac’s vice president and chief economist Frank Nothaft made the following comments about current mortgage rates and the housing market.

“Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week. Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008.”

“On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent. In addition, distressed properties accounted for only about one-third of existing home sales in May, down from over a half in March, according to the NAR.”

The main categories of annuities are a fixed annuity and a variable annuity. Annuity contracts may be issued only by life insurance companies and are regulated by individual States. Deciding on which type of annuity is best suited for you will require some research and maybe even a financial consultant’s help.

Fixed Annuities

The fixed annuity interest rate you receive is set by the insurance company. If the insurance company is sound, financially that is, the money you have will grow and will not drop in value. Fixed annuities promise a lifetime of income as long as you live. The amount of money you receive in payments is decided by the amount deposited into the annuity and what kind of payout option is selected.

Fixed annuities offer a higher rate of return than certificate of deposits, especially with how low CD rates are these days. The advantage of this type of annuity is the relative safety, but it depends on the claims paying ability of the insurance company you buy the annuity from.Your principal will not diminish over time, unless you withdraw it.

Variable Annuities

The money you put into a variable annuity is money that is invested in a fund, just like a mutual fund but the fund is only open to people who invest in the insurance company’s variable life insurance annuities and variable annuities.

The performance of a variable annuity is determined by the funds investment performance of the fund. Variable annuities have a little more risk associated with them.

Mortgage loan applications increased this past week as mortgage rates stabilized. The rapid increase in mortgage rates the past month put a damper on mortgage applications and mortgage refinance activity. Mortgage rates have stabilized since U.S. Treasury prices leveled off from their recent highs.

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey. Their survey showed an increase of 6.6 percent on a seasonally adjusted basis from 514.4 the prior. The MBA’s Refinance index also showed an increase this week, the index was up 5.9 percent over the prior week.

The Federal Open Market Committie released their statement on economic activity today. In their Fed speak, they basically said the economy isn’t tanking as fast, the credit markets have improved, spending by consumers is stabilizing, businesses are still cutting back on buying and employing people but inventories are down which is a good sign, the economy isn’t going to recover that quickly but the government programs that have been put into place are having an impact and the economy should grow again.

Here is the FMOC statement:

“Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit.

 Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn.

The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted”

Mortgage loans were easy to come by over the past several years when credit was flowing, anyone with a pulse was able to get a mortgage loan. Many people were able to get a home loan without providing proof of their income.   

The pendulum has now swung in the opposite direction, getting a mortgage home loan is a lot harder these days. Providing proof if income is a must to obtain a mortgage or home equity loan. Banks have tightened mortgage loan standards often requiring a 20% down payment for buying a home or a maximum loan-to-value ratio of 80% for a mortgage refinancing.

Mortgage Loan

Getting a home loan these days is harder but finding the best mortgage loan rate is a lot easier than it used to be. In the past, the options were to either go through a mortgage broker or go directly to a bank.  Shopping for a mortgage online is now possible, making your search for the best mortgage loan and mortgage rate a lot easier.

The first step in getting the best mortgage loan and mortgage rate online is to figure out which type of loan is best suited for you. We recently published an article on how to choose a home mortgage , this article will help you with this decision. Choosing a Home Mortgage

Deciding how much you can afford for a down payment is another factor to consider when qualifying for a home loan. Most banks are once again requiring a 20 percent down payment. Figuring how much you can afford to pay each month on a loan is another factor.

Current Mortgage Rates

Now that you have decided on a home mortgage that best fits your needs, you can start your search for current mortgage rates available. Monitorbankrates.com has rate tables for today’s mortgage rates in your area, just type in your zip code, loan amount and mortgage type and you will see a list of banks and mortgage rates in your area.

Mortgage Rates

Are you one of the many people who have run up a good amount of credit card debt during the past several years? The credit card offers just kept coming in the mail - American Express, Visa and MasterCard all from several different banks every day with those zero percent balance transfer offers. You may have also been surprised  by a letter informing you that your retail card has been “upgraded” to a national bank credit card.

Are you in over your head because of having too much credit card debt? Now that the party is over and the credit punch bowl has been taken away, how do you pay down or pay off the credit card balances? By coming up with a plan!

The task of paying off credit card debt is possible but it won’t be easy. You have to change your spending habits and become a saver. A lot of people are being forced into the saver category because credit card issuers are cutting back on credit by lowering credit lines. Several months ago, American Express offered cash to some of their credit card holders if they paid off their credit card debt and closed their credit card account.

Paying off Your Credit Cards

Start out by coming up with a realistic budget of all your current expenses. Account for all purchases - however small they are. You would be surprised at how much the little purchases add up. After you have a good idea of how much you are actually spending right now, start cutting the fat and add up the total potential savings. You will probably be pleasantly surprised how much money you can save to pay off your bank credit cards.

Involve your entire family in this decision. If you have children old enough to understand the goal your family is trying to achieve, involve them in the process of eliminating debt. Making these decisions can be stressful but involving kids gives them the feeling of making contributions and sacrifices as well. This will also help them understand any cuts that are made to their allowance or spending.  It always helps to show your children the benefits of saving and self-discipline - the sooner the better.

Now that the entire family has come up with ways to reduce credit card debt, you must keep track of all your family’s spending going forward. You can either create a list like a checkbook register or a simple spreadsheet that tracks each day’s purchases. There are also several personal finance software packages such as Quicken or Microsoft Money. Most offer a 30 day trial period for you to find the best fit for your family and have the added benefit of being able to download information directly from most accounts including checking, credit cards and some investment accounts.

When making purchases, use a debit card or cash if you can. If you do use a credit card, try to use a rewards credit card for everyday purchases since you can get up to five percent cash back on groceries on a cash back credit card. Have the entire family only use one debit card account or credit card account, this will make tracking purchases easier.

When making a credit card payment, be sure to pay off the highest interest rate credit card first. Keep in mind that many enticing offers of low interest rates come with a limited time and the interest rate may increase dramatically when the introductory period is over. Attack that credit card balance first by paying as much as you can while making at least the minimum payment on other credit cards.

When you have made good progress on paying down credit card debt, reward your family with a dinner out or some other pleasurable thing your family likes to do. Be sure it’s done as a family so the entire family can acknowledge the progress that’s been made.

Mortgage refinancing with up to an 125 percent loan-to-value ratio? Is it even worth it with today’s mortgage rates rising quickly? Fixed mortgage rates have increased almost one percent since last month alone.

The Making Homes Affordable program might be expanded to include mortgage refinancing for mortgage loans that are higher than 105 percent of a home’s value, according to a Bloomberg report this week.  The idea is to expand the program because only 80,000 mortgages have been refinanced since the program started. 

Current Mortgage Rates

Current mortgage rates have been increasing lately making refinancing not  feasible for many homeowners, including homeowners eligible under the Making Homes Affordable Program. The average 30-year mortgage interest rate is at 5.65 percent this week, a sharp increase since mid May, 2009 when the average rate was at 4.84 percent.

“We’re actively considering how to structure a program that makes sense over 105 percent,” Federal Housing Finance Agency Director James Lockhart said, according to Bloomberg. The story quoted him saying a limit of 125 percent was under consideration, but “not necessarily the number we’re going to end up with.”

Act quickly because the window will shut for more and more people if mortgage interest rates continue to rise this year which many people believe will happen when the ecomonic recovery takes hold and drives interest rates higher.

Jumbo Mortgage Rates

Even with an increase in loan-to-value ratios if you have a jumbo mortgage you still won’t be eligible to refinance since the program is designed for conforming mortgages.  Mortgages that are currently held by a government sponsored entities like Freddie Mac and Fannie Mae.

Best Auto Insurance Rates: Getting an auto insurance discount is possible in a number of ways. The biggest way of saving money on auto insurance is to shop around for the best auto insurance rate. The auto insurance business is a very competitive business and there are tons of auto insurance companies competing for your business.

You would be surprised how much difference there is in auto insurance rates between different auto insurance companies if you comparison shop for rates. You can get an online auto insurance quotes right here by using our auto insurance serach engine: Auto Insurance Rates

Combining insurance policies is another good way to lower your automobile insurance. Many insurance companies give you a discount if you buy two or more types of insurance from them. You can also get a lower auto insurance rate by having more than one auto insured with the same insurance company. Auto insurance rates are also lowered by some insurance companies if you have been with them a long time.

There are also discounts on auto insurance for drivers who don’t drive that much during the year. These discounts are referred to as low mileage discounts. If you take mass transit or walk to work every day make sure you let your car insurance provider know and ask for a low mileage auto insurance discount.

Having a higher deductible can make auto insurance more afforable. An auto insurance deductible is the amount of money you pay before your auto insurance policy starts to pay for a claim. By requesting higher deductibles, you can lower your costs substantially. Most car insurance policies have a $250 deductible but if you raise your deductible to $500 or $1,000 you can save a good amount of money on auto insurance.

Taking a defensive driving course can lower your auto car insurance rates by 5 to 10 percent. You can inquire with your current auto insurance provider about a defensive driver course discount.

Maintaining a good credit score and rating can also keep your insurance costs down. Insurance companies have been using credit histories and scores to help them asset risk when providing auto insurance quotes.

Start your search for the best auto insurance rates right here. You can search for auto insurance companies in your zip code

Find the Best Auto Insurance Rates Here

Money market account and savings account rates decreased fractionally this past week. The average savings account rate hasn’t changed much this year, after the dramatic decline from the higher savings account rates we had last year when one could find a savings rate between three percent and four percent.

The decline in rates for both savings accounts and money market account rates increased after the Troubled Asset Relief Program (TARP) gave banks another way to fund their reserves instead of using deposit accounts. Banks dramatically lowered their rates because it was cheaper for them to borrow money from the government then it was to pay depositors. Cheaper but at a price, many banks are now regretting borrowing funds from TARP because of the government oversight and scrutiny on their spending and executive compensation.

Savings Account and Money Market Account Rates

The average money market account and savings account rate for account balances of $2,500 decreased to 0.429 percent this week, down from last week’s average rate of 0.432 percent. AIG Bank is currently offering a savings interest rate of 1.76 percent on an account balance of $2,500.

Average savings account and money market account rates on account balances of $10,000 is at 0.527 percent this week, down from last week’s average rate of 0.532 percent. HSBC Direct is currently offering a high savings rate on all account balances, their rate is currently at 1.55 percent.

The average rate for money market account and savings account rates for account balances of $25,000 is at 0.609 percent this week, down from last week’s average savings rate of 0.615 percent.

The average money market account rate and savings account rate for account balances of $50,000 is 0.678 percent this week, down from last week’s average savings account rate of 0.684 percent. AIG Bank is offering a high interest savings account rate of 1.96 percent for account balances of $50,000 this week.

CD rates continued to fluctuate fractionally this past week. Bank CD rates were down for all certificate of deposit terms. Surprisingly the average certificate of deposit rate hasn’t changed much this year, fluctuating in a narrow range.

CD rates at banks will stay at this low narrow range until the Fed starts increasing the Fed Funds rate when the fear of inflation comes back.

Just the opposite has happened, inflation fears have subsided this past week, the consumer price index (CPI) on a seasonally adjusted basis, rose 0.1 percent in May after being unchanged in April. The index for all items less food and energy increased 0.1 percent in May after increasing 0.3 percent in April. We don’t anticipate bank CD rates to increase until the end of this year or early in 2010 when the economy recovers.

