Mortgage rates were mixed in the latest survey released this week by a mortgage industry association. Current mortgage interest rates have been treading higher the past couple of weeks on the belief that the economy’s contraction this quarter won’t be as severe as once thought.
We might actually see GDP grow again later this year. Second quarter GDP is being released today, the economy probably shrank around 1.5 percent. Once the economy starts growing again, be prepared for higher mortgage rates soon after.
Mortgage Interest Rates
As a result of the increase in mortgage rates refinancing, activity has declined. The average contract mortgage interest rate is up to 5.36 percent, up from 5.31 percent, with the average points decreasing to 0.93 from 1.18 according to the Mortgage Bankers Association. Mortgage points are paid to by down a mortgage’s interest rate.
The average contract interest rate for a 15-year mortgage is down to 4.75 percent from 4.80 percent with the average points of increasing to 1.14 points from 1.03 points. 15-year mortgage rates are low historically speaking, just over a year ago interest rates on a 15-year mortgage were over 6.00 percent.
Adjustable Mortgage Rates
Shorter term adjustable rate mortgages have also been increasing the past couple of weeks while longer term adjustable mortgage rates have been holding steady. The average contract rate for one-year adjustable rate mortgages increased to 6.66 percent from 6.50 percent with the average points going down to 0.09 points from 0.11 points.
Jumbo Mortgage
Earlier this week MonitorBankRates.com reported the average rate on a 30-year jumbo mortgage (fixed rates) was at 6.18 percent this week, down from the prior week’s average mortgage rate of 6.21 percent. Down from the 6.65 percent recent high set on June 15, 2009.
The average mortgage rate on a fixed 15-year jumbo mortgage loan is at 5.81 percent this week, down from the last week’s average rate of 5.83 percent.
Looking for Today’s Mortgage Rates?
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for Mortgage Rates.
The U.S. Governement’s cash for clunkers program officially known as the Car Allowance Rebate System has already run out of money six days after it began. The program was supposed to run until November 1st, 2009 if the funds didn’t run out. No one expected the program to be this popular and deplete the program’s funds in less than one week.
The cash for clunkers program gives a purchaser or leaser of a vehicle a credit of either $3,500 or $4,500, depending on the type of vehicle purchased and the difference in fuel economy between the purchased vehicle and the trade-in vehicle.
I believe the program should be expanded by billions! Anything that is getting folks out buying big ticket items to help the economy, the automobile industry and the environment should be kept going.
Another bit of good news is all valid transactions that have occured so far under the Car Allowance Rebate System will be honored. Debbie Stabenow, a Senator from Michigan, is asking Congress and the Obama Administration to provide more funding for the program.
Getting a new car? Check Auto insurance rates for the new car or SUV you are planning on buying or leasing. Just enter your zip and find a listing of auto insurance companies offering auto insurance coverage in your area. Check Auto Insurance Rates Here
Current mortgage rates were up slightly in the most recent survey released this morning. Mortgage rates have been fluctuating in a tight range for the past couple of weeks after coming down from recent highs.
Today’s mortgage rates rose because bond yields rose on the prospect of the economy expanding in the fourth quarter of 2010.
Current Mortgage Rates
The average rate on a 30-year fixed home mortgage rate increased to 5.25 percent with an average point of 0.7 percent, up from the prior week’s average mortgage loan rate of 5.20 percent according to Freddie Mac. Last year at this time the average 30-year mortgage interest rate was around the 6.50 percent range.
Looking for mortgage rates in your area? MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for Mortgage Rates Here
15-year home mortgage rates are averaging 4.69 percent this week with an average 0.7 point, up from the previous week’s average mortgage rate of 4.68 percent. Last year at this time the average rate on a 15-year mortgage was over 6.00 percent at6.07 percent.
Adjustable Rate Mortgage
The average 5-year adjustable mortgage rate increased to 4.75 percent this week with an average 0.6 point, up from the prior week’s average home loan mortgage rate of 4.74 percent. Last year at this time the average rate on a 5-year ARM was also at 6.07 percent, the same rate as a fixed 15-year conforming mortgage.
One-year adjustable mortgage rates increased to 4.80 percent with an average 0.5 point, up from last week’s average mortgage rate of 4.77 percent. The average rate on a 0ne-year ARM was only .50 percent higher last year at this time.
Jumbo Mortgage
Freddie Mac’s weekly Primary Mortgage Market Survey does not contain jumbo mortgage rates because Freddie Mac only reports on mortgages it purchases from banks, known as conforming mortgages.
MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.
Current CD rates have fluctuated in a narrow range for some time now. CD rates are so low the certificate of deposit yield curve is almost flat. There is hope for the future, economists believe the economy will return to growth in the fourth quarter of 2009.
When the economy gets back to expanding again, employment will pick up and the Federal Reserve will shift monetary policy from stimulating the economy to a tightening mode by raising interest rates to keep inflation in check. When the Fed raises interest rates banks will follow by raising rates on deposit accounts like savings accounts and certificate of deposits.
Current average 12 month CD rates are down to 1.294 percent this week, down from the prior week’s average rate of 1.308 percent. Shorter term certificates were also down, the average 3 month CD rate decreased to 0.716 percent this week, a decline from 0.725 percent last week. 6 month CD rates are at 1.007 percent this week, down from last week’s average rate of 1.018 percent.
Longer term certificate of deposit rates were also down this week over last week. Five year CD rates are averaging 2.453 percent this week, down from the prior week’s average rate of 2.457 percent. Four year CD rates are down to 2.216 percent, down from the previous week’s average CD rate of 2.207 percent.
Three year certificate of deposit rates were down to 1.985 percent, down from last week’s average rate of 1.999 percent. Two year CD rates are averaging 1.702 percent this week, down from the prior week’s average CD rate of 1.709 percent. 18 month CD rates are down to 1.434 percent this week, down from the previous week’s average rate of 1.447 percent.
Looking for CD Rates? Compare a list of rates from banks in your zip code. MonitorBankRates.com has a listing of CD rates that are a lot higher than the national average rates listed above.
Current mortgage rates are mixed this week, fixed rate conforming mortgages are up and fixed rate jumbo mortgages are down. Shorter term adjustable rate mortgages are also down this week while longer term adjustable mortgage rates are up.
10-year U.S. Treasury notes are pretty much where they were last Monday at 3.65 percent, rates did decline early last week to around 3.45 percent but bounced back.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for Mortgage Rates.
Most economists now believe the U.S. economy will return to growth in the third quarter of 2009, after the deep downturn of 6.3 percent in the fourth quarter of last year and the 5.5 percent drop in the first quarter of 2009.
The initial growth won’t be strong enough to bring the unemployment rate down and the slack in unemployment is expected to keep inflation down so the Fed still won’t raise interest rates anytime soon.
If you’re thinking of refinancing or getting a mortgage for a home purchase but you’re on the fence because you’re not sure which direction mortgage rates are headed, you should go ahead and take the plunge because rates will be headed higher and probably won’t head much lower unless the economy tanks again.
Current Mortgage Rates
The average rate on a conforming fixed 30-year mortgage increased this week to 5.39 percent, up from the prior week’s average mortgage rate of 5.34 percent. Today’s mortgage rates are only .50 percent higher than the recent low of 4.84 percent set on May 18, 2009. The average rate for a conforming fixed 15-year mortgage is at 4.84 percent, an increase from the previous week’s average rate of 4.80 percent.
Jumbo Mortgage
The average rate on a fixed 30-year jumbo mortgage is at 6.18 percent this week, down from last week’s average mortgage rate of 6.21 percent. Also down from the 6.65 percent recent high set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.81 percent this week, down from the prior week’s average rate of 5.83 percent.
Adjustable Mortgage Rate
Adjustable mortgage rates were mixed this week. The average rate for a one-year conforming ARM decreased to 4.42 percent from 4.51 percent the previous week. Jumbo one-year ARMs decreased to 5.20 percent, down from the prior week’s average rate of 5.24 percent.
Three-year conforming adjustable mortgage rates increased to 4.69 percent this week, an increase of 0.05 percent from prior week’s average rate of 4.64 percent. The average mortgage loan rate for a jumbo three-year ARM is at 5.41 percent, up from the prior week’s average home mortgage loan rate of 5.32 percent.
Five-year adjustable mortgage loans were up this week. Conforming five-year ARMs are averaging 4.59 percent, up from prior week’s rate of 4.53 percent. The average jumbo five-year mortgage loan rate was up to 5.52 percent, up from the previous week’s average rate of 5.42 percent.
The average rate on a conforming seven-year adjustable home mortgage loan was down to 5.09 percent this week, last week’s average loan rate of 5.14 percent. Jumbo seven-year adjustable mortgage rates increased to 6.17 percent, a big increase from the prior week’s average rate of 5.95 percent.