Shorter term CD rates fell this past week. The average rate on a 3 month certificate of deposit was down to 0.774 percent, down from last week’s average rate of 0.787 percent. UFB direct is offering one of the highest CD rates around for a 3 month certificate, their rate is currently at 1.65 percent.

Six month certificate of deposit rates were down this week, the average rate on a six month CD is currently 1.076 percent, down from last weeks average rate of 1.091 percent. AIG Bank is offering one of the best CD rates for a six month CD, their promotion rate is currently at 1.86 percent.

The average rate on a one year certificate of deposit is at 1.358 percent this week, down from last week’s average rate of 1.372 percent. You can find rates a lot higher than the average CD rate on a one year CD. Discover Bank is offering one of the top CD rates on a one year CD, the CD rate is currently at 2.30 percent.

Average rates on 18 month certificate of deposits are at 1.503 percent this week, down from the prior week’s average CD rate of 1.513 percent. Tennessee Commerce Bank is currently offering a rate of 2.45 percent for a 18 month certificate.

Two year certificate of deposit rates averaged 1.749 percent this week, up from last week’s average CD rate of 1.748 percent. Discover Bank is offering a competitive CD rate on a two year CD, the average rate is currently at 2.65 percent.

Longer term certificate of deposit rates aren’t that much higher than shorter term CD rates. We recommend sticking to shorter term CD rates this year because rates will increase by the end of the year. If you’re still interested in longer term CDs the average rate on a three year certificate of deposit is currently at 2.005 percent, down from last week’s average rate of 2.008 percent.

The average rate on a four year certificate of deposit is at 2.221 percent this week, a decreased from last week’s average CD rate of 2.224 percent. PenFed is currently offering a rate of 3.75 percent on a four year certificate of deposit.

Average certificate of deposit rates on five year CDs is at 2.467 percent this week, down from last week’s average rate of 2.468 percent. PenFed is also offering one of the highest CD rates on five year CD, their CD rate is currently at 4.00 percent.

Mortgage rates retreated from their recent highs this week, brought on by lower inflation data and lower U.S. Treasury prices.

Current mortgage rates were down almost across the board on all mortgage products compared to the prior week.

Shorter term mortgage rates were down more than longer term rates.  Shorter term jumbo adjustable rate mortgages were down the most, probably because of an easing of the credit crises that started last fall. Banks are getting more comfortable lending funds to each other, London Interbank Offered Rates are down on all maturities. The spread between the three month LIBOR and the Fed’s overnight rate, a gauge of how banks assess risk lending to each other is down to a level seen before the crises.

Find Current Mortgage Rates in your area by using our Mortgage Rate Search Engine: Mortgage Rate Seach Engine

The rate difference between Jumbo mortgage rates and conforming mortgage rates has been a lot higher than the historical average recently because of the credit crises. Since the crises is easing, jumbo rates are shifting back to a historical norm over conforming rates. Getting a better rate on a jumbo mortgage loan is easier than it has been recently.

Current Mortgage Rates:

30 year conforming mortgage rates were down this week, the current mortgage rate on a 30 year mortgage is 5.65 percent, down from last week’s average mortgage rate of 5.70 percent. Jumbo 30-year mortgage rates at 6.58 percent, down from last week’s average of 6.64 percent.

The average rate on a 15 year mortgage (conforming) is at 5.14 percent, down from last week when the average rate was 5.20 percent. Average rates on a 15 year jumbo mortgage is at 6.39 percent, down from last week’s average rate of 6.44 percent.

The average adjustable rate mortgage was mixed this week. One year conforming mortgage rate decreased from 4.92 percent to 4.84 percent this week. The average one year jumbo mortgage rate also decreased to 5.87 percent, down from last week’s average jumbo mortgage rate of 6.07 percent.

The average rate on a conforming 3/1 adjustable mortgage was down this week to 5.09 percent, down from last week’s average rate of 5.11 percent. The average Jumbo 3/1 adjustable mortgage rate decreased to 5.75 percent, down from last week’s average rate of 5.88 percent. A 3/1 conforming interest only mortgage is now at 5.19 percent, down from last week’s average rate of 5.20 percent. A Jumbo 3/1 interest only loan is now at 5.84 percent, down from 5.97 percent.

Average rates on conforming 5/1 adjustable rate mortgages increased to 5.20 percent from the prior week’s average rate of 5.16 percent. 5/1 jumbo mortgage rates decreased to 5.79 percent, down from the prior week’s average rate of 5.93 percent. 5/1 conforming interest only mortgage loan is now at 5.39 percent, up from last week’s average rate of 5.34 percent. A Jumbo 5/1 interest only is now at 6.03 percent, down from 6.24 percent.

Conforming 7/1 adjustable rate mortgages also increased this week, the average rate is now 5.75 percent, up from last week’s average rate of 5.70 percent. While jumbo 7/1 adjustable rate mortgages had a dramatic decrease to 6.37 percent, down from the prior week’s average rate of 6.67 percent. A conforming interest only 7/1 ARM is now at 6.04 percent, up from the prior week’s average rate of 5.95 percent. Jumbo 7/1 interest only ARM is now at 6.55 percent, down from last week’s average rate of 6.90 percent.

10/1 conforming mortgage rates were down this week to 5.99 percent, down from last week’s average rate of 6.05 percent. 10/1 jumbo rates decreased to 6.86 percent, down from last week’s average rate of 6.96 percent.

Home equity line of credit rates (HELOC) were up fractionally this week, the average rate is at 4.779 percent, up from last week’s average rate of 4.775 percent. Average rates on home equity loans was unchanged this week, the average rate on a 10 year home equity loan is at 7.657 percent, unchanged from the prior week. 15 year home equity loan rates averaged 7.79 percent, unchanged from the prior week’s average rate.

Find mortgage rates in your area by using our mortgage rate search engine.

Mortgage Rate Search Engine

Do I need title insurance? That question might have occured to you obtained financing to buy a home or refinance a home. Title insurance cost can run over $1,000 when closing on a mortgage so it’s a good idea to understand why you’re paying this fee.

Title insurance companies usually work clostly with the bank you are obtaining a new home mortgage or refinancing a mortgage with. Title insurance rates can vary depending on the state you live in and the value of your home. Obtaining mortgage title insurance is a must, banks will not proceed with financing without it.

Home title insurance will cover agaisnt defective deeds in the chain of title, defective foreclosures or defective records. Insuring the mortgage holder against a claim. There are a number of title insurance policies offerd, the two most prevalent ones are mortgage policy title insurance and owner’s policy title insurance.

With a mortgage policy the insured is the bank or lending institution. A mortgage policy protects the banks interests, the mortgage loan, in your property.

Owner’s title insurance insures the home is legally vested in the name of the owner, in simpler terms it means they legally own the home. An owner’s policy also insures against any of the defective chain of title we mentioned above.

Father’s Day is upon us again so we wanted to wish all the dads out their a Happy Father’s Day. We realize this post doesn’t have to do anything personal finance or bank rates but we just wanted to acknowledge dads on this day and the things dads do, which in many households include managing the family finances (Yes, we also acknowledge moms also manage the family finances).

The first Father’s Day is believed to be held on July 5, 1908 in a church in Fairmont West Virginia according to firstfathersday.us.

Here is a little history about Father’s Day from firstfathersday.us:

“And so, the day was observed on July 5, 1908.

Ward Downs, a prominent member of the church, wrote this letter to then State Congressman Arch Moore on August 10, 1972 when Congress was deciding on a date to nationalize Father’s Day. Congressman Moore never responded.

“It has recently come to my attention of a movement establishing a Father’s Day by an act of Congress to be observed the same as Mother’s Day. It was my privilege to have attended the first Father’s Day Service July 5, 1908, at the Williams Memorial M. E. Church, South, now the Central United Methodist Church, Fairmont, WV. The sermon was preached by Dr. R. T. Webb at the request of Mrs. Charles Clayton, a member of that congregation, and daughter of a Methodist minister. I recall the occasion very distinctly as the pulpit was decorated by having ripened sheaves of wheat placed about it. Many favorable comments by the individuals and the press were made concerning the service at that time. Any assistance you can give this movement will be very much appreciated by me and all the Methodists in this part of the country.”

Happy Father’s Day!

Looking to do a Refi? Mortgage rates are down this past week, after a sharp rise in rates the past couple of weeks, opening a window for many that thought the opportunity to do a mortgage refinance was over.

Rates have come down somewhat from their recent high and are still low compared to historical mortgage rates so doing a home mortgage refinance is still possible for many.

The week of May 18, 2009 one could have locked in a mortgage refinance rate at 4.84 percent for a fixed rate conforming 30 year mortgage. Today’s mortgage rates are higher, a conforming 30 year fixed mortgage is now at 5.65%. If you’re looking to refi a jumbo mortgage, rates are higher than conforming refi loan rates, today’s jumbo refinance rate is at 6.39 percent, up from the May 18 low of 6.12 percent but down from last week’s rate of 6.45 percent.

If you refinanced a mortgage in the past several years and think refinancing again doesn’t make financial sense you should use a mortgage refinance calculator and crunch the numbers. One usually refinances a mortgage when the interest rate you are paying now is at least one percent higher than the current mortgage rate you are paying.

The cost of doing a refi you also have to consider the closing costs on the refi. Mortgage closing costs will be just as expensive as when you buy a home. Costs can include, a title search, attorney fees, an appraisal fee and many other fees that overall can add up to several thousands of dollars.

Many people who try to refinance are finding out they can’t because the house has decreased in value. Banks will not allow you to refinance if you owe more than 80% of the value of your home. This is called the loan to value ratio.

Example: You currently owe $300,000 on your home loan. You purchased your home at the height of the housing bubble at $400,000. You decide the current rate you are paying on your mortgage is 1.5 percent higher than the refinance rate you can get today. You start the refi process, a home appraisal is done and find out the value of your home has decreased 20 percent to $320,000. Although the value of your home is more than you owe, the loan-to-value ratio is 93.75 percent. Making you uneligible for a home refinance.

You won’t find a bank to refinance your home loan in this example but if your current mortgage is held by one of the government sponsored entities like Freddie Mac or Fannie Mae you might be eligible to refi under a special program that was created by the Obama administration. Go to makinghomeaffordable.gov to see if you’re eligible for mortgage refinancing with up to a 105% loan-to-value ratio.

If your mortgage isn’t held by one of the government sponsored entities, you believe your loan-to-value ratio is under 80 percent and you want to looking into refinancing, check our mortgage rate tables for current refinance rates in your zip code.

Mortgage Rate Tables

Related: Mortgage Refinance Rates Informer

Consolidating credit card debt or eliminating credit card debt isn’t an easy thing to do, especially these days when money is tight for everyone.

Combined household wealth has gone down by trillions of dollars, the value of your investments have gone down, the value of your home as gone down and the unemployment rate is nearing 10 percent.

Trying to eliminate credit card debt with all these financial pressures on you is almost impossible but doable. Credit card debt elimination is possible but you first need to start with a budget that takes into account all your spending. You will be surprised to see how much the little incidentals add up to a big chunk of change.

In the past several years, when one ran up a ton of credit card debt one refinanced their home and payed off their debt. Unfortunately a lot of people repeated the cycle of spending, piling up much debt and using their home to payoff the debt again. Then came the housing bubble bust, making it impossible for many to refinance again.

If you are one of these folks, the best way for you to consolidate credit card debt may be to take out a consolidation loan with a bank or lending institution. If you are behind on your credit card debt, some banks will allow you to pay less to eliminate the entire debt, sometime as low as 50 percent of the total debt.

A consolidation loan can be secured or unsecured, depending on how much you owe and the bank that is giving you the loan. If you decide to go down the path of a debt consolidation loan, the bank or financial institution that is giving you the loan will require you to close the credit card accounts you are using the loan to payoff.

A loan will carry a lower interested rate than your credit cards have, a lot lower if you are in default on your cards. With the lower interest rate, your consolidated payments might be lower than the monthly minimums you were paying on your cards. This might be the best way to consolidate credit card debt or have total debt elimination.

Consolidation loans are a good way of turning around your financial situation and can also improve your credit score. Make the sacrifices now and consolidate your debt, it will be hard but once you have gotten through the ruff period you will feel financially more secure and actually feel like you have control of your financial future. That is as long as you don’t repeat the cycle and pile on more credit card debt.

Going forwarded don’t open more credit card accounts, a prepaid credit card or a debit card is a good way to control your spending. We have a prepaid credit card and debit card search engine you can use to help you with your search.

Prepaid Credit Card and Debit Card Search Engine

So if you think you are in need of a consolidation loan because of credit card debt do some more research on the subject and be sure to only use reputable companies, there are many companies out there that will take your money and not actually help you at all, putting you further in debt.

Choosing a home mortgage is probably the biggest financial decision most people make in their lifetime. When choosing a mortgage loan it is important to learn about the different mortgage types available so you are equipped to make the right choice.

Making the wrong choice can cost you tens of thousands of dollars more in mortgage interest payments or the possibility of losing your home as a lot of home buyers found out recently during the boom years.

There are several mortgage loans available these days, some are very risky when used improperly. Some home mortgages are just darn right risky and should never have been offered for home purchases or for mortgage refinancing.

Most people will need to finance a home purchase with a bank or mortgage company. There are several ways to go about finging home mortgage loans. One can go to a mortgage company or mortgage broker, shop for mortgage rates at banks or even comparision shop for mortgage types and rates online. We offer a mortgage search engine that allows you to search for mortgage rates in your zip code.

Search Here for Mortgage Rates

When you start your search for mortgages be sure to figure out how much you can afford to pay each month. Another factor to consider when buying a home is the down payment. In the boom years anyone could get a loan with a small or no down payment. Those days are over, most banks will require you to have a minimum of a 20 percent down payment, though some banks and mortgage companies require less.

When refinancing a mortgage the loan-to-value ratio cannot exceed 80 percent, meaning your existing mortgage cannot exceed 80 percent of the value to the home. Example: If you home is worth $500,000 the existing mortgage loan cannot exceed $400,000.

With today’s mortgage rates so low lots of folks tried to refinance a mortgage but couldn’t since the value of their home dropped and the loan to value exceeded 80 percent. The government has recently offered a program for home owners who exceed the loan-to-value ratio but your mortgage must be held by one of the government sponsored entities like Freddie Mac to qualify for refinancing.

Choosing a home mortgage loan can be a complicated task. A good option is to become knowledgeable with the different types of mortgages available. Now is a good time to purchase a home refinancing a mortgage because current mortgage rates are at historic lows.

The most common mortgage product is a 30-year mortgage. There are conforming 30 year fixed rate mortgages and jumbo fixed rate mortgages. Jumbo mortgage rates are higher because banks are unable to sell those loans to Freddie Mac and Fannie Mae due to the mortgage loan limits that prevent them from purchasing loans over a certain dollar amount. The mortgage amount is set by the county you live in. You can search for conforming loan limits by county here. Conforming loan limits.

15-year mortgages are another common mortgage product. Your monthly payments will be highest than a 30-year mortgage because you are paying off the mortgage loan in 15 years. The interest rate savings over the life of the loan can be substantial. 40-year mortgages are also available but we don’t recommend this mortgage product because the interest you will pay over the life of the loan is ridiculous.

Adjustable rate mortgages allow one to enjoy lower mortgage rates during an initial period of the mortgage loan. Then the interest rate resets annually after the initial period has ended. There are different fixed rates available, including one year adjustable rate mortgages, 5 year adjustable rate mortgages known as 5/1 ARMs, 7 year adjustable rate mortgages, known as 7/1 ARMs and 10 year adjustable rate mortgages, known as 10/a ARMs.

Interest only mortgages allow you to only pay interest charges on the loan, you don’t make principal payments at all. Initially the monthly mortgage payments are lower since you’re not paying down the principal balance. There is a set period of time you only pay interest, after that period your payments include principal payments so your monthly mortgage payment increases.

Now that you have some information on the different type of mortgages available you can start searching for the best mortgage rates available right here by using our free mortgage search engine. You can search for mortgage providers, mortgage types and mortgage rates in your zip code right here.

Mortgage Search Engine

Bank of America is offering a promotion savings account rate for small businesses that currently has a 2.00% annual percentage yield. The promotional account is their “Promotional Business Interest Maximizer”.

The 2.00% annual percentage yield is good on deposits until October 31, 2009. The savings account rate is one of the best business savings account rate available these days.

To qualify for this promo savings account offer a promotional business interest maximizer account must include at least $10,000 of new money, money not currently deposited with Bank of America. You also must have a Bank of America small business checking account to qualify for the 2.00% savings account rate.

The promotional savings account rate of 2.00% is as of June 8, 2009 and applies to balances between $10,000 and $499,999, one of the highest savings account rate available today. If the average daily balance falls below $10,000 on the savings account the annual percentage yield is only 0.10% as of June 8, 2009. The APY for balances between $500,000 and $2,499,999 is 1.55% as of June 8, 2009. For balances of $2,500,000 and greater the APY is 0.50% as of June 8, 2009.

Opt-Up certificate of deposit? Bank of America is offering a certificate of deposit they call “Opt-Up”. The Opt-Up certificate of deposit allows you to raise the interest rate you are receiving if interest rates go up. The term on this certificate of deposit is 18 months and the rate is one of the best CD rates around these days. 

In a rising interest rate environment this certificate of deposit would be good to have, especially if you feel a need to lock into a longer term CD. The Opt-Up certificate of deposit is a lot like the “Bump-It-Up” certificate offered by Professional Bank of Coral Gables Florida.

The minimum opening balance is $10,000. The annual percentage yield is currently 1.75%. If certificate of deposit rates rise you contact the bank and ask them to increase the interest rate. You can only contact them to request an increase in the CD rate after the certificate of deposit has been open for at least six months. There is a one-time limit increase. The new CD rate only applies to the remaining term on your certificate of deposit.

Bank of America offers the following example of how a Opt-Up certificate of deposit works. “If your opening interest rate was 3.00%, after six months, if a new Opt-Up CD is offered at 3.50%, your rate could increase to 3.50% for the remainder of the term. These rates are for illustrative purposes only and not indicative of actual rates. See our current rate table or contact us for the latest rates.”

Credit cards and charge cards are actually two different types of cards. Credit cards allow you to make purchases and carry a running balance on the account month to month.

You pay a steep prices for this privilege in the form of interest rates that are in the double digits for the most part.

Some credit card companies charge an interest rate of over 20 percent, these cards are usually called bad credit credit cards and are for people who have a bad credit history. 

There are low interest credit cards for people that have good credit or excellent credit. These credit cards usually come with 0% balance transfer offers and most cards carry interest rates in the low double digits or single digits.

There are many types of credit cards available today and all major credit card issuers have a variety of cards. There are rewards credit cards and cash back credit cards that allow you to earn points or cash back on each dollar amount you charge on the credit card. Some banks allow you to accumulate cash that they credit to your account either monthly or annually.

While other banks credit cards accumulate points you can use for making purchases. Banks usually have relationships with retail stores that allow you to purchase items for a certain amount of points.  Each credit card issuer and retailer have different conversion rates for points to dollars.

Other major credit cards include instant approval credit cards which allow you to sign up for a credit card online and find out immediately if you’re approved and how much your credit line will be. There are business credit cards that are issued to business of all sizes, small business credit cards are an especially popular category. Business credit cards are also available in the same credit card categories as personal credit cards are.

A charge card is a credit card but it is a specific type of credit card. The monthly balance on a charge card account is payable in full when the statement is received and cannot be rolled over from one billing to the next. the biggest benefit of charge cards is you don’t incur interest charges because you have to pay off your balance every month. Charge cards can also keep your spending habits in check.

In recent years debit cards and prepaid credit cards have become increasingly popular. A debit card is usually linked to a checking account and when a charge is made funds are withdrawn from your checking account. This form of payment also limits the possibility of getting in over your head since you can’t spend what you don’t have. 

Prepaid credit cards allow one to make a deposit before hand on an account and than use the card just as they would with a regular credit card. A prepaid credit card is usually used by one who has bad credit and wants to repair their credit. Although some people use prepaid credit cards to limit their spending.

You can start your search for credit cards, charge cards, debit cards and prepaid cards using our credit card search engine.

Credit Card Serach Engine

Mortgage rates fell back from the recent highs for the year.  The average rate for a 30-year fixed mortgage was 5.38 percent this week, down from 5.59 percent a week earlier.

The average rate for a 15 year fixed rate mortgage averaged 4.89 percent this week, down from last week when it averaged 5.06 percent Freddie Mac said. Points on both mortgage rates are an average of 0.7 percent.

Current mortgage rates have been following the trend of 10 year U.S. Treasury prices which almost hit a rate of 4.00 percent on June 10th. A sharp increase from the December 30, 2008 price of 2.08 percent for a 10 year Treasury Note. Today’s 10 year Tresaury Note is yielding 4.81 percent.

Even with the increase of home mortgage rates over the past few weeks, rates are still low if you compare mortgage rates with historical average rates. I remember when have a rate of over 10 percent was the norm. Today’s mortgage rates are still very low which is making a home mortgage refinance attractive to many people who have equity in their homes to refinance.

Adjustable rate mortgages have also come down this past week, averaged 4.97 percent this week, with an average 0.6 point, down from last week’s average rate of 5.17 percent. Average rates on one year adjustable rate mortgages have also come down to 4.95 percent this week , down from last week when it averaged 5.04 percent with an average 0.6 point.

Search for mortgage rates in your zip code

Credit to MyBankTracker.com for finding this deal.

FirstBank of Colorado is offering a $50 checking account promo. All you have to do to receive the $50 checking account bonus is to open a checking account with FirstBank. 

The checking deal is only valid for someone with an address in Colorado, Arizona, or Riverside County, CA. To receieve the deal you must open the account with a $50 minimum deposit. The $50 bonus is deposited into your account upon opening an account. There is a limit of one gift award per household, per 12-month period and limited to one gift per account.

The bank has four different checking account options you can choose from.

• Free Checking Account, which there are no minimum balance requirements and no monthly service charges, this account doesn’t earn an interest rate
• Money Market Check Account, this account has all the benefits of a Free checking account and earns an APY of .50 percent on balances up to $20,000 and .60 on balances over $20,000
• Premier Checking Account, this account has all the benefits of a Money Market Checking Account, there is a minimum daily balance requirement of $2,500 and the interest earn on the account is tiered, balances of $50,000 and higher have a 1.00 APY.
• 55-Plus Checking Account, A FREE interest-bearing checking with no minimum balance or monthly service charges. Available for people who are 55 years of age or over

Compare checking account rates in your zip code by using our checking account rate finder.