10-year adjustable rate mortgages were up. The average rate for a conforming 10-year ARM is at 5.57 percent this week, up from last week’s average mortgage rate of 5.47 percent. Jumbo 10-year ARMs averaged 6.45 percent, up from the prior week’s average rate of 6.26 percent.
Interest Only Mortgage
Interest only mortgage rates were up for the most past this week. Rates on a conforming three-year interest only ARMs increased to 4.76 percent, up ever to slightly from the prior week’s average rate of 4.756 percent. Jumbo three-year ARMs are averaging 5.56 percent, up from 5.40 percent.
Five-year interest only loans increased to 4.69 percent this week, up from the prior week’s average rate of 4.61 percent. The average jumbo five-year interest only ARM increased to 5.85 percent this week, up from 5.72 percent the prior week.
Conforming seven-year interest only adjustable rate mortgages decreased to 5.28 percent, down from the prior week’s average rate of 5.33 percent. The average rate for jumbo IO ARMs is up to 6.40 percent, a big increase from the prior week’s average rate of 6.08 percent.
Home Equity Loan
Home equity loan rates haven’t changed much this entire month. The average rate for a 10-year home equity loan was up marginally to 7.613 percent, the prior week’s average 10-year home equity rate was 7.612 percent. Rates on a 15-year home equity increased to 7.740 percent, up from last week’s average rate of 7.737 percent.
Home Equity Line of Credit
Home equity line of credit rates increased to 4.808 percent this week, up from last week’s average home equity line rate of 4.805 percent. HELOC rates are a better option right now than home equity loans. The one negative of a HELOC over a equity line if the interest rate is variable.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates
Some large credit card issuers including J.P. Morgan Chase, Bank of America, and Discover Bank have recently told some of their credit card holders that their fixed rate credit cards were being converted to a variable rate credit card.
Although the banks are saying the changes are to better manage their business costs and credit card market conditions (another way of saying credit card defaults) the change is probably brought on by the Credit Card Accountability, Responsibility and Disclosure Act which starting next month will require banks to notify fixed rate credit card holders of any increase in their credit card rates 45 days in advance.
To bad Congress didn’t think of passing a law that prevents credit card companies from changing a credit card from a fixed rate to a varible rate. Though if they did banks would have just found another loophole.
Variable rate credit cards are usually tied to the Prime Rate and rise and interest rates rise.
Buying a car is the biggest financial purchase you can make beside buying a home. Most people finance their purchase to be able to afford a car. Unfortuately most people also just get an auto loan through the dealer without shopping for auto loans, which isn’t the best way to obtain financing.
Before you walk into a car dealer showroom, you should contact lenders directly. Most major banks if not all offer auto financing for both new car purchases and used car purchases. Some banks also offer auto loans to buy a car directly from an individual.
Arming yourself with current auto finance rates will also give you the ability to better negoiate with car dealers. Most dealers are offering great terms and deals on cars these days so it’s quite possible the dealer can give you a better rate, you might also qualify for a zero percent rate.
Each type of vehicle will also have different insurance premiums so check auto insurance rates for the vehicle you are planning on buying or leasing. You can find auto insurance companies offering auto insurance in your zip code by using MonitorBankRates.com insurance search engine.
Create a worksheet to compare auto financing options and auto finance rates each banks offer. Rates are low these days – Pentagon Federal Credit Union is currently offering a rate of 3.99 percent for an auto loan up to 60 months. When comparing auto loans be sure to compare apples to apples, compare the annual percentage rate (APR) and the length of the car loan. Longer term loans will have higher interest rates.
In case you haven’t heard, there is a Federal Government program called the Car Allowance Rebate System (CARS) which will give rebates up to $4,500 for purchasing a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle.
Are you 62 years or older and looking to tap into the equity in your home but are unsure if a reverse mortgage or a home equity loan is the way to go? There are big differences between a reverse mortgage and a home equity loan.
Home equity loans or a home equity line of credit are considered a second mortgage on your home. To qualify for a home equity loan or line of credit, you have to have enough income to pay back the loan on your mortgaged home.
In addition, there are debt to income ratios that banks consider when giving you a home equity loan or home equity line of credit (HELOC). Not to mention, a HELOC is a variable rate line of credit, meaning the interest rate you pay isn’t a set rate and can go up. Home equity loan rates are also a lot higher than mortgage rates these days so you will be paying more interest than with a traditional mortgage.
A reverse mortgage is different from a loan or line of credit. The difference is that a reverse mortgage pays you, the mortgagee. The amount of money you can borrow depends on the equity in your home, your age, the prevailing interest rate, and the appraised value of your home or Federal Housing Administration’s mortgage limits for your area, whichever is less.
You can use a reverse mortgage calculator to see how much you qualify for but the general rule of thumb is the more valuable your home is, the older you are, the lower the interest rate, the more you can borrow.
Reverse mortgages may be a great way to tap into the equity in your home. As long as the home is your principal residence, you don’t have to make payments on the money you receive with a reverse mortgage. Keep in mind that as with a regular mortgage, the loan becomes due in full when you move or sell the house.
Quantum National Bank of Suwanee Georgia, a suburb of Atlanta is offering a one of the best CD rates available for a 12-month certificate of deposit. The bank CD rate is currently at 2.48 percent, with an annual percentage yield (APY) of 2.50 percent. The minimum opening deposit for this certificate of deposit is $1,000.
Even though the name of the bank is Quantum National Bank, this certificate of deposit is limited to residents of Georgia. Although you can open a money market account or Individual Retirement Account (IRA) if you live out of state.
The current rate on the money market account is 2.00 percent with an annual percentage yield (APY) of 2.02 percent for account balances over $100,000. The minimum opening deposit is $100 though you have to maintain a minimum average daily balance of $1,500 to avoid a monthly account fee of $12.
The money market also has check writing previliges. Keep in mind, with all money market accounts you are limited to six withdrawals per month by law.
Mortgage rates are up again today, current mortgage rates have been treading higher the past couple of days. The rate on a fixed 30-year mortgage increased from 5.33 percent last week to 5.39 percent today. The mortgage rate on a fixed 15-year mortgage is up to 4.84 percent today, up from last week’s average rate of 4.79 percent.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates
Jumbo Mortgage
Jumbo mortgage rates are headed in the opposite direction the past couple of days. Continuing to narrow the spread between conforming mortgages and jumbo mortgages. The rate spread was thrown out of wack during the credit crises, since the credit markets are returning back to normal, jumbo mortgage rates have returned to a more historical range of around one percent higher than conforming rates.
30-year jumbo rates are currently at 6.18 percent today, down from 6.20 percent last week at this time. The average 15-year jumbo mortgage interest rate has also come down this week to 5.80 percent from 5.83 percent this time a week ago.
Adjustable Rate Mortgages
For the most part adjustable mortgage rates are higher today than earlier this week except for one-year adjustable mortgages and a 7/1 adjustable rate mortgage. One-year conforming ARMs are at 4.41 percent, down from 4.51 percent this time last week, possibly the lowest mortgage rate available. The average rate on a 3/1 conforming ARM is at 4.69 percent, up from 4.63 percent. The average rate on a 5/1 ARM is at 4.59 percent, up from 4.53 percent lower than a 3/1 adjustable. The current mortgage rate on a conforming 7/1 ARMs is at 5.09 percent, down from 5.14 percent last week at this time.
Jumbo Adjustable Mortgage Rates
Longer term jumbo ARMs have had a large increase in the average rate this week, while shorter term mortgage rates increased slightly. One-year jumbo ARMs are averaging 5.20 percent today, down from a rate of 5.24 percent last week. The average rate home mortgage rate on a 3/1 jumbo ARM is at 5.41 percent, up from 5.32 percent. The average mortgage loan rate on a 5/1 jumbo ARM is at 5.51 percent, up from 5.41 percent last week at this time. Mortgage home rates for jumbo 7/1 ARMs are at 6.17 percent, up from 5.95 percent last week at this time.
MonitorBankRates.com has free mortgage rate tables you can search for current mortgage rates in your zip code.
Low mortgage rates are bringing buyers back into the market for homes driving existing home sales higher for the third consecutive month. In addition to low home mortgage rates driving sales higher, the $8,000 first time home buyer tax credit and near record home affordability is also bring home buyers back to the real estate market.
Home sales including single family homes, townhomes, co-ops and condominums increased 3.6 percent in June 2009 on a seasonally adjusted basis according to the Nation Association of Realtors. Home sales were strongest out West with an increase of 6.4 percent. Home sales in the South increased 4.0 percent. Home sales in the East increased 2.5 percent and home sales in the Midwest rose 0.9 percent.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for Mortgage Rates Here
Mortgage Interest Rates
Today’s mortgage rates are low because the Fed Funds rate is in a targeted range of zero percent to one-quarter percent until the economy recovers. The Federal Reserve Chairman Ben Bernanke make it clear this week in his semiannual testimony to Congress that they won’t raise interest rates anytime soon.