Checking Account Rates

Shopping for the Best Auto Insurance Rates: Liability auto insurance is the most important auto insurance coverage you will need when operating a vehicle.

Liability coverage is probably the only auto insurance coverage you are legally required to carry in most States, if not all States. In fact, you won’t be issued a vehicle registration until you can prove you have the minimum liability coverage your State requires.

Finding the best auto insurance rate for liability coverage is easy these days, all one has to do is search online for auto insurance quotes from several insurance companies by using comparison shopping tools. Once you have compared rates you can also buy auto insurance online.  We offer a tool that allows you to compare auto insurance rates in your zip code that allow you to find affordable auto insurance.

Compare Auto Insurance Rates 

Liability coverage will pay for expenses that you are legally responsible for if you caused an accident. Coverage pays for all medical and repair costs for everyone involved in an accident. Having coverage will protect you from these expenses which can bankrupt you and making a bad situation a lost worse. Having proper automobile insurance is a must for your financial well being.

Bodily injury (BI) liability covers your liability to others for injuries as a result of an accident caused by you. Property damage (PD) liability covers your liability for damage to someone else’s property due to an accident caused by you.

Determining how much liability coverage you need is something only you can decide. There are State minimums of liability coverage. You can have low auto insurance payments by keeping your coverage to a minimum, but if you are involved in an accident you caused you might regret not having more coverage.

In addition to having adequate liability coverage when shopping for auto insurance rates be sure to look for comprehensive and collision coverage as well.  Find the best auto insurance rates right here using our auto insurance rate serach tool.

Savings account rates were down fractionally this past week. Rates on savings accounts are so low right now they can’t decline much further. Unlike the recent rise in U.S. Treasury prices that drove mortgage rates higher the past several weeks.

I don’t anticipate savings account rates and money market account rates to increase until later this year or early next year when the economy recovers and the Feds raises rates to temper the threat of inflation.

Savings Account and money market rates for account balances of $50,000 averaged 0.684 percent this week, down from last weeks national average rate of 0.691 percent. AIG Bank is currently offering one of the best savings rates for a savings account of $50,000. The rate as of 6/17/09 is 2.01 percent. Rates change constantly so check our savings account rate tables for rates in your zip code.

Savings Account/Money Market Account Rate Tables

National average rates for money market and savings accounts for balances of $2,500 declined this week to 0.432 percent, down from last week’s national average of 0.436 percent. Bank of Internet is offering one of the best savings account rates for balances of $2,500, their savings rate is currently 2.06 percent.

Average rates for a savings account and a money market account for balances of $10,000 is at 0.532 percent this week, down from last weeks average rate of 0.537 percent. Tennesee Commerce Bank is offering one of the highest savings rates on account balances of $10,000, their rate is currently at 2.30 percent.

Rates for account balances of $25,000 this week declined to 0.615 percent, down from last week’s national average rate of 0.622 percent.

Compare savings account rates online

Wilshire State Bank of Los Angeles California is offering some of the best CD rates available these days. The bank’s best certificate of deposit rate and yield is for a 6 month CD.

The annual percentage yield for a 6 month CD is currently at 2.52 percent, well above the national average 6 month certificate of deposit rate of 1.09 percent. This CD rate is for account balances of $1,000 and above. The minimum opening CD account balance is also $1,000. 12 month bank CD rates are also yielding the same rate of 2.52 percent.

Wilshire’s 3 month certificate of deposit is one of the highest CD rates available these days and well above the national average certificate of deposit rate for a 3 month CD. Their 3 month CD is currently yielding 1.50 percent. Their 9 month certificate of deposit has an annual percentage yield of 2.27 percent. Business CD rates are the same as personal CD rates at the bank.

Wilshire State Bank has been in operation since 1980 and has bank branches in four states including California, Texas, New York and New Jersey. The bank’s FDIC Cert number is 23301.

The type of mortgage you get is just as important as the mortgage rate you pay. There are several types of mortgage available these days, some mortgages are riskier than others.

When you start your search to compare mortgage rates, also be prepared to compare mortgage types that are available. Current mortgage rates are low so now is a good time to purchase a home or refinance a home loan.

Compare Mortgage Rates by Zip Code

There are fixed rate mortgages in which you pay the same mortgage interest rate for the life of the loan. There are also adjustable rate mortgages in which the mortgage interest rate is fixed for a certain amount of time then adjusts every year after. Payment option adjustable rate mortgages  are a newer type of mortgage loan which became popular during the housing bubble and caused a lot of trouble for folks who had no idea what they were signing up for when there were buying a home.

The most common mortgage is a fixed rate mortgage. Of the fixed rate mortgages, the most popular and traditional mortgage is a 30 year fixed mortgage. The interest rate stays the same for the entire life of the mortgage loan. Another popular fixed rate mortgage is the 15 year fixed mortgage wherein your monthly payments will be higher than a 30 year mortgage but you will save tens of thousands or hundreds of thousands of dollars in mortgage interest rate payments by having the loan for half the time.

Other fixed rate mortgages include 10 year mortgages and 40 year mortgages. With a 10 year mortgage your monthly mortgage payments will be even higher than a 15 year mortgage but over the life of a 10 year home mortgage you will save on 5 years of mortgage interest payments.

Just the opposite is true with a 40 year mortgage, dragging your mortgage payments out over 40 years will be costly in the long run. Many people used 40 year mortgages during the housing bubble to buy a home they couldn’t otherwise afford. You can use our mortgage calculator to figure out how much your monthly and total mortgage payments will be.

Other types of mortgages include conforming mortgages and jumbo mortgages.  A conforming mortgage is a mortgage less than a certain dollar amount that a government sponsored entities like Freddie Mac can purchase from bank. The conforming limit varies by the county you live in. A jumbo mortgage is a mortgage loan that exceeds the conforming home loan limit. We have a list of conforming loan limits in every county in the United States listed here: Conforming Loan Limits by County

Interest only mortgages are another type of mortgage product. Interest only payment mortgages were originally designed for people who expected to make lump sum principal payments in the future. Self employed people or people who expected to come into a large some of money in the future would use interest only mortgages as a vehicle to buy a home that was more expensive than they could afford at the time. Monthly mortgage payments are lower because you’re not actually paying down principal until after the initial interest only period. This type mortgage also got a lot of people into hot water during the bubble.

Payment option adjustable rate mortgages are mortgages that were designed to allow you to chose among several payment options each month. You can make a traditional payment of principal and interest, an interest only mortgage payment or a minimum payment which is less than the interest due that month. This type of mortgage is the most dangerous because deferred interest payments cause the total amount you owe on a home to increase every month if you only make a minimum mortgage payment. Ultimately you are paying interest on top of the interest, causing the total home loan to increase.

Deciding which mortgage best fits your needs is a choice you will have to make. There are mortgage brokers and mortgage companies that can assist you with your search. I recommend doing your own research first so you are knowledgeable about the various mortgage products. You can start your search right here, we offer mortgage rate tables and a mortgage search tool which will give you a list of mortgage rates by lenders in your zip code.

Mortgage Rate Search Tool

Shopping for the best auto insurance rates: Comprehensive auto insurance pays for damage to your car resulting from an accident that isn’t related to some form of collision.

Comprehensive insurance coverage pays for damages to your vehicle as a result of fire, theft, damage as a result of vandalism or weather related damage.

The automobile insurance rate you pay for comprehensive coverage will be determined by the replacement value of the vehicle and the deductible you elect to pay. When you compare auto insurance rates be sure to also compare the deductible you have to pay on each auto insurance policy. The higher the deductable the lower the auto insurance rate will be.

Compare Auto Insurance Rates in your Area

When you are carrying auto financing on a vehicle you will be required by the bank to maintain comprehensive and collision coverage. When you vehicle is paid off  you will have to determine the auto insurance coverage you feel comfortable with having.

Although comprehensive coverage is necessary when your auto is financed, you have the option of not carrying coverage once financing has been paid off. There are no legal requirements to maintain that type of coverage.  If you decide you want to have lower auto insurance rates and drop comprehensive coverage you should figure out how much you can afford for a replacement vehicle before dropping coverage.

There are other steps you can take to lower your automobile insurance. 

• Compare auto insurance rates either online, through the broker you choose or the insurance companies you call directly. You can auto insurance companies and compare auto insurance rates in your area by using our Comparison Shopping Tool
• Consider paying higher deductibles when getting an auto insurance quote for a new vehicle or when renewing your existing insurance policy.
• Consider purchasing a vehicle that has a low profile and lower chance for theft. You can find lists of vehicle that are least likely to be stolen.
• Consider if Collision and Comprehensive coverage on older cars is necessary. Make sure you can afford to replace your vehicle if you decide to drop coverage because you want cheaper auto insurance rates.
• Ask your broker or insurance company agent about multi-policy discounts. Most if not all insurance companies will discount auto insurance if you have other insurance coverage like home insurance.
• Consider taking a defensive driver’s course. Some insurance companies will drop the rate you pay by 10% or more.

Again, comprehensive auto insurance coverage is a must if your car is financed, although you can drop coverage once your car is paid off or if you feel the value of the auto is so low coverage isn’t warranted.

Finding the best auto insurance rates including comprehensive coverage right here at MonitorBankRates.com. You can see a list of providers in your zip code by using our insurance rate finder serach engine. 

Compare Auto Insurance Rates

CD rates continued to decline this past week. Average CD rates were down on all certificate of deposit terms. Unlike the recent relentless rise in U.S. Treasury prices that are driving mortgage rates higher CD rates haven’t followed the upturn, not yet anyway.

When the economic outlook improves and the threat of inflation becomes a reality, the Federal Reserve will raise interest rates and that will drive CD rates higher. Average CD rates are low these days but you can find CD rates at banks higher than the nation average rates.

Search for the best CD rates in your zip code here: CD Rates

Average CD Rates:

12 month CD rates are averaging 1.37 percent this week, down from last week’s average rate of 1.39 percent. Ally Bank is still offering some of the best CD rates for a 12 month CD, currently their rate is 2.32 percent, which an APY of 2.35 percent. One of the highest CD rates available these days for a 12 month CD.

Shorter term average CD rates also declined this past week. The average rate for a 6 month CD is currently 1.09 percent, down from the average rate of 1.10 percent the prior week.  Higher 6 month bank CD rates can be found. AIG Bank and Giant bank are offering some of the top CD rates for 6 month CDs, currently AIG Bank’s 6 month CD has a rate of 1.86 percent and Giant Bank’s 6 month rate is 1.91 percent.

The average rate for a 3 month certificate of deposit this week is 0.78 percent, down from last week’s average rate of 0.80 percent. East Bank is offering one of the highest CD rates for a 3 month CD, their rate is currently at 1.60 percent.

Longer term certificate of deposit rates barely moved this past week. 5 year certificate of deposit rates were up fractionally at 2.468 percent, up from the prior week’s average CD rate of 2.485 percent. First Republic Bank is offering one of the best CD rates for a 5 year CD, their rate is currently at 3.75 percent.

4 year certificate of deposit rates are averaging 2.224 percent, unchanged from the prior week’s average rate. Discover Bank CD rates are very competitive these days, their 4 year CD rate is currently 3.25 percent. 

The average rate for 3 year certificate of deposits this week is 2.00 percent, down from last week’s average of 2.01 percent. I remember last year when some banks were offering 1 year CD rates in the four to five percent range.  AIG Bank is offering one of the highest CD rates for a 3 year CD, their rate is currently 2.96 percent. 

24 month certificate of deposit rates are averaging 1.74 percent this week, down from last week’s average CD rate of 1.75 percent. Tennesse Commerce Bank is offering one of the best CD rates for a 24 month CD, their rate is currently 2.87 percent.

The average rate for a 18 month certificate of deposit is 1.51 percent this week, down from last week’s average CD rate of 1.52 percent. Nationwide Bank is offering one of the best bank CD rates available on a 18 month CD, their rate is currently 2.25 percent.

Search for certificate of deposit rates in your zip code. MonitorBankRates.com offers a free bank CD rate serach tool you can access here. CD Rate Search Tool

Mortgage rates continued to rise last week, rising quicker than most mortgage brokers and analysts anticipated. The quick upturn in home mortgage rates is being driving by the quick rise in U.S. Treasury rates.

Treasury rates are rising because many believe that the economic situation will improve by the end of 2009. Some economists believe the U.S. economy will start expanding again by the end of the year.

As a result of the sudden increase in rates, mortgage refinancing has taken a nose dive. With rates rising so fast and the large supply of homes for sale economists are concerned that the housing market will take a longer time to recover.

Compare mortgage rates in your area by using our mortgage rate search tool. Search for mortgage rates here

Today’s Mortgage Rates:

Mortgage loan rates for both fixed mortgage rates and adjustable mortgage rates rose last week. 30-year mortgages (conforming fixed rate mortgages) rose to 5.70 percent, up from 5.40 percent. The average mortgage rate increase this week was larger than the prior week over week increase in average mortgage rate increase.

15 year mortgage rates (conforming fixed rate mortgages) rose over five percent to 5.20 percent this week, up from the prior week’s average mortgage rate of 4.93 percent. 15 year mortgage rates are still some of the lowest mortgage rates available today.

If you compare mortgage rates this week over the average rate at the end of last month, you can see how much rates have increased in a short period of time. 15-year conforming average mortgage rates were in the 4.50 percent range at the end of May, now rate at nearing 5.25 percent.

Jumbo mortgage rates also rose last week. The average rate for 30-year jumbo mortgage rates increased to 6.64 percent, up from last week’s average rate of 6.34 percent. The average rate for a 15-year jumbo mortgage rose to 6.44 percent up from the prior week’s average mortgage rate of 6.20 percent.  Jumbo home mortgage interest rates have been a lot higher than conforming mortgage rates recently.

Adjustable mortgage rates (ARMs) increased last week. The average 1 year adjustable mortgage rate rose to 4.92 percent, up from 4.68 percent. Average rates for a 1 year jumbo ARM rose to 6.07 percent, up from 5.94 percent the prior week.

The average mortgage rate for a 3/1 conforming ARM is now over five percent at 5.11 percent, up from the prior week’s average of 4.89 percent. Jumbo 3/1 ARMS are now at 5.87 percent, up from 5.83 percent. The average mortgage rate for a 5/1 ARM is 5.16 percent, up from 4.83 percent.

The average rate for a jumbo 5/1 ARM is 5.93 percent, up from 5.75 percent. Conforming 7/1 ARMs are now at 5.70 percent this week, up from the prior week’s average rate of 5.40 percent. Jumbo 7/1 ARMs are averaging 6.67 percent, up from 6.61 percent. The average rate for a 10/1 conforming ARM is at 6.05 percent, up from 5.70 percent. Jumbo 10/1 ARMs are averaging 6.96 percent, up from 6.72 percent.

Home equity line of credit rates barely rose this past week, the average HELOC rate this week is 4.77 percent, up from 4.75 percent. Home equity loans rose this week, the average rate for a 10 year home equity loan is now at 7.65 percent, up from 7.64 percent. 15 year home equity loan rates averaged 7.79 percent, up from the prior week’s average of 7.76 percent.

You can find some of the best mortgage rates by using MonitorBankRates.com’s mortgage rate tool. Search for mortgage rates in your zip code.

Mortgage Rate Tables

The $8,000 home buyer tax credit that was passed eariler this year but only provides a tax credit for people who purchase their first home might be expanded to include all home purchases.

Not only will it be expanded to include any home buyer of any home but the credit will also be increased to $15,000. An idea that might help put an end to the weak housing market which has been made weaker with the recent sharp increase in mortgage rates.

U.S. Senator Johnny Isakson, R-Ga,  introducted the legislation to expand the housing credit this week. The lgislation immediately picked up bipartian support by Senators Lamar Alexander, R-Tenn., Jim Bunning, R-Ky., Saxby Chambliss, R-Ga., Chris Dodd, D-Conn., John Ensign, R-Nev., Joe Lieberman, ID-Conn., Lisa Murkowski, R-Alaska, James Risch, R-Idaho, and David Vitter, R-La.

“The man who is transferred from Missouri to Georgia can’t sell his house in Missouri, can’t come to Georgia and can’t take the transfer. His employer can’t afford to buy the house and hold it for him because of the proliferation of inventory that is owned,” Isakson said. “Today, in the United States, one in two sales made every day is a short sale or a foreclosure. That is an unhealthy market, and it is continuing to precipitate a downward spiral in values, loss of equity by the American people and a protracted, difficult economic time for our country.”

The National Association of Realtors and the Housing Working Group of Business Round-table also has endorsed the legislation to strengthen the housing market.

Let’s hope the legislation become law and they find the money to pay for it by making cuts elsewhere. The last thing we need is to further increase the deficit and drive long term interest rates even higher, which will have a negative effect on the housing market in the long run.

Credit cards are a widely used source of payment for purchases these days. When credit cards are used properly, the convenience of having one or more can outweigh the risks associated with them. The consequences of misusing credit cards can be devastating to your financial well being.

Using a credit card that is best for your needs is an even better option. If you’re a frequent traveler, reward credit cards like an airline credit card or a hotel credit card are good options for you, especially if you use the same airline or hotel all the time. Compare Credit cards here.

Any other type of travel credit card is also a good option as long as you select one that will earn reward points that can be used for travel, including free rental cards, free airline flights and free hotel stays. Upgrades for all three travel categories is another popular option.

Cash back credit cards are another popular option if you frequently make large purchases or recurring purchases. Using cash back credit cards for day-to-day purchases like groceries or at gas stations can add up the cash back rewards. Some oil companies offer gas credit cards that allow you to earn up to 5% cash back for gas purchases at their stations.

Last year, I switched from using a debt card to a cash back credit card for day-to-day purchases and racked up a surprising amount of cash! I received the cash towards the end of the year in the form of a credit which made the holidays even better for my family.

Balance transfer credit cards can be a very effective way to minimize monthly credit card interest charges. With especially low interest rates these days, banks are flooding mailboxes with 0% interest rate credit cards or low interest rate credit card introductory offers. If you do a balance transfer on a credit card be sure to mark the date the introductory interest rate changes so you’re not surprised one month when the interest charges skyrocket.

Also be aware that balance transfer credit cards have seemingly low balance transfer fees associated with the transfer that may negate true savings.  Read the fine print and look for either a certain a set dollar amount as a limit (along the lines of a 3% fee with a $75 maximum) or if there is not a maximum, do the math to make sure the transfer will actually save you money in the long run.

The type of credit you have will greatly determine the type of credit card and credit card interest rate you are charged. Excellent credit credit cards are only offered to a select few who have credit scores high enough to warrant the low interest rates. The 0% balance transfer cards we mentioned above are offered to these folks.

On the other side of the credit spectrum are credit cards for bad credit. For whatever reason, people who have bad credit scores fall into this category. More and more people are falling into this category thanks to the economy contracting by around 5 percent on average the past couple of quarters and the unemployment rate rising to 9.4 percent.

Choosing the best credit card for your needs is half the part, the other half is managing your credit wisely. Too many people believe they are supplementing their income by using credit cards. This is a very dangerous habit that will get you into trouble when you rack up too much debt and are unable to make the minimum credit card payments, not to mention the interest rate charges you will have to pay.

You can start your credit card search right here using our credit card search engine to compare credit cards. You can search for credit cards by category including low interest credit cards, balance transfer credit cards, cash back credit cards, gas credit cards, student credit cards and more.

Shopping for the best auto insurance rates: Collision auto insurance pays for damage to your car resulting from an accident with another car, an accident with an object or if your car or SUV flips over.

Collision auto insurance can also cover damage caused by potholes, a must have if you live in a city or town that’s full of pot holes. Maintaining collision coverage will increase your auto insurance rates.

When you compare auto insurance rates for collision coverage be sure to check how much the deductible is, the higher the deductible the lower your auto insurance rate will be. Collision insurance coverage is usually sold with a deductible of $250 to $1,000. One can easily buy auto insurance online these days.

Compare Auto Insurance Rates Here

Another benefit of collision auto insurance is even if you are at fault for the accident, your collision coverage will reimburse you for the costs of repairing your car, minus the deductible. If an accident isn’t your fault, your insurance company may try to recover the accident costs from the other driver’s insurance company. If your insurance company is successful in getting the costs recovered you will be reimbursed for the deductible you paid.

One option that will lower your auto insurance rates is to drop collision coverage if you own an older car that isn’t worth much. It may not be cost-effective to have collision coverage on cars worth less than a certain dollar amount. Especially if you have a high deductible on your auto insurance policy. Say your auto is worth less than $1,000, would it be cost effective to maintain collision coverage and pay higher auto insurance rates? Probably not. You can have low auto insurance rates by dropping collision coverage if your state allows it.

On the other hand, saving a few dollars on your auto insurance premium by not maintaining collision coverage can also be more costly if you have an accident. Collision coverage can pay for damage to the other driver’s car or rental car expenses for you while your car is repaired. Talking to an auto insurance agent might help you decide.

Collision coverage will also pay for any damage to a rental car when you rent a car for personal reasons. With all the benefits that come with collision coverage, deciding whether or not to have collision coverage is a no-brainer for me, but you will have to decide what is best for you when comparing auto insurance quotes.

Finding the car auto insurance rates has become a lot easier over the years. You can get free online auto insurance quotes from serveral different websites. You can start your search right here for free insurance quotes. MonitorBankRates.com has a comparison tool you can use to find the best auto insurance rates being offering by insurance companies in your area.

Find the Best Auto Insurance Rates Here

Mortgage interest rates have continued their accent higher this week according to the most recent mortgage rate survey. Freddie Mac reported mortgage interest rates are up for the week ending June 11, 2009.

Average 30 year mortgage rates are up to 5.59 percent for a conforming fixed rate mortgage with 0.7 point, up from the prior week’s average of 5.29 percent. Freddie Mac’s survey reports only on conforming mortgages, for a report on jumbo mortgage rates check MonitorBankRates.com’s weekly mortgage rates report. In addition to jumbo mortgage rates, MBR lists HELOC rates and home equity loan rates.

15 year fixed rate mortgages averaged 5.06 percent this week with an average 0.7 point, up from last week when it averaged 4.79 percent.

Five-year adjustable-rate mortgages averaged 5.17 percent this week, with an average 0.6 point, up from last week’s 4.85 percent average.

One-year adjustable rate mortgages averaged 5.04 percent this week with an average 0.7 point, up from last week’s average of 4.81 percent.

MonitorBankRates.com has also reported a sharp uptick in mortgage interest rates this past week. You can view current mortgage rates in your area by using our mortgage rate tables.