Current Mortgage Rates
Mortgage rates are currently headed back down this week probably because of the Fed’s remarks to Congress on Tuesday. Conforming fixed rate 30-year mortgages are at 5.30 percent today, down from our mortgage survey report on Monday showing 30-year rates at 5.34 percent. The average fixed rate for a conforming 15-year is at 4.77 percent, down from Monday’s rate of 4.80 percent.
Jumbo Mortgage
Jumbo mortgage rates are also headed down this week. Today’s 30-year jumbo rate is averaging 6.14 percent, down from Monday’s jumbo rate of 6.21 percent. 15-year jumbo mortgage rates are at 5.78 percent, down from Monday’s jumbo loan rate of 5.83 percent.
Adjustable Rate Mortgages
Today’s adjustable mortgage rates are mixed compared to Monday’s mortgage report. The average mortgage rate one-year conforming ARM is now at 4.42 percent, down from Monday’s rate of 4.51 percent. The average rate on a three-year ARM is at 4.70 percent, Monday’s average rate was 4.66 percent. Conforming rates for Five-year ARMs are averaging 4.57 percent, unchanged from Monday’s rate. Seven-year ARMs are down to 5.05 percent from 5.14 percent on Monday.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for Mortgage Rates Here
Bank of Internet of San Diego, California is offering one of the best online savings account rates available these days.
The savings account rate is currently at 2.47 percent with an annual percentage yield of 2.50 percent. The minimum opening savings account balance is $100.
The Advantage savings account has a higher yield than the bank’s high yield savings account, 2.50 percent vs. 2.06 percent so besure to open an Advantage account. To confuse you even more, Bank of Internet also offers a Money Market Savings Account that currently has a yield of 1.70 percent.
The Advantage account savings rate is tired and is currently the same for savings account balances between $1 and over $100,000. The account doesn’t have monthly maintenance fees.
The online savings account also has a “Limited Bill Payment” feature which allow you to by up to three bills per month. Another nice benefit to this savings account is you can view online images of bank statements going back five years. With another bank I recently had to pay a $15 fee to have a savings account statement of six months ago mailed to me.
The savings account is insured by the Federal Deposit Insurance Corporation for up to $250,000. Bank of Internet’s FDIC certificate number is 35546
Mortgage rates are up for the most part in the latest mortgage survey released today. Fixed rate 30-year mortgages and 15-year mortgages were up while five-year adjustable rate mortgages declined this week.
The uptrend in mortgage rates this week reported by Freddie Mac’s Primary Mortgage Market Survey is keeping with the trend reported earlier this week in the MonitorBankRates.com mortgage survey and the Mortgage Bankers Association’s survey.
Current Mortgage Rates
Current fixed rate mortgages were up this pass week. The average fixed rate 30-year mortgage was 5.20 percent with an average 0.7 point for the week ending today, up from last week when it averaged 5.14 percent. A year ago 30-year mortgages averaged 6.63 percent. The decline in mortgage interest rates has created a refinance boom the past several months.
The average fixed rate for a 15-year mortgage this week is at 4.68 percent with an average 0.7 point, up from the prior week’s average rate of 4.63 percent. Last year this time 15-year mortgage rates were also a lot higher, rates averaged 6.18 percent. Today’s mortgage rates are helping to put an end to the decline in housing prices.
Today’s Mortgage Rates
Today’s five-year adjustable mortgage rates are at 4.74 percent, down from the prior week’s average rate of 4.83 percent, with an average 0.7 percent point. A year ago, the 5-year adjustable rate mortgage averaged 5.49 percent.
The average rate for one-year adjustable mortgages is at 4.77 percent this week with an average 0.6 point, up from last week’s average rate of 4.76 percent. Last year this time the average mortgage rate on a one-year was also at 5.49 percent.
Jumbo Mortgage Rates
Freddie Mac’s weekly survey does not include jumbo mortgage rates because Freddie Mac only reports on mortgages it purchases from banks. These home loans are called conforming mortgages.
MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.
Eastwood Bank of Minnesota is offering a rewards checking account that currently has an annual percentage yield of 4.01 percent for balances up to $25,000 and an APY of .75 percent on balances above $25,000.
As with all rewards checking accounts there is a certain number of bank transactions you have to do every month to earn the high yield checking account rate.
To earn the high yield you have to do twelve or more purchases using an Eastwood Bank Visa Check Card, at least one direct deposit or automatic withdrawal, and electronic statement delivery to a valid e-mail address.
The bank will also reimbursed you for ATM fees, up to $25 each calendar month. The checking account also has free internet banking and free online bill pay.
Home prices were up 0.9 percent on a seasonally adjusted basis from April 2009 to May 2009. The fifth straight increase in the price of homes according to the Federal Housing Finance Agency’s Home Price Index.
The home price increases are a result of the low mortgage rates we have seen this year, the first time home buyer tax credit and homes have become a lot more affordable than they have in recent memory.
Home prices have declined so much the past few years making them affordable again.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for MortgageRates Here
The Pacific region of the country which includes, Hawaii, Alaska, Washington, Oregon, California had the biggest house prices increase of 2.7 percent on an annualized basis.
While the New England region which includes Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut had the largest decline in home prices, on an annualized basis prices declined 2.0 percent.
Other regions enjoying a rebound include the East North Central region which includes Michigan, Wisconsin, Illinois, Indiana and Ohio. Home prices increased 1.5 percent on an annualized basis.
The South Atlantic region which includes Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida had an increase of 1.4 percent on an annualized basis.
The monthly FHFA index is calculated using purchase prices of homes that have mortgages sold to or guaranteed by Freddie Mac or Fannie Mae
Mortgage rates are higher this week according to the latest weekly mortgage survey released today. The higher mortgage interest rates hasn’t put a damper on home purchases or on home refinancing according to the Mortgage Bankers Association.
Today’s Mortgage Rates
Average mortgage contract rates increased this week over last week, brought on by higher U.S. Treasury prices. The average rate for a 30-year mortgage increased to 5.31 percent this week, up from the prior week’s average rate of 5.05 percent, with points increasing to 1.18 from 1.12. Even though home loan rates increased this week rates are still low compared to historical standards.
The average home loan rate for a 15-year fixed-rate mortgage was up to 4.80 percent this week, last week’s average contract rate was 4.59 percent, with points decreasing to 1.03 from 1.07. In June of this year the average 15-year mortgage rate was under 4.50 percent.
Adjustable rate mortgages were also up this week over last. The average contract interest rate for one-year ARM increased to 6.50 percent from 6.47 percent, with points remaining unchanged at 0.11.
Mortgage Applications Index
The Market Composite Index, an index that measures mortgage loan application volume, increased 2.8 percent this week to 528.9 on a seasonally adjusted basis from 514.4 one week earlier. Unadjusted the home mortgage index increase 2.9 percent compared to the previous week an increased 6.6 percent compared with the same week one year earlier. The four week moving average for the seasonally adjusted Market Index is down 1.0 percent
Refinance Index
The MBA’s index that measures home mortgage refinancing “The Refinance Index” increased 4.0 percent this week to 2089.7 from 2009.4 the previous week and the seasonally adjusted Purchase Index increased 1.3 percent to 262.1 from 258.8 one week earlier. The home refinance index’s four week moving average is down 0.4 percent.
Looking for current mortgage rates? MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates.
CD Rates at banks were down fractionally again this week over last week, except for the average five-year certificate of deposit rate which was up ever so slightly. Certificate of deposit rates are expected to stay in this low range for a while since the Federal Reserve Bank isn’t expected to raise interest rates until sometime in 2010 when the economy recovers and gains traction.
Current CD Rates at Banks
The average three-month certificate of deposit rate decreased to 0.725 percent this week, down from the prior week’s average rate of 0.738 percent. EverBank is offering a special promotional three-month certificate that currently has annual percentage rate of 1.25 percent.
Six-month certificate of deposits are averaging 1.018 percent this week, down from the previous week’s average CD rate of 1.034 percent. EverBank is also offering a promo six-month CD rate which currently yields 1.65 percent, a good rate since the national average is just above 1.00 percent.
One-year certificate of deposit rates are averaging 1.308 percent this week, last week’s average CD rate for a 12-month CD was 1.324 percent. Ally Bank is offering one of the best CD rates for a 12-month CD, the annual percentage yield is currently at 2.05 percent.
Best CD Rates
Longer term certificates are not that much higher than short term rates. Currently the average rate on a two-year certificate of deposit is at 1.709 percent this week, down from the prior week’s average CD rate of 1.719 percent. E-Loan is offering an annual percentage yield of 2.47 percent for a 24-month certificate of deposit.
Three-year certificate of deposit rates are averaging 1.990 percent this week, down from last week’s average CD rate of 1.997 percent. Discover Bank is offering one of the highest CD rates for a 36-month CD, the annual percentage yield is currently at 2.75 percent.