Finding the best savings account rates has become easier over the past several years, although savings rates are very low right now.

Most banks now offer online savings accounts or internet savings accounts that have rates at are higher than their regular savings accounts and money market accounts. (Traditional being their brick and mortar bank branch rates.)

Comparing savings account rates is easy to do with various tools. MonitorBankrates.com offers a savings account research tool that allows you to search and compare savings account rates from several banks in a savings rate table we provide for free here.

Savings Rates/Money Market Rates

The average savings account rate is currently under one percent - not much of a return on your money these days. You can find rates a lot higher than the national averages for savings accounts. Some banks offer high yield savings account, Ally Bank (formerly GMAC Bank) is offering a high savings account that currently yields 2.05 percent. AIG Bank is also offering a savings account that currently yields just over two percent for balances over $50,000. One can open a savings account online with either bank.

Banks are also offering a combination checking savings account that have yields that are even higher than two percent. With combination checking savings accounts, one usually has to meet a certain monthly transaction requirement such as a direct deposit or a certain number of debt card transactions.

Compare Savings Account Rates and Money Market Account Rates.

Comparison Rate Tool

Finding the best life insurance rates depends on the type of and amount of life insurance you actually need.

The amount of life insurance you need depends on your income, responsibilities and the standard of living you wish to leave for your dependents.

Another consideration is the amount of assets you have and if there is any continuing income for your family when you pass away. The type of life insurance you need will also be determined by your family’s needs.

Whether you are looking for term life insurance rates, whole life insurance rates, univeral life insurance rates or variable life insurance rates or some  combination of coverage, MonitorBankRates.com offers a life insurance rate search tool which can help you find the lowest life insurance rates available in your zip code. 

Life Insurance Rate Search Tool

You should choose an amount of life insurance and type that is determined by the needs you are trying to satisfy while achieving a balance in the process. Being over-insured can be costly now and affect your budget and long term financial goals.

Being under-insured can be devastating to your family. Imagine your family grieving the loss of a loved one and then having to deal with financial catastrophe as well, possibly losing the home they live in.

Each person must assess their responsibilities, needs, and financial situation, it is important to be careful to choose an amount of life insurance that reflects your specific circumstances without under-insuring or over-insuring.

Properly insuring the provider of the home isn’t enough, you should also make sure the caregiver or homemaker raising the children also has adequate life insurance coverage, especially with younger children in the household. Caring for young children can be very costly, especially if you do not have extended family or grandparents that can help.

There are several reasons for purchasing life insurance, including the following reasons:

• Life insurance provides financial security for surviving family members upon the passing of the insured person
• Life insurance can cover needs such as paying off a mortgage or other outstanding debt
• Life insurance can include funds to pay estate taxes or other final obligations necessary to settle an estate
• Life insurance to provide the funds necessary for burial expenses

Finding the best life insurance rates has been made easier by comparing life insurance rates online. Several sites offer comparison shopping for life insurance. You can compare life insurance rates with our search engine.

Life Insurance Rate Search Engine

Is finding the best low interest credit cards possible? Sounds like an oxymoron. Is there such a thing? Yes there are low interest credit cards available today, including low interest business credit cards. Finding the lowest interest credit card is going to take some work.

Magazines like Money Magazine publish a list of banks offering lowest interest credit cards, another possible source for finding low interest credit cards is at credit unions. You should be able to find low credit card rates in the single digits. A lot also depends on your credit history and credit score which will have a direct impact on the interest rate you pay.

Pentagon Federal Credit Union is offering a low interest balance transfer credit card with a 2.99 percent rate for balance transfers for the life of the loan, usually banks offer an intro rate for 6 months to one year. The interest rate for purchases is around the average credit card interest rate of 12.50 percent to 14.00 percent.

Balance transfer credit cards for the most part all offer low interest rates for a period of time and all charge a balance transfer fee. The fee can be as high as 3.00 percent of the balance with no limit, which raises the interest rate you are paying. When you factor in the fee, that 0 percent balance transfer credit card isn’t really a 0 percent interest rate. You can search for 0 percent balance transfer credit cards right here by using MonitorBankRates.com credit card serach engine tool.

Low interest credit cards sometimes offer introductory rates that some people referr to as “teaser rates” that you should be concerned about. If you read the credit card terms and manage your credit wisely, you shouldn’t be concerned. You should take advantage of these low interest credit cards and use them as a financial tool to save money on interest payments.

Good luck with your search for the lowest interest credit card. Again, be sure to read what the balance transfer fee is and any annual fees associated with the credit card. MonitorBankRates.com also offers a low interest credit card search engine tool that you can use to start your search.

MBR’s credit card search engine allows you to search and compare credit cards by category. In addition to low interest credit cards and balance transfer credit cards, categories include instant approval credit cards, rewards credit cards, gas credit cards, cash back credit cards, bad credit cards and more.

Credit Card Seach Engine

The Federal Reserve reported that household net worth declined by $1.3 trillion dollars for the quarter ending in March. Total household worth is now at $50.4 trillion dollars at the end of the first quarter of 2009.

On a positive note, house hold debt also contracted this quarter, the second consecutive quarter. Home mortgage debt didn’t grow at all and consumer credit debt contracted at an annual rate of 3.5 percent.

Just the opposite has happened with state and local government debt this quarter, debt has increased at an annual rate of 5 percent last quarter. Anyone see higher state taxes, property taxes and sales taxes in the future? 

Surprisingly Federal government debt growth slowed down this past quarter to 23 percent, down from the prior two quarters of nearly 40 percent growth.

Comparing auto insurance rates is only part of your search for finding the best auto insurance coverage for you and your family.

Another important part is finding the best auto insurance company by looking into the ratings of insurance companies.

A third important part of comparing auto insurance costs is making sure you compare similar types of auto insurance coverage each insurance company is offering. Each state has a minimum amount of insurance coverge you can have on a vehicle so that will also determine the cost.

Auto Insurance Rates

When comparing auto insurance rates there is more to think about than just getting the lowest auto insurance rate possible. My colleague recently wrote that finding the cheapest auto insurance probably isn’t the best auto insurance coverage to have. So when you start your serach keep that bit of information in mind.

You can start your search for auto insurance rates right here by using MonitorBankRates.com insurance search tool to find auto insurance companies providing coverage in your zip code. MBR also has a motorcycle insurance rate tools

Find Auto Insurance Rates

Motorcycle Insurance Coverage Rates

Auto Insurance Company Ratings

Individual states regulate and license insurance companies, insurance brokers and insurance agents so you have added protection knowing your state has requirements to become licenced. State regulators also oversight of insurance policy provisions and the insurance rates that are charged to consumers and businesses. States also examine the finanial condition of insurance companies.

If you still have a need or desire to do more research on auto insurance companies Insure.com has a insurance company ratings look-up tool you can use to find financially healthy insurance companies that uses Standard & Poor’s financial strength ratings.

Comparing Auto Insurance Coverage

When you are searching for rates be sure to compare collision coverage, comprehensive coverage, medical coverage, underinsured coverage and miscellaneous insurance coverage for towing and rental car expenses.  Finding the best auto insurance rates will be determined by the types and amount of coverage.

Auto Insurance Coverage Rates

Motorcycle Insurance Coverage Rates

Finding the best auto loan rates these days has become a lot easier thanks to websites that allow you to compare auto loan rates.

At the same time getting an auto loan has also become more difficult since the credit crunch last fall, particularly getting a low rate auto loan.

Some auto companies are offering zero percent interest auto loans, but only a select few who have stellar credit scores qualify for those loans.

Auto loan rates will vary depending on several factors, including your credit score and the type of auto loan you need. Used auto loan rates tend to be higher than new auto loan rates. Bank auto loan rates tend to be higher for a used auto when buying a car directly from an individual instead of from a dealer. Not all banks offer a used auto loan so you’ll have to do some research finding one that does.

A few banks also offer refinance auto loan rates which will allow you to refinance an existing auto loan. Before you start this process you should find out if refinancing an auto loan is even worth the trouble and the cost. You can use a refinance auto loan calculator to help you make that decision. Surprisingly some banks offer bad credit auto loan refinance options.

Most people start their car search based on a particular car they are interested in. Another option is to see how much you qualify for before you start your search, that way you have a particular price range idea when start. Nothing is more disappointing than falling in love with a particular car and then finding out you can’t afford it.

Seriously consider a used car ( pre-owned) over a new car, although used car auto loan rates are higher than new car auto loan rates you will save thousands of dollars on the purchase price, plus you will be refinancing less so you will also save money on interest payments.

The tools to find the best auto loan rates are online and easily accessible, so start your search online for the best auto loan rates before you even step into a dealership or search car comparison shopping sites.

Another consideration you keep in mind when shopping for auto loan rates is finding the best auto insurance rates. This task has also been made similar by sites that compare auto insurance rates. You can start your search right here, MonitorBankRates.com has an auto insurance tool that allows you to compare auto insurance rates in your zip code.

Auto Insurance Comparison Tool

Rising interest rates are causing a drop in mortgage refinancing, reversing an upward trend started earlier this year. An upward march of U.S. Treasury yields are causing today’s mortgage rates to rise quickly, killing the recent mortgage refinance boom that was brought on my lower rates.

10 year U.S Treasury rates are nearing four percent today, a range not seen since October of last year, a sharp movement up since the low of around two percent in late December.

As a result of the sharp uptick in Treasury prices average mortgage rates are up. Fixed mortgage rates, jumbo mortgage rates, adjustable rate mortgages, HELOC rates and home equity loans have followed the uptick. To give you an idea of the fast increase in mortgage rates, 30-year conforming mortgage rates rose to the 5.60 percent range today, a sharp rise of the low of 4.85 percent three weeks ago, one of the lowest mortgage rates ever for a 30 year loan.  The recent mortgage rate trends will continue upward.

The Mortgage Bankers Association released their weekly survey showing the mortgage refinancing index declined 11.8 and their Market  Composite Index which measures mortgage applications decreased 7.2 percent.

The Federal Reserve, the U.S. Treasury and the Obama administration have been trying to keep mortgage rates low to put a floor on the housing market, but their programs are starting to have the opposite effect and starting to drive current mortgage rates higher. Mortgage rate forecast is for even higher rates in the future.

Find mortgage rates in your zip code by checking MonitorBankRates.com mortgage tables.

Mortgage Rate Tables

Bump It Up Certificate of Deposit? Professional Bank of Coral Gables Florida is offering a new certificate of deposit they call “Bump-It-Up-CD”.

What make this certificate of deposit different is it allows you to take advantage of any future increase in interest rates by “bumping up” the annual percentage yield (APY). Something that sounds very appealing considering interest rates are so low right now and government policies to rescue us from financial calamity will fuel inflation and higher interest rates in the very near future.

How does this CD work? The “Bump-It-Up” rate is the prime rate calculated by the Wall Street Journal minus ½%. If the prime rate decreases your CD rate will not decrease, you are still guaranteed the original APY. You can only bump-up your CD rate one anytime time after the first three months of the certificate of deposit’s life.

The minimum deposit is $5,000 for a 12 month CD or 18 month CD. The APY on both CD terms is currently 2.75 percent. One of the best cd rates available for a 12 month CD. Deposits are FDIC insured.

Finding the best home owner insurance rate is a task that has been made simpler over the past ten years thanks to resources online that allow you to compare home insurance rates quickly from several insurance providers.