The average certificate of deposit rate for a four-year certificate is currently at 2.207 percent this week, down from last week’s average CD rate of 2.217 percent. Intervest National Bank is offering an annual percentage yield of 3.20 percent for a 48-month certificate of deposit.
Woohoo!!! Five-year certificate of deposit rates increased to 2.457 percent, from 2.458 percent the prior week, another 100 years and we will start getting a decent rate again. Pentagon Federal Credit Union is offering an annual percentage yield of 3.51 percent for a 60-month certificate.
Looking for CD Rates in your area? Use our CD rate search engine to find the best CD rates in your zip code.
There are two main types of life insurance, term life and cash value life insurance. You should understand the difference between the two insurance terms before you get a life insurance quote from a life insurance company.
There are also many different policy variations between these two types of life insurance. For this article we will only focus on term life insurance.
Term life policies provide life insurance for a specified period of time, usually for 10, 20 or 30 years but shorter periods are also available. The idea is there will be a period of time in your life you will have dependents that will need a source of income if you die. If you die during the term period, the insurance company will pay the face value to your beneficiary, usually a surviving spouse or your dependents.
If you live beyond the term life insurance period, you do not receive any money. No savings or cash value is built up during the insurance term unlike a cash value life insurance policy. You can get more life insurance coverage with a term life policy than a cash value policy because term life insurance rates are cheaper. The cost of term insurance goes up as you get older, which can make it more expensive than cash value insurance in the long run.
Buying Term Life Insurance
When you buy term insurance, you need to decide how long you want the protection. You may renew the policy without a physical examination for the period of years specified in the policy. Another option is some term insurance can be converted to cash value insurance up to a specified age with no physical examination.
If you do convert some or all of the term life to cash value the premiums for the converted insurance will be higher for the cash value insurance. If you fail to pay the insurance premium for your term insurance, it will lapse without any cash value, as compared to a permanent type of policy that has a cash value component.
Searching for Life Insurance Quotes? You can search for life insurance companies in your zip code here.
Current mortgage rates are up this past week brought on by higher Treasury rates, 10-year U.S. Treasury rates rose from about 3.30 percent to 3.65 percent this week. Today’s mortgage rates are still low by historical standards.
The low mortgage rates are bringing home buyers back to the market and helping to put an end to the housing crises. Low mortgage loan rates are also spurring mortgage refinance activity. The Mortgage Bankers Association reported last week that their Refinance Index rose 17.7 percent from the previous week on a seasonally adjusted basis.
Another index released this past week further supports the begining of the end of the housing crises. The National Association of Realtors released their Pending Home Sales Index which showed a slight increase in May 2009. The increase was only 0.1 percent but it was the fourth consecutive monthly increase which hasn’t happened since October 2004.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for MortgageRates Here
Current Mortgage Rates
The average rate on a conforming fixed 30-year mortgage increase this week to 5.34 percent, up from the prior week’s average mortgage rate of 5.20 percent. Not much higher than the recent low of 4.84 percent set on May 18, 2009. The average rate for a conforming fixed 15-year mortgage is at 4.80 percent, an increase from the previous week’s average rate of 4.72 percent.
Jumbo Mortgage
The average rate on a fixed 30-year jumbo mortgage is up slightly to 6.21 percent this week from last week’s average mortgage rate of 6.17 percent. Still down from the 6.65 percent recent high set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.83 percent this week, up from the prior week’s average rate of 5.71 percent.
Adjustable Mortgage Rate
Adjustable mortgage rates were mixed this week. The average rate for a one-year conforming ARM decreased to 4.51 percent from 4.55 percent the prior week. Jumbo one-year ARMs increased to 5.24 percent, up from the prior week’s average rate of 5.20 percent.
Three-year conforming adjustable mortgage rates decreased to 4.64 percent this week, down from last week’s average rate of 4.66 percent. The average mortgage loan rate for a jumbo three-year ARM is at 5.32 percent, up from the prior week’s average home mortgage loan rate of 5.30 percent.
Five-year adjustable mortgage loans were mixed this week. Conforming five-year ARMs are averaging 4.53 percent, down from last week’s rate of 4.57 percent. The average jumbo five-year mortgage loan rate was up to 5.42 percent from the previous week’s average rate of 5.34 percent.
The average rate on a seven-year adjustable home mortgage loan was up. Conforming seven-year ARMs are averaging 5.14 percent, up from 5.00 percent the prior week. Jumbo seven-year adjustable mortgage rates increased to 5.95 percent, up from last week’s rate of 5.90 percent.
10-year adjustable rate mortgages were mixed. Conforming 10-year ARMs are at 5.47 percent this week, up from the prior week’s average mortgage rate of 5.30 percent. Jumbo 10-year ARMs averaged 6.26 percent, down slightly from 6.28 percent.
Interest Only
Interest only mortgage rates were also mixed this week. Rates on three-year interest only ARMs decreased to 4.76 percent, down from last week’s average rate of 4.78 percent. Jumbo three-year ARMs are averaging 5.40 percent, up from 5.35 percent.
Five-year interest only loans increased to 4.61 percent this week, up from the prior week’s average rate of 4.60 percent. Jumbo five-year interest only ARMs increased to 5.72 percent, up from 5.57 percent the prior week.
Conforming seven-year interest only adjustable rate mortgages increased to 5.33 percent, up from the prior week’s average rate of 5.15 percent. The average rate for jumbo IO ARMs is up to 6.08 percent, the prior week’s average was 6.02 percent.
Home Equity Loan
Home equity loan rates were pretty much unchanged this week. The average rate for a 10-year home equity loan was down to 7.612 percent, the prior week’s average 10-year home equity rate was 7.616 percent. While rates on a 15-year home equity decreased to 7.737 percent, down from the prior week’s average rate of 7.742 percent.
Home Equity Line
Home equity line of credit rates increased to 4.805 percent this week, up from last week’s average home equity line rate of 4.800 percent. Home equity line of credit rates haven’t changed much recently so if you’re in the market for a short term loan a home equity line is probably the way to go. Keep in mind the home equity line of credit rates are not fixed rate loans, they can increase as interest rates go up.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates
Mortgage Rates are near historic lows, housing prices are more affordable than they have been over the past several years and there is a $8,000 tax credit for first time home buyers who purchase a home before December 1, 2009. That being said, now is a good time to take the plunge and purchase a home or refinance your existing mortgage.
Finding the best mortgage rates available has become a lot easier than it used to be. In the past one had to either use a mortgage broker or stop at several brick and mortar banks. Now you can search for home mortgage rates online, get current mortgage rates and compare different mortgage types with ease.
Mortgage Rates
Today’s mortgage rates are very low compared to historical averages. A conforming fixed rate 30-year mortgage can be found for around 5.00 percent. Fixed conforming 15-year mortgage rates are under 5.00 percent at around 4.75 percent.
These low mortgage rates are expected to remain in this range until the Federal Reserve starts to raise interest rates again when the economy picks up. This probably won’t happen until the beginning of 2010.
Jumbo Mortgage Rates
Current jumbo mortgage rates are also low compared to historical averages. During the credit crises late last year jumbo mortgage rates were a lot higher than conforming mortgage rates because most banks and lending institutions were leery of making jumbo loans.
There wasn’t a market for selling the loans and banks would have to hold onto them unlike conforming mortgages are bought by Feddie Mac and Fannie Mae. Jumbo rates are now only between three quarters to one percent higher than conforming mortgage loan rates.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates
New laws effecting credit cards go into effect this year and next thanks to the Credit Card Accountability, Responsibility and Disclosure Act. Most of the credit card changes help consumers but some might also hurt consumers.
Credit Cards
Starting in August 2009 monthly credit card bills must be mailed out 21 days in advance by credit card issuers. This should help credit card holders getting their payments in on time and from incurring late payment fees. Also starting next month credit card companies have to give consumers 45 days notice before increasing credit card interest rates and credit card fees.
More credit card changes are instore for 2010. Starting in February 2010, banks can’t raise credit card rates on existing balances unless your behind more than 60 days on your payments. Without a doubt, this is probably the biggest win for consumers. Introductory rates, like balance transfer credit card rates must have a minimum six month period.
Another big benefit for consumers is payments that are over the minimum payment due must be applied to higher interest rate balances first, then on down in descending order. Just the opposite happens now. This rule change will also take place in February 2010.
You have to opt in for going over your credit card limit. Unlike now where card issuers allow you to go over the limit but smack you with an over the limit fee. Also in February 2010, you must have an adult co-sign a credit card application or show proof income to be approved.
Universal default, which is a nasty practice credit card issuers were allowed to do will no longer be an option for them. Universal credit card default was the practice of raising your credit card rate if they learned you were late making a payment on another credit card account.
Starting in August 2010 if your credit card rates were raised because you were late making a payment after six months of making payments on time the credit card issuer has to lower your credit card rate back to the previous level.
Banks are looking into other ways to generate more revenue of their credit card accounts. Some banks might increase credit card fees now and start charging new fees to replace the fees lost because of the changes. Banks might also pair back credit card rewards.