Before you start your search for home owner insurance rates you need to take inventory of all your belongings in your home. Why? Because when you buy home insurance for your home you are actually buying home and contents insurance. Protecting both your home and the belongings in your home. The Insurance Information Institute (iii.org) offers free online home inventory software, “Know Your Stuff”, that will help you inventory your possessions.

Another popular option for home owners insurance is a rider to protect valuable property like jewelry, you will pay a higher premium for each piece of jewelry but the added protection is worth it. One can also get riders for home renters insurance.

Now that you have an idea on how much protection you will need for your belongings on a home insurance policy, you also need to get an estimate on how much your home is worth before you can contact a home owners insurance company for quotes. If you refinanced your home loan recently you can use the appraisal for an estimate. There are also home value sites like Zillow you can use or your home insurance broker can estimate the value.

With all your infomation onhand you are ready to find the best home owner insurance rate. One more thing to keep in minds is the cheapest home insurance might not be the best homeowners insurance, so be sure to get adequate coverage for your home. Some insurance companies will give you a discount on home insurance if you have other insurance policies with them.

You can start your search for home owner insurance rates right here at MonitorBankRates.com. Just use our home owner insurance rate tool to get a free home insurance quote from providers in your zip code.

Get home owners insurance rate quotes here

Finding and comparing the best auto insurance rates available these days has become a lot easier thanks to sites that give consumers the ability to compare auto insurance rates from several companies quickly.

Looking for Auto Insurance? MonitorBankRates.com has an auto insurance search engine you can use to find insurance companies providing in car insurance in your zip code. Find Auto Insurance Companies Here

Car insurance is a must to protect yourself and others from bodily injury or property damage if you’re involved in an accident. Most states will not allow you to register your car until you show proof of insurance. 

The biggest question when shopping for the best auto insurance rates is how much coverage do I need? The minimum amount of auto insurance you can carry is usually set by the state you live in, so you can use the minimum coverage as a starting point. In addition, you will have to determine the minimum amounts you want for each type of insurance coverage.

Types of auto insurance coverage include collision insurance, which pays for damage to your auto and any other auto or object you have an accident with.  If your car is financed, the lien holder will require you to maintain a certain level of coverage just in case of loss or damage.

Comprehensive insurance coverage pays for damage or loss to your auto from other sources other than collision, like fire, theft, etc. Banks will require you to have comprehensive coverage if your auto is financed.

Medical coverage pays for a limited medical expenses for you or a passenger is injured in an accident.

Other types of coverage include towing expenses and rental car expenses during the time your car is being repaired. Car insurance policies will pay a certain daily dollar amount for a rental car for a certain amount of time, usually for a month.  

Now that you have determined what types of coverage you need and want start your search for the best auto insurance rates. When you’re comparing rates be sure to compare apples to apples, the amount of liability coverage is usually quoted as 25/50/25, which means up to $25,000 in bodily injury coverage person/ up to $50,000 if two or more persons are hurt/ up to $25,000 in property damage. 

Tip: A good place to start is with an insurance company you already have a relationship with. Some insurnace companies will give you a discount on auto insurance rates if you already have home owners insurance or other types of insurance with them.

MonitorBankRates.com has a comparison tool you can use to start your search for the best auto insurance rates from insurance companies in your zip code.

Compare auto insurance rates

Mortgage rates rose again this past week, driven higher the rise in bond yields. Investors have become worried that all the government programs to stimulate the economy is fanning inflation, as a result yields on 10-year Treasury notes jumped this past week to over 3.75 percent.

The rise in mortgage rates is threatening the housing recovery. 30 year conforming mortgage rates averaged 4.849 percent the week of May 18th, the rate is week is now 5.401 percent, a sharp three week rise in rates. Jumbo mortgage rates have fared a little better in during the same period, 30 year Jumbo mortgage rates averaged 6.346 percent this week, up from the May 18th low of 6.120 percent. Jumbo mortgage rates didn’t come down as much as conforming mortgage recently because banks were reluctant to offer products that Fannie Mae and Freddie Mac wouldn’t purchase.

Average home mortgage rates for 15 year fixed rate mortgages are 4.933 percent this week, up from last week’s average of 4.839 percent. Jumbo 15 year mortgages averaged 6.209 percent this week, last week’s average rate was 6.151 percent. Some of the best mortgage rates these days are for 15 year mortgages.

HELOC rates have remained realatively steady this week. HELOC rates are at 4.758 percent, up from last week when HELOC rates averaged 4.748 percent. A 1o year home equity loan averaged 7.642 percent this week, down from last week’s average rate of 7.659 percent. 15 uear home equity loans averaged 7.766 percent, last week’s avearge was 7.785 percent. 

Adjustable rate mortgages were also up this week, with one exception, a one year conforming ARM averaged 4.6885 percent this week, down from last week’s average of 4.805 percent. One year jumbo ARMs averaged 5.947 percent, up from 5.927 percent.

The average rate for a 3/1 ARM (conforming) is 4.897 percent this week, down from last week’s average of 4.898 percent. Jumbo 3/1 ARMs averaged 5.831 percent, last week’s average rate was 5.671 percent. 5/1 ARMs (conforming) averaged 4.839 percent, up from last week’s average of 4.790 percent. Jumbo 5/1 ARMs aveaged 5.755 pecent this week, up from 5.667 percent. Average rates for 7/1 ARMs and 10/1 ARMs  were also up this week.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates

CD Rates continued to drift downward this past week, although the changes in rates were fractional for the most part. Although yields on bonds rose sharply along with mortgage rates. Hopefully CD rates won’t be far behind.

The biggest news in certificate of deposit land this past week was the ABA’s pressure on the FDIC to crack down on Ally Bank’s CD rates. Which until pressure was successfully applied by the ABA and the FDIC were a lot higher than the national average for CD rates, read more here: Are some bank CD rates risky.

The average rate for 12 month CD rates declined to 1.390 percent this week, down from last week’s average of 1.409 percent. Ally Bank certificate of deposit rates were lowered this past week but the 12 month CD is still one of the best CD rates around, currently the rate is 2.46 percent.

Declines in shorter term CD rates were modest, the average rate for a 6 month CD this week is 1.11o percent, down from last week’s average bank CD rate of 1.128. AIG Bank is offering one of the highest CD rates around for a 6 month CD, the rate this week is 1.71 percent.

3 month CD rates averaged 0.806, down from last weeks average of 0.823 percent. CD rates at banks can be found higher than the national average, La Jolla Bank is offering one of the top CD rates around for a 3 month CD, their rate is 1.60 percent this week.

Longer term certificate of deposit rates were also down this week. 60 month CD rates averaged 2.465 percent this week, down from last week’s average of 2.475 percent. 48 month CD rates averaged 2.224 percent, down from last week’s average rate of 2.235 percent.

Average rates for 36 month certificate of deposits were 2.014 percent this week, down from last week’s average of 2.028 percent. 24 month CD rates averaged 1.759 percent, down from last week’s average of 1.775 percent. 18 month rates averaged 1.529 percent this week, down from last week’s average bank CD rate of 1.547 percent.

MonitorBankRates.com has CD rate tables that you can search for the best CD rates in your zip code. Search for CD Rates.

Finding the best mortgage rates when you’re purchasing a home or refinancing a home has become a lot easier than it used to be.

In the past, one would go to a mortgage company and have a mortgage broker quote current mortgage rates from different lending institutions based on your financials, credit score and the loan amount. Using a mortgage broker comes at a cost to you in the form of higher fees or even worse, the mortgage broker has an incentive from lenders to push you into a higher mortgage rate.

Another option was to physically go to several banks and get bank mortgage quotes, a time consuming process. 

Finding mortgage rate tables online for today’s mortgage rates is a breeze. One can search based on the amount of the loan, the type of mortgage, i.e  30 year mortgage rate, second mortgage, interest only mortgage, adjustable mortgage rates and even FHA mortgages.

Some websites give you the ability to search for the best mortgage rates by state, i.e California mortgage, Florida mortgage, New Jersey mortgage. Other sites let you search for home mortgage loans by zip code. MonitorBankRates.com has a tool that lists mortgage rates by zip code.

Mortgage Interest Rate 

Before you start your search for the lowest mortgage rates find out how much of a loan you can afford. This process has also become a lot easier these days by using mortgage calculators. You can find serveral types of calculators including a mortgage refinance calculator, amortization calculator or a mortgage payment calculator. 

In you’re in a position to payoff your mortgage you can use a mortgage payoff calculator. You can also find a reverse mortgage calculator to tap into the equity in your home if you qualify for a reverse mortgage or even a biweekly mortgage calculator which can estimate how much mortgage interest you will save by paying your mortgage twice a month.

 Most of these calculators are free, just do a search for free mortgage calculator, home mortgage calculator and any other calculator you need.

After you have figured out how much of a loan you need or qualify for start your search for the best mortgage that suits your needs. Be sure to not only compare mortgage interest rates from lenders but also compare the different mortgage types.

Once you have your list of banks give them a call and find out what loan rates you qualify for. Banks will ask you your credit score. If you don’t know what your score is ask them to pull a credit report. Tip: Ask the bank or lending instituion to tell you what your credit score is (and your spouse’s score) is so you can provide this information to other banks because to many credit inquires can affect your credit score negatively. 

Start your search here for the best mortgage rates.

Best Mortgage Rates

Mortgage Calculator

The burst of the housing bubble caused hardships for a lot of home owners and real estate investors. The speculative excesses of the bubble are working their way through the housing market right now and might take several more years to play out in certain markets.

Some of the best opportunities come when bubbles bust. That being said, if you’re a real estate investor, when and where should you start looking to make investments? 

We have found an excellent resource to answer those questions.

Steve Bergsman’s book, After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade, covers all types of real estate investing. From the single family housing market all the way to the industrial real estate market and every market in between. 

Steve Bergsman covers the history of each type of investment, including how each particular type of real estate investment area was affected by easy access to credit over the past few yeas, how it was impacted by the credit crises and the prospects for the future. 

Steve has also done a wonderful job explaining all areas in an informative and interesting and entertaining way. He has interviewed dozens of real estate professionals making the book a must read, not only for investors but anyone interested in how the housing bubble formed and popped.

Pick up a copy of Steve Bergsman’s book After the Fall: Opportunities and strategies for Real Estate Investing in the Coming Decade.

OneWest Bank of Pasadena, CA is offering a special online promotional 18 month CD rate that currently has an annual percentage rate (APR) of 2.57 percent with an annual yield (APY) of 2.60 percent. One of the best CD rates around today.

OneWest Bank was formerly IndyMac Bank, then IndyMac Federal Bank when the bank went into receivership.

The 2.60 percent yield is well above the national average for 18-month certificate of deposit rates. OneWest bank is offering one of the highest CD rates for an 18-month CD.

I wonder if the American Bankers Association will be upset about this rate and write FDIC’s Chairwoman, Sheila Bair a letter complaining about it, which the ABA just did about Ally Bank’s CD rates. Succesfully presuring Ally Bank to lower the rates they are paying on their certificates of deposit.

The 18-month CD rate is just above one percent higher than the nation average for a 18-month CD. The national average is currently 1.529 percent. OneWest Bank’s other CD rates are market competitive, currently their 5-year CD has a 3.25 APY, 4-year CD has a 3.00 APY, 3-year CD has a 2.80 APY, 2-year CD and 12-month CD have a 2.25 APY.