Looking for the best credit card rates? MonitorBankRates.com has a credit card comparison search engine. You can compare rates by category including low interest credit cards, instant approval credit cards, rewards credit cards, gas credit cards, cash back credit cards, business credit cards, student credit cards and more.
Home appraisals are done whenever you obtain a mortgage to purchase a home or refinance your home loan. Banks and lending institutions require a home appraisal when they provide financing for a home purchaser.
The fee for an appraisal of a home is usually between $200 and $300, although you can find banks that give a free home appraisal that will be included in a “no closing costs” loan.
Home Appraisals
During the process of purchasing a home or refinancing a mortgage, a home appraiser will look at the property’s condition and recently sold homes in the area to come up with the home’s appraised value. The value can determine whether or not you are given a home loan. Most banks will not lend more than 80 percent of the value of a home - this is called the “loan-to-value ratio.”
When doing a mortgage refinancing, the value of your home may come in less than you expected and perhaps less than the prior appraisal when you purchased the home or last refinanced. You might not even be able to refinance your loan because of the deceased value.
Example: You purchased your home three years ago at $425,000 with a 20 percent down payment, so your mortgage was $340,000. Fast forward to today, you want to refinance your loan, an apprisal is done and the value of your home is now only $380,000 and your current mortgage principal balance is $335,000. The LTV is 88.15 percent and chances are your lender will not refinance your mortgage.
However, you might still be able to refinance your home loan under the Making Home Affordable program if your loan is being held by Freddie Mac or Fannie Mae or has been securitized by either Freddie or Fannie.
When your bank, credit union or lending institution does an apprisal, ask for a copy of the apprisal - they are requied to give you one. Check the appraisal and make sure all the information is accurate and complete. Any improvements you fail to mention will not be included in the overall value of your property.
Are you searching for current mortgage rates in your area? You can use our free mortgage rate tables. Find today’s mortgage rates in your zip code.
The credit card company, American Express, is offering certificate of deposits through their banking arm, American Express Bank a federal savings bank.
Some of the CD rates being offered are above the national average while some are below the national average for the same CD rate products. American Express became a bank holding company during the credit crises last fall to be able to collect deposits.
As of July 16, 2009 their three-month bank CD rates are yielding .60 percent, below the national average rate of 0.725 this week. American Express Bank 6 month CD yield is at 1.00 percent, just below the national average six-month CD rate of 1.018 percent.
The bank’s longer term certificate of deposit rates are above the national average rate. Currently their 12 month certificate of deposit APY is 1.75 percent, the national average this week is 1.308 percent. The 18-month CD rate is at 2.15 percent, above the national average CD rate of 1.447 percent.
Amex Bank’s 24-month certificate currently has an APY of 2.25 percent, above the national average rate of 1.709 percent. 36-month CD yields are at 2.75 percent, well above the national CD rate of 1.990 percent.
48-month certificate of deposit yields are at 3.00 percent, while the national average rate for a 48-month CD is at 2.207 percent. 60-month CD yields are at 3.25 percent, above the average rate of 2.457 percent.
The certificate of deposits are FDIC insured. American Express Bank’s FDIC Cert number is 35328.
Pending homes for sale increased in May 2009, the fourth consecutive month of gains. Housing prices have come down so much recently homes have become a lot more affordable than they were during the real estate bubble. The Government’s first time home buyer tax credit is also helping spur home sales. Hopefully this is the turning point in the housing market.
Foreclosed homes for sale have also driven prices down across the U.S. Some real estate markets like California, Florida, Nevada and Arizona have seen sharp declines in home prices. The sharp drop in prices is bringing buyers back into the market looking for a home for sale at barging prices.
The National Association of Realtors reported their Pending Home Sales Index increased 0.1 percent in May. The increase wasn’t much but the last time there were four straight months of gains was back in October 2004.
Are you searching for current mortgage rates in your area? You can use our free mortgage rate tables. Find today’s mortgage rates in your zip code.
Mortgage rates were down slightly this past week according to Freddie Mac’s Primary Mortgage Market Survey.
Current Mortgage Rates
The average rate on a 30-year fixed rate mortgage was 5.14 percent for the week ending July 16, 2009 with an average 0.7 point.
The prior week’s average rate for a 30-year mortgage was 5.20 percent. Current mortgage rates have been going down the past serveral weeks.
The average fixed rate on a 15-year mortgage was down to 4.63 percent for the week ending July 16 with an average 0.7 point. The week prior the average mortgage rate was 4.69 percent.
Adjustable Rate Mortgages
Five-year adjustable rate mortgages averaged 4.83 percent this week, up a fraction from the previous week’s average rate of 4.83 percent with an average 0.7 point.
One-year adjustable rate mortgages averaged 4.76 percent this week with an average 0.5 point, down from last week when it averaged 4.82 percent. Five-year and one-year adjustable rate mortgages are Treasury-indexed.
Jumbo Mortgage Rates
The weekly survey does not include jumbo mortgage rates because Freddie only reports on mortgages it purchases from banks that issue home mortgage loans. Known as “conforming loans,” these loans have a certain dollar limit per county of the U.S. You can find current jumbo mortgage rates in your zip code by using our mortgage rate tables.
You can also find current conforming mortgage rates, adjustable rate mortgages, mortgage refinance rates, home equity loans rates and home equity line of credit rates and by zip code.
Are you having trouble paying your mortgage? Do you want to take advantage of low current mortgage rates and refinance or loan. Do you want to have your mortgage modified to lower the monthly payments?
The Making Home Affordable program might help you. The program was devised by the Obama Administration to end the housing crises and to put a floor on the relentless dropping him home prices.
Refinance
The program also included a provision for people who want to take advantage of today’s mortgage rates and do a mortgage refinance but were unable to do so because they did not have enough equity in their home to refinance.
Most lending institutions and banks will only offer a home loan or let you refinance a loan with an 80% loan-to-value ratio. Meaning all your home loans, mortgages, home equity loans, etc, can equal to more than 80% of the value of your home.
Originally the program allowed for loan modifications up to 105% of the value of your home. The LTV was then raised to 125% of the value of your home.
Not everyone qualifies for either a mortgage modification or for a mortgage refinance. To be eligible for the refinancing program your mortgage must either be held by Freddie Mac or Fannie Mae or have been securitized by either Freddie or Fannie. Securitization is the process of bundling mortgages together into securities and selling those securitizes to investors.
You must also be current on your monthly mortgage payments to do a home refinance. You also must occupy a one unit to four unit home to qualify. The mortgage loan refinance program expires on June 10, 2010, meaning the refinancing of your home mortgage must be closed and funded by June 10, 2010.
Mortgage Modification
The program was initially designed to help people who were struggling to make their mortgage payments by offering incentives to mortgagee holders to change mortgage loan terms, in particular lowering monthly mortgage payments and forgiving a portion of the loan.
To be eligible for the home loan modification you must occupy a one unit to four unit home, have a mortgage principal balance of $729,750 or less for a single family home, two to four unit homes have higher limits. Have a mortgage loan that originated on or before January 1, 2009. Your mortgage payments must exceed 31% of your gross monthly income.
Are you searching for current mortgage rates in your area? You can use our free mortgage rate tables. Find today’s mortgage rates in your zip code.
Mortgage rates were down considerably this past week according to a weekly survey released today. The average contract rate for a fixed 30-year mortgage was 5.05 percent from 5.34 percent.
Average mortgage points also decreased to 1.12 from 1.13 according to the weekly mortgage survey released by the Mortgage Bankers Association (MBA). Current mortgage rates are lower this month than last month brought on by lower U.S. Treasury prices.
The average contract mortgage rate on 15-year fixed rate mortgages decreased to 4.59 percent from 4.83 percent with the average points increasing to 1.07 from 1.06. The average contract rate on a one-year adjustable rate mortgage decreased to 6.47 percent from 6.58 percent with points decreasing to 0.11 from 0.14.
Mortgage applications increased this week as a result of the lower mortgage rates. The MBA’s Mortgage Composite Index increased 4.3 percent from a week earlier on a seasonally adjusted basis. Mortgage refinancing activity also increased, the MBA’s Refinance Index increased by 17.7 percent from the previous week on a seasonally adjusted basis.
MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search for Mortgage Rates.
Getting auto insurance for a teenage driver in your home is costly. The increased cost for auto insurance is justified by insurance companies for the simple fact that teenagers are a in higher risk category than everyone else.
Do you know the crash rate per mile driven for 16-19 year-olds is four times the risk for older drivers? This risk drives the cost of your automotible insurance a lot higher.
There are some steps you can take to keep the increased insurance premiums down.
Have your teenager take a defensive driver course if the state you live in doesn’t already require a defensive driver course to obtain a drivers licence.
Add the teenage driver to your auto insurance policy, this is cheaper than having your teenager get their own insurance.
Consider combining your home insurance and auto insurance if you haven’t already. Most insurance companies will give you a discount on your insurance if you have more than one type of insurance coverage.
Shop around for the auto insurance rates. Since you’re adding a teenage driver and maybe another car now is probably a good time to comparison shop for car insurance rates.
You can find several auto insurance companies offering coverage in your zip code by using MonitorBankRates.com insurance search engine:
Certificate of deposit rates continue to drift down with no big changes in rates. Rates are so low these days the yield curve on CD rates is flatting out.
The difference between the national average rate for a 12 month certificate of deposit and a 48 month certificate of deposit is less than one percent.
The average rate on a three month certificate of deposit this week is 0.738 percent, down from the prior week’s average rate of 0.749 percent. Six month certificate of deposit rates are at 1.034 percent this week, down from the previous week’s national average rate of 1.051 percent.
You can find CD rates at banks higher than the national average. Currently Ally Bank is offering a 3 month certificate of deposit rate of 1.09 percent and a six month certificate of deposit rate of 1.59 percent.
One year certificate of deposit rates are averaging 1.324 percent this week, down from last week’s average rate of 1.331 percent. 18 month CD rates are averaging 1.446 percent this week, down from 1.477 percent.
Longer term certificate of deposit rates were also down slightly this week. Two year CD rates are currently averaging1.719 percent, down from the prior week’s average rate of 1.728 percent. The average rate for three year certificate of deposit rates are at 1.997 percent, down from 2.009 percent.
The average CD rate on four year certificate of deposits is at 2.217 percent this week, down from the prior week’s average rate of 2.228 percent. Five year CD rates are averaging 2.456 percent, down from last week’s average CD rate of 2.465 percent.
Searching for the Best CD Rates? Use MonitorBankRates.com to find CD rates in your zip code.
OneWest Bank of Pasadena California is offering one of the best CD rates for a six month certificate of deposit. The special promotional rate is currently at 1.73 percent with an annual percentage yield of 1.75 percent. This CD rate is a lot higher than the national average of 1.03 percent for a six month certificate of deposit.
The minimum opening deposit is $5,000. Interest earned on the certificate of deposit account is compounded daily and paid or reinvested into the account monthly or at maturity. There is a grace period of seven days.
OneWest Bank also offers a certificate of deposit that you can raise the interest rate on if interest rates go up after you open a certificate and before the certificate matures. The certificate of deposit is called “Raise Your Rate CD”. You can raise the rate one time during the CD term by phone, email, regular mail or in person. The very next day the CD rate will be raised to the new rate.
American Express the credit card issuer that became a bank holding company to last fall during the credit crises is offering a 2.00 annual percentage yield for their High Yield Savings Account.
Deposit accounts are offered through American Express Bank. There are no account minimums or account fees. Interest on the savings account is compounded daily and credited to your account monthly. Deposits are FDIC insured up to $250,000.
Mortgage rates declined significantly this past week, probably the biggest decline over the past several weeks. Home mortgage rates have been coming back down from the highs set in June because it will probably take longer for the world economy to recover from the recession.
As a result of the week economic outlook, U.S. Treasury rates are headed back down and the Feds are not expected to raise interest rates anytime soon. Keeping the Fed Funds target rate in a range of zero percent to one quarter percent. The U.S. economy will probably not recover as quickly or strongly as recently thought and the European Union economy will probably not recover until late in 2010.
Current 30-year fixed rate conforming mortgages that were nearing six percent last month are now almost back down to five percent. This week’s average rate on a 30-year mortgage is at 5.20 percent, down from last week’s average rate of 5.40 percent. Average mortgage refinance rates are also at 5.20 this week.
The average mortgage loan rate on a 15-year mortgage is at 4.72 percent this week, down from the prior week’s average rate of 4.87 percent. We probably will see 15-year conforming mortgage rates go back down to the 4.50 percent range. On June 15, 2009 15-year mortgage rates were over 5.00 percent at 5.20 percent.
Jumbo Mortgage Rates
Jumbo mortgage rates have also declined this past week, narrowing the spread between conforming mortgage rates and jumbo rates. During the credit crises of last year if you were lucky enough to find a bank that would give you a jumbo mortgage you paid dearly for it, sometimes the jumbo rate was 2.5 percent higher than conforming mortgage rates. Thankfully the spread is returning to more historical norms, you can find jumbo rates less than one percent higher than conforming rates today.
30-year fixed jumbo mortgage rates are currently at 6.17 percent, down from the previous week’s average rate of 6.33 percent. In June, 30-year jumbo rates were over 6.50 percent at 6.64 percent. The average rate on a fixed 15-year jumbo mortgage is at 5.71 percent, down from last week’s average rate of 5.92 percent. The average jumbo 15-year rate last month was nearing 6.50 percent.
Adjustable Mortgage Rates
Adjustable mortgage rates declined as much as fixed rate mortgage this week. The average conforming one year adjustable mortgage rate is currently at 4.55 percent this week, down from the prior week’s average rate of 4.59 percent. Jumbo one year mortgage rates had a large decline in rates week or week. This week’s average rate is at 5.20 percent, down from 5.53 percent.
3/1 Adjustable Mortgage Rates
Average conforming mortgage rates on a 3/1 conforming loan is currently at 4.66, down from last week’s average rate of 4.86 percent. The high set last month was over 5.00 percent at 5.12 percent. Jumbo 3/1 home loans are at 5.30 percent, down from the prior week’s average rate of 5.56 percent. The June high was nearing 6.00 percent at 5.88 percent.
5/1 Adjustable Mortgage Rates
The average rate on a conforming 5/1 mortgage is at 4.57 percent this week, down from last week’s average rate of 4.78 percent. Jumbo 5/1 mortgage rates are at 5.34 percent, down from the previous week’s average rate of 5.54 percent. The range between conforming 5/1 loans and jumbo 5/1 loans is the narrowest we have seen in a while.
7/1 Adjustable Rate Mortgages
The average conforming 7.1 ARM is back under 5.00 percent, we haven’t seen rates under 5.00 percent since our May 25th mortgage report. The average rate this week is at 4.998 percent. The average jumbo 7.1 ARM came down to 5.90 percent, down from the prior week’s average rate of 6.22 percent.
10/1 Adjustable Rate Mortgages
Longer term adjustable rate mortgages are down this week. The average 10.1 conforming ARM is at 5.30 percent, down from last week’s average rate of 5.62 percent. The average 10.1 jumbo ARM is at 6.28 percent, down from the previous week’s average rate of 6.57 percent.
Interest Only Mortgage
Interest only mortgages have also seen significant declines recently. Most banks are not issuing interest only loans these days. Good luck finding a bank that will give you an IO.
The average rate on conforming 3/1 interest-only mortgages are at 4.78 percent this week, down from 4.94 percent. Jumbo 3/1 interest only mortgages are running at 5.35 percent, down from 5.65 percent the prior week.
The average rate on a 5/1 conforming interest only mortgage is at 4.60 percent, down from last week’s average rate of 4.85 percent. Jumbo 5/1 mortgages are at 5.57 percent, down from 5.79 percent.
7/1 conforming interest only mortgage are at 5.15 percent this week, the prior week’s average rate was at 5.61 percent, almost a .50 percent decline. The average rate on a jumbo 7/1 IO mortgage is at 6.02 percent this week, down from the prior week’s average rate of 6.39 percent.
Home Equity Loans
Rates on home equity loans are still very high compared to all mortgage rates and home equity line of credit rates. The average rate on a 10-year home equity loan is at 7.616 percent this week, down very slightly from the prior week’s average rate of 7.621 percent. The average rate on a 15-year home equity loan is down to 7.742 percent this week from 7.748 percent the prior week.
Home Equity Line of Credit
Home equity line of credit rates are more resonable than home equity loan rates, this week’s average rate on a HELOC is unchanged at 4.80 percent. If you do decide to go with a HELOC over a home equity loan the one big difference is a HELCO rate is variable, meaning it will go up when interest rates go up, unlike a home equity loan which has a fixed rate.
Looking for the best mortgage rates in your area? You can find banks and lending institutions offering mortgages in your zip code buy using our mortgage rate serach engine. You can compare several banks at one in our comparison tables.
Let’s face it, whether you like it or not credit is a fact of life. You can keep the amount of credit cards you have to a minimum and pay cash for everything but unless you have the cash to make all purchases outright - including buying a home - sooner or later you’re going to have to use credit.
Even if you have the cash to buy a home, did you know your credit score can affect the amount you pay for auto insurance, home insurance and all other types of insurance? Many insurance companies determine risk by using your FICO credit score, this is called a ”credit-based insurance score”. Having a good credit score will lower your insurance costs.
Now that you’re resigned to the fact that credit is going to be a part of your life, why don’t you do what you can to get a higher credit score? Getting a higher credit score will get you better credit card rates, mortgage rates, auto loan rates and insurance rates.