OneWest Bank’s shorter term CD rates are also very competitive, their 9-month CD currently has a 2.00 APY, 6-month CD has a 1.35 APY and their 3-month CD has a 1.15 APY.

Health care costs have been increasing by leaps and bounds over the past 20 years. Costs have been driven up because of the increased advances in medical care.

The increased costs make having the best health care insurance coverage for you and your family even more important then it ever has.

Finding affordable health care insurance that provides the best coverage is getter harder these days. I recently read that 60% of personal bankruptcies are related to medical costs. Having health insurance will also increase the likely hood that you will seek more preventive care.

Most people have group health insurance plan coverage offered through an employer. There are several types of group health insurance including indemnity insurance, a fee for service plan which allows patients to see doctors of their choice. Managed care plans, such as a health maintenance organization (HMO), a preferred provider organization (PPO) or point of service plans (POS). Individual health insurance is another option but finding cheap individual health insurance isn’t easy.

Be sure to compare health care plans before you select one. Things to keep in mind when selecting a plan are.

• The cost of the plan
• What coverage is provided
• Access to doctors and hospitals, limited if you are part of a managed health care plan
• Co-pays, how much do you have to pay to see your primary doctor or a specialist
• Any lifetime limit on benefits

If your managed care plan is offered through an employer you can only change your plan once a year during “open enrollment”. So be sure to choose your plan wisely.

You can find online health care insurance by using MonitorBankRate.com to get a health insurance quote in your area.

GMAC will continue to provide auto loans to both GM and Chrysler consumers during General Motors bankruptcy. A motion filed by General Motors to allow GMAC to provide loans was approved by the U.S. Bankruptcy Court.

Chrysler also started offering zero percent interest auto loans through GMAC for some of Chrysler’s car models. The zero percent promotional deal runs until July 1st, 2009. Chrysler is also in bankruptcy but will emerge a lot stronger and a more viable company with Fiat being a major owner of the new Chrysler.

Ally Bank has lowered their CD Rates, bowing to pressure from the American Bankers Association and the FDIC. Ally was offering some of the best CD rates around recently. Their 12 month certificate of deposit had a yield of 2.80 percent until today, the bank lowered it to an annual percentage yield of 2.48 percent. The new rate and yield is still one of the highest CD rates around with the national average this week for a 12 month CD is 1.39 percent.

Ally Bank’s no penalty 9 month CD has also been lowered - the annual percentage rate is now 2.27 percent, down from 2.47 percent, with a new annual percentage yield of 2.30 percent, down from 2.50 percent.

Depositors who use a certificate of deposit as a safe investment option are going to lose out, not only because Ally Bank has lowered their bank CD rates, now other banks will feel less pressure to raise their CD rates to a level to compete with Ally.

I wonder if the ABA will be satisfied with the lowered rates since Ally Bank is still offering some of the top CD rates around. Their 5-year CD still yields more than one percent over the national average rate for a 5-year CD and their 3-month CD yield is still double the national average.

In the latest survey on mortgage rates, Freddie Mac has reported rates are up across the board, driven by higher the rise in long term bond yields. Average rates for 30 year fixed-rate mortgages with an average 0.7 point, are at 5.29 percent for the week ending June 4, 2009 up from 4.91 percent. 

15 year fixed-rate mortgages averaged 4.79 percent this week with an average 0.7 point, up from last weeks average rate of 4.53 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.85 percent this week, with an average 0.6 point, up from last week when it averaged 4.82 percent. One-year Treasury-indexed ARMs averaged 4.81 percent this week with an average 0.6 point, up from last week when it averaged 4.69 percent.

Mortgage rates are the highest point since late last year but they are still low by historical standards. Rates would have to increase a lot more before derailing the housing market. The biggest drags on housing right now is the number of homes for sale and the rising unemployment rate.

The rise in mortgage rates has put a dent in the recent mortgage refinancing boom. Although another contribution factor for the drop-off in refinancing is the fact that almost everyone who has enough equity in their home and has good credit has probably already refinanced their mortgage.

Believe it or not there is a fight brewing over CD Rates. The American Bankers Association’s (ABA) President & CEO, Edward Yingling, sent a letter to the FDIC’s Chairwoman, Sheila Bair, basically saying the FDIC needs to do it’s job and stop Ally Bank (formally GMAC Bank) from offering some of the highest CD rates in the nation. Bank CD rates which are more than double the national average for some CD deposits

Why should this bother the ABA? Their contention is Ally Bank is a troubled bank that is using a strategy of aggressively growing deposit funds to grow its way out of problems. When this strategy was used in the past by troubled banks, like in the 1980’s, deposit interest rates were driven up because healthy banks had to competitive with rates to entice and keep depositors. This strategy was known as the “Texas Premium” because most of the troubled banks resided in the Southwest.

Ally Bank’s chief executive officer, Alvaro de Molina, fired back at the ABA saying “Ally Bank has capital well in excess of Federal Deposit Insurance Corp. requirements and is better capitalized than many of your members”.

He also said “Ally is deploying TARP money as immediately and directly to support American small businesses and consumers in these difficult times, as other banks should be doing. These loans will be funded, in part, by deposits which offer an attractive return for consumers that have money to invest.”

If Ally Bank is well capitalized and it sounds like they are if the bank has more funds than required by the FDIC, why can’t they offer the best CD rates around? Let’s see how this plays out and if the FDIC actually tells Ally Bank to lower their certificate of deposit rates.

Savings account rates changed fractionally this past week. The interesting thing about this is, while savings rates are low, the U.S. savings rate as a percentage of disposable personal income has been increasing since the economy has taken a nose dive.

Folks are holding onto more of their disposable income just in case they need it. Everyone is scared they might be next to lose their job. Even though bank savings rates have been declining the U.S savings rate increased to 5.7 percent in April 2009, up from 4.5 percent in March. In actual dollar terms, the personal savings amounted to $620.02 billion in April, up from $488.7 billion in March 09.

Now for the national average savings rates. The average rate for a savings account with a balance up to $2,500 paid 0.442 percent, the rate was up to from 0.441 percent, Whoo-hoo.. (remember that bank?). The Average rate for savings accounts up to $10,000 is now 0.545 percent. For savings deposits up to $25,000 the rate this week is 0.631 percent. Savings account rates for balances up to $50,000 is 0.702 percent.

You can find online savings account (Internet savings account) rates higher than the national average savings rates. Monitorbankrates.com offers free savings rate tables to help you find the best savings rates in your zip code.

PNC Bank is offering a special promotional checking account, if you open a checking account between now and June 13th you receive $75.00. The offer available to new PNC Bank checking account customers only.

To receive this promo checking deal you also must setup a “qualifying” direct deposit by August 31, 2009.  The $75 checking bonus is deposited into your account within 7 days of the first direct deposit.

A qualifying Direct Deposit is defined as a Direct Deposit of a paycheck, pension, Social Security or other regular monthly income electronically deposited into your account. The account type must be a PNC Bank Free, Performance, Performance Select Checking account or the Spend account for Virtual Wallet.

Another stipulation is the minimum amount of any single Direct Deposit must be at least $500. The Direct Deposits must be made by an employer or an outside agency. Transfers from one account to another or deposits made at a branch or ATM do not qualify as Direct Deposits.

CD rates were down again this past week. The average bank CD rate for all CD terms declined to new lows. The one bright spot is the declines were small, some CD terms declined fractionally. Bond prices drove mortgage rates up considerablly this week, unfortunately CD rates didn’t follow the trend.

Five year certificate of deposit rates averaged 2.475 percent this week, down from last week’s average rate of 2.481 percent. AIG Bank is offering some of the highest CD rates for a five year CD, their rate is 3.46 percent right now.

Four year certificate of deposit rates averaged 2.235 percent this week, down from last week’s average rate of 2.243 percent. PenFed is offering some of the best CD rates for a four year CD, the rate is currently at 3.75 percent.

Three year certificate of deposit rates are averaging 2.028 percent this week, last week’s average was 2.039 percent.

Two year certificate of deposit rates averaged 1.775 percent this week, down from last week’s average of 1.787 percent. 18 month certificate of deposit rates averaged 1.547 percent, down from 1.560 percent. 12 month certificate of deposit rates averaged 1.409 percent this week, last week’s average was 1.424 percent.

Average rates for shorter term certificate of deposit rates also declined this past week. Six month certificate of deposit rates averaged 1.128 percent this week, down from last week’s average of 1.142 percent. Three month certificate of deposit rates averaged 0.823 percent, down from last week’s average rate of 0.836 percent.

Remember it is best to stick with shorter term CD rates for the foreseeable future, economists are saying we should be out of this recession by the end of 2009. When economic indicators point to a recovery interest rates will rise. Don’t lock into long term certificate of deposits at these low rates.

Mortgage rates rose considerably this past week. The rise in average mortgage rates was across the board, longer term mortgage rates rose a lot more than shorter term mortgage rates.

Search Here for Mortgage Rates

The most pronounced uptick was for 30-year conforming fixed rate mortgages which rose above five percent to 5.34 percent, up from 4.90 percent. The average rate for Jumbo 30-year mortgage rates is now nearing 6.50 percent, rates rose .30 percent to 6.48 percent.

Average 15-year conforming mortgage rates rose to 4.84 percent, up from 4.53 percent. Average rates for Jumbo 15-year mortgage rates rose above six percent this past week, the average rate is now at 6.15 percent, up from 5.87 percent the previous week. 

Adjustable rate mortgages were also up smartly from last week with one exception on the shorter end. The average rate for a 10/1 conforming adjustable rate mortgage is now at 5.61 percent, up from 5.30 percent. The average rate for a Jumbo 10/1 ARM is 6.65 percent his week, up from last week’s average of 6.30 percent. The average rate for a 7/1 conforming ARM is now 5.29 percent, up from 4.95 percent. Jumbo 7/1 ARMs are now averaging 6.54 percent, up from 6.16 percent.

5/1 conforming ARMs are averaging 4.79 percent this week, up from last week’s average of 4.50 percent. Jumbo 5/1 ARMs are averaging 5.66 percent this week, up from 5.48 percent last week. 3/1 conforming ARMs averaged 4.89 percent, up from 4.77 percent. Jumbo 3/1 ARMs are averaging 5.67 percent, up from 5.58 percent. The average rate for a one year conforming ARM stayed the same at 4.80 percent. Jumbo one year ARM rates averaged 5.92 up from 5.64 percent.

Interest only adjustable rate mortgages also went up last week. 3/1 conforming ARM rates rose back above five percent at 5.03 percent, up from 4.90 percent. Jumbo 3/1 ARMs averaged 5.81 percent, up from last week’s average of 5.73 percent. The average rate for 5/1 conforming ARMs rose to 4.95 percent, up from 4.59 percent. Jumbo 5/1 ARMS averaged 6.00 percent, up from 5.83 percent. 7/1 conforming ARMs averaged 5.58 percent this week, up from last week’s average of 5.22 percent. Jumbo 7/1 ARMs averaged 6.77 percent, up from 6.34 percent.

The average rate for a home equity line of credit (HELOC) is unchanged this week at 4.74 percent. The average rate for 10-year home equity loan decreased last week to 7.65 percent, down from 7.68 percent the following week. The average rate for 15-year home equity loan declined to 7.78 percent this week, up from last week’s average of 7.80 percent.