Have you ever wondered how credit scores were determined? There are bascially five factors that affect FICO credit scores and managing these factors appropriately can raise your credit score.
Make your payments on time. Your credit payment history counts for 35 percent of your FICO credit score. Negative payment histories will hurt your credit score. Having a good track record on your payment history will help your credit score.
The amount of money you owe compared to your overall credit available also has an impact on credit scoring. The more you owe, the lower your credit score will be. This accounts for 30 percent of your credit score.
The length of your credit history accounts for 15 percent of your credit score. The longer your credit history, the more this contributes to your score. Several years ago I closed a department store credit card I hadn’t used in a long time and my credit score dropped about 20 points. That being said, keep your long term account open even if you’re not using the accounts and as long as you’re not paying annual fees.
Applying for new credit can affect your credit score. This accounts for 10 percent of credit scores. If you apply for or open many new accounts in a short period of time, this will also affect your score.
Other factors contribute about 10 percent of your FICO credit score. The mix of loans you have will affect your score like credit cards, mortgages and auto loans.
Taking a proactive approach to manage your credit will improve your credit score. You are also entitled to a free credit report annually, although if you want to get your credit score that will cost you.
Capital Federal Bank of Topeka Kansas is offering some of the best bank CD rates available today. In particular, their two-year certificate of deposit rate is currently at 2.57 percent with an annual percentage yield of 2.60 percent, well above the national average CD rate for a two-year CD.
Capital Federal’s one-year certificate of deposit is also well above the national average and one of the best CD rates available for a one-year CD. The rate is currently at 2.18 percent with an annual percentage yield of 2.20 percent.
Longer term CD rates at Capital Federal are also some of the highest CD rates out there today, three-year CD rates are currently over 3.00 percent at 3.05 percent. You have to go out as far as 5-year certificate of deposits to get a rate over 3.00 percent at some banks.
Four-year, five-year and eight-year certificate of deposit rates are currently at 3.10 percent with an annual percentage yield of 3.15 percent, though we wouldn’t recommend locking in longer term CD rates at any bank these days since rates and yields are so low.
To earn these rates the minimum account balance on all these certificate of deposit terms $1,000.
Chase Bank is offering a $100 bonus when you open a checking account between now and July 24, 2009. There is a minimum opening deposit of $100. In order to qualify for the bonus you must also make five debit card purchases or setup direct deposit with the account within 60 calendar days of opening the checking account.
Once you have meet the criteria for the bonus the $100 will be deposited into your checking account. The account must remain open for six months otherwise $100 will be deducted from your account when it’s closed. The cash is considered interest and reported to the IRS on a 1099-INT form by the bank so you will have to pay income tax on the $100.
A checking account can be opened online or at a local branch by having Chase Bank email you a coupon.
Mortgage Rates: In the latest survey, today’s mortgage interest rates continue to come back down from the recent highs set last month. The decline in home mortgage rates has been brought on by a decline in 10-year Treasury prices now at 3.33 percent, also down from a recent high nearing 4.00 percent.
Treasury prices are lower because economists now believe the world economic recovery might take longer to play-out and the rebound won’t be as robust as was recently thought. As a result, mortgage home rates have been drifting back down the past month.
Today’s Mortgage Interest Rate
30-year fixed rate home mortgages averaged 5.20 percent this week with an average 0.7 point this week, down from the prior week’s average of 5.32 percent according to Freddie Mac’s Primary Mortgage Market Survey.
This week’s survey has 15-year fixed mortgage home rates at 4.69 percent with an average 0.7 point, down from the previous week’s average mortgage interest rate of 4.77 percent. Last year’s average 15-year fixed rate mortgage was nearing 6.00 percent at 5.91 percent.
Current Adjustable Mortgage Rates
Adjustable rate mortgages were also down in this week’s mortgage survey. The average rate on a five year adjustable rate mortgage (ARM) is 4.82 percent, with an average 0.6 point, down from the prior week’s average rate of 4.88 percent. One year adjustable mortgage rates (ARMs) also averaged 4.82 percent this week with an average 0.6 point, down from the prior week’s average rate of 4.94 percent.
Jumbo Mortgage Rates
The weekly PMM survey doesn’t include jumbo mortgage rates because Freddie Mac only reports on mortgages it purchases from banks that issue home mortgage loans. Known as “conforming loans,” these loans have a certain dollar limit per county of the United States. You can find current jumbo mortgage rates in your zip code by using our mortgage rate tables.
You can also find current conforming mortgage rates, adjustable rate mortgages, mortgage refinance rates, home equity loans rates and home equity line of credit rates and by zip code.
The car tax rebate system (Car Allowance Rebate System) is a government sponsored program and will give you a tax credit for purchasing a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle.
The CARS Act makes purchases and leasing on and after July 1 potentially eligible for the rebate. All the program details have not been figured out yet, so you might want to wait until a final rule on the program is issued around July 24, 2009. The CARS program runs until November 1, 2009 or when the fund runs out so you might want to look into this program sooner than later.
Getting a new car? Check Auto insurance rates for the new car or SUV you are planning on buying or leasing. Just enter your zip and find a listing of auto insurance companies offering auto insurance coverage in your area. Check Auto Insurance Rates Here
The amount of the credit is either $3,500 or $4,500, depending on the type of vehicle you purchase and the difference in fuel economy between the purchased vehicle and the trade-in vehicle.
You don’t need a voucher for this program, the dealer you buy the new car from will deduct the tax credit from the purchase price of the vehicle. The dealer has to be registered for this program in order for you to get the tax rebate.
Only new vehicle purchases are eligible and leased vehicles providing that the lease period is at least five years, used vehicle purchases are not eligible. There is also a cap on the new vehicle price of $45,000. The new vehicle can be a domestic vehicle or an imported vehicle.
Also to be eligible your current vehicle must be less than 25 years old on the trade in date, must have been manufactured not later than model year 2001 and your car must get 18 or less miles per gallon. Some very large pick-up trucks and cargo vans have different requirements.
Here is a big gotcha – your trade-in vehicle must be registered and continuously have auto insurance coverage for the prior year to the trade-in date. You can’t buy a $500 clunker and expect to get a $3,500 or $4,500 credit. Your trade-in vehicle must also be destroyed, which lowers the estimated value to scrap value.
The credit does not count as income for the purchaser so you don’t have to pay tax on the credit you receive. The dealer will pay the tax. The dealer is also prohibited from charging you any kind of extra fees if receive a tax credit for purchasing a new vehicle.
The National Highway Traffic Safety Administration (NHTSA) has created a website that can help you better understand the CARS act and to see if you’re eligible.
Another consideration you keep in mind when shopping for a new auto 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.
The final rule on the CARS Program, formally referred to Cash for Clunkers as been issued. Here are some examples of vehicles eligible for the voucher of either $3,500 or $4,500.
In a transaction involving a trade-in vehicle that is a passenger automobile, a category 1 truck, or a category 2 truck and a new vehicle that is a passenger automobile, if the new vehicle has a combined fuel economy that is 4 to 9 miles per gallon higher than the trade in vehicle, the credit is $3,500.
If the new vehicle has a combined fuel economy that is at
least 10 miles per gallon higher than the trade-in vehicle, the credit is $4,500.
If the transaction involves a trade-in vehicle that is a passenger automobile, a category 1 truck, or a category 2 truck and a new vehicle that is a category 1 truck each meeting the eligibility criteria, a gain of 2 to 4 miles per gallon results in a credit of $3,500; a gain of at least 5 miles per gallon results in a credit of $4,500.
In the case of a new category 2 or category 3 truck, the trade-in vehicle categories are different. For a new category 2 truck, the trade-in vehicle must be a category 2 or a category 3 truck. If the transaction involves two category 2 trucks each meeting the 36 eligibility criteria, a gain of 1 mile per gallon results in a credit of $3,500; a gain of at least 2 miles per gallon results in a credit of $4,500. A category 3 truck that is traded in for a new category 2 truck is entitled to a $3,500 credit, without fuel economy restriction.
Category 3 trucks are not rated for fuel economy by EPA. A category 3 truck that is traded in for another category 3 truck is entitled to a $3,500 credit if the new vehicle is “smaller or similar in size.”
Here are the truck categories
A category 1 truck is a non passenger automobile. This category includes sport utility vehicles (SUVs), small and medium pickup trucks and small and medium passenger and cargo vans.
A category 2 truck is a large van or a large pickup truck, based upon the length of the wheelbase (more than 115 inches for pickup trucks and more than 124 inches for vans). Note: some pickup trucks and cargo vans exceeding these thresholds are treated as category 3 trucks instead of category 2 trucks.
A category 3 truck is a work truck and is rated between 8,500 and 10,000 pounds gross vehicle weight. This category includes very large pickup trucks (those with cargo beds 72 inches or more in length) and very large cargo vans.
EverBank is offering a promotional money market account that has one of the best savings rates around, at least for the first three months. The bonus savings account rate is currently at 3.01 percent.
After the first three months the money market account has an annual percentage yield of 2.15 percent for one year on balances up to $50,000. Money market account balances over $50,000 earn a lower rate, the savings rate is currently at 1.83 percent. Everbank is also advertising some really good certificate of deposit rates right now.
There is a minimum opening account balance of $1,500. You will be charged an $8.95 monthly fee if your account balance is below $5,000, so if you open an account be sure to keep more than $5,000 in the account.
The bonus rate and the “New Account First-Year APYs” are available to new EverBank account holders and is limited to one account per household. Federal regulation limits you to six transfers or withdrawals per month.
If you’re involved in an auto accident that is primarily your fault you might be reluctant to file a claim because your auto insurance premium may go up.
Is that actually the case? Do insurance companies raise car insurance rates if you have an accident? Yes, auto insurance companies will raise your auto car insurance premium.
How much your car insurance premium will go up depends on your auto insurance provider. Usually insurance premiums are raised a certain percentage rate, if you have had more then one accident that was your fault the increase will be higher. The auto insurance cost increase you pay will last for two or three years following the claim.
Some insurance providers might not renew your auto insurance coverage if you have a really bad driving record and get into several accidents. If you have an accident caused by drunk driving you can bet your insurance company will not renew your auto insurance policy, not to mention all the other trouble you’re now in.
If you do have a car accident that is your fault, report the accident to your insurance company even if the accident is small and you don’t plan to file a claim. By reporting the accident you’re protecting yourself from future liability if the other party decides to file a claim or sue you.
Shopping for the best auto insurance rates? You can find auto insurance providers in your zip code and compare auto insurance rates by using our auto insurance search engine.
The average contract rate for a 30-year mortgage was unchanged this week at 5.34 percent with 1.15 points according to this week’s Weekly Mortgage Applications Survey released by the Mortgage Bankers Association. The average contact rate for a 15-year mortgage increased slightly to 4.83 percent this week, up from the prior week’s average mortgage contract rate of 4.81 percent. The average contract rate on a one-year adjustable rate mortgage (ARM) also increased, the rate this week is 6.58 percent, up from the previous week’s average rate of 6.52 percent.
Even with the increase in home mortgage rates the MBA’s mortgage loan application survey increased 10.9 percent on seasonally adjusted basis from a week earlier. The Purchase Index increased 6.7 percent on a seasonally adjusted basis and the mortgage refinance index increased 15.2 percent on a seasonally adjusted basis.
Home Mortgage Rates
The increase in home purchase and refinancing is probably because mortgage rates have come down from the recent highs set last month. The week of May 18, 2009, MonitorBankRates.com reported conforming 30-year fixed rate mortgages at 4.85 percent, on June 14, 2009, MBR reported fixed rate conforming 30-year mortgages at 5.70 percent, almost a full percentage point higher in a month’s time. 30-year fixed rate conforming mortgages are now around 5.4o percent.
Jumbo Mortgage Rates
30-year jumbo mortgage rates increased a lot less during the same time frame because jumbo mortgage rates haven’t come down as much as conforming mortgage rates the past year. On May 18, 2009, the average rate on 30-year jumbo mortgage was at 6.12 percent, on June 14, the average rate was 6.51, today’s jumbo mortgage rates are at 6.28 percent.
Are you searching for current mortgage rates in your area? You can use our free mortgage rate tables. Find today’s mortgage rates in your zip code.
Money market account and savings account rates were down this past week. The decline in average interest rates was small. Savings account rates and money market account rates will stay low for the foreseeable future. We anticipate rates increasing by the end of 2009 or early into 2010 when the economy recovers and rates start going up.
The average money market and savings rate for account balances of $2,500 decreased to 0.421 percent this week, down from the prior week’s average rate of 0.427 percent. Average rates on a money market account and savings account for balances of $10,000 declined to 0.518 percent this week, down from the previous week’s average rate of 0.525 percent.
Average rates for savings account and money market account balances of $25,000 are at 0.599 percent this week, last week’s average rate was 0.606 percent. The average rate for account balances of $50,000 are at 0.666 percent this week, down from the prior week’s average rate of 0.674 percent.
Here are a couple of banks that are offering money market account rates and savings account rates that are higher than the national averages.
Bank of Internet – 2.50%
Tennessee Commerce Bank – 2.30%
Find the best savings rate and money market rate in your zip code by using our search engine.
CD rates were down this past week, reversing last week’s increase in longer term certificate of deposit rates. The decline in rates was marginal. Deposit rates are not expected to increase until later this year or early next year when the recession ends and the Fed starts raising rates.
Current CD Rates
Average rates for a 3 month certificate of deposit declined to 0.749 percent, down from the prior week’s average rate of 0.765 percent. First Federal Bank of California is offering one of the best CD rates for a 3 month CD. Their rate is currently at 1.60 percent. The minimum CD account balance to receive this rate is $25,000. You also have to be a residents of California.
The average CD rate for a 6 month certificate of deposit is down to 1.051 percent this week, the average rate last week was 1.068 percent. You can get higher CD rates than the national average. UFB Direct and Affinity Bank are offering 6 month CD rates at 1.90 percent.
Best CD Rates
One year CD rates are at 1.331 percent this week, down from the previous week’s average rate of 1.348 percent. Ally Bank CD rates are a lot higher than the national average, currently their one year CD has an annual percentage yield of 2.25 percent.
The average certificate of deposit rate on a two year CD is at 1.728 percent this week, down from last week’s average rate of 1.751 percent. E-Loan is offering some of the best CD rates at banks these days, the rate on E-loan’s two year CD this week is at 2.47 percent.
Average rates on three year certificate of deposits are at 2.009 percent this week, a decrease in last week’s average three year CD rate of 2.016 percent. Discover Bank and Liberty Bank are currently offering three year CD rates of 3.00 percent.
Four year certificate of deposit rates fell to 2.228 percent this week, down from the prior week’s average CD rate of 2.231 percent. Intervest National Bank is offering one of the best CD rates around today, their four year CD rate is currently at 3.55 percent.
The average rate on a five year CD isn’t much higher than a four year CD, currently five year CD rates are at 2.465 percent, down from last week’s average rate of 2.469 percent. Tennessee Commerce Bank is offering a five year CD rate of 3.65 percent.
Looking for the best CD rate for your cash? You can find the best CD rates in your area by searching our CD rate tables for current CD rates in your zip code.
Bank of America (BofA) will give you a $100 bonus for opening a personal checking account or a business checking account. You get $75.00 when you open a new account with a $250 deposit and make a purchase with the debit card linked to the new account. You get an additional $25.00 when you make two online bill payments within 30 days.
This is a special promo offer that is only available until July 31, 2009. The checking bonus is limited to new customers who open an eligible new personal or business checking account online or in one of BofA’s banking centers.
The offer does not apply to second or multiple personal or business accounts. A new customer is a person who is not currently a signer and who was not a signer within the last 6 months on a Bank of America personal or business checking account. Unfortunately student checking accounts are not eligible for the offer.
Mortgage rates declined again this week, the third consecutive week of declines. Current mortgage rates are down from the recent high set last month. The average rate on a fixed 30-year mortgage rate is currently at 5.40 percent, down from the high of 5.70 percent set June 15, 2009.
Housing price declines have slowed recently because of lower rates on mortgage loans and the decline in home prices over the past couple of years. Home prices in some states have declined over 40 percent from the housing peak. Home values fell at a monthly rate of 0.6 percent in April 2009. This is the smallest decrease since June 2008, according to the S&P/Case-Shiller® 20-city composite index. Home prices actually increased in eight cities in the index.
Current Mortgage Rates
The average mortgage rate on 30-year fixed rate mortgages fell to 5.40 percent this week, down from the prior week’s average rate of 5.48 percent. 15-year fixed rate mortgage interest rates also declined this week, the average mortgage interest rate is at 4.87 percent, down from the previous week’s average rate of 4.93 percent.
Refinance Rates
Refinance rates are also down this week, you can find current refinance rates in your area by using our mortgage rate search engine:
Jumbo mortgage rates were also down by a wider margin than conforming mortgages this past week. Fixed 30-year jumbo mortgage rates are currently at 6.33 percent, down from the prior week’s average mortgage rate of 6.51 percent. Fixed 15-year jumbo mortgage rates are back down under 6.00 percent at 5.92 percent, down from last week’s average rate of 6.05 percent.
Adjustable Rate Mortgage
Adjustable rate mortgages fell this week with jumbo adjustable mortgage rates down more than conforming mortgage rates. The average rate on a conforming one year ARM is at 4.59 percent, down from 4.61 percent the prior week. Average rates on jumbo one year ARMs is at 5.53 percent, down from 5.71 percent the previous week.
Average rates on a conforming 3/1 ARM is currently at 4.86 percent, lower than the prior week’s average rate of 4.92 percent. Jumbo 3/1 ARMs averaged 5.56 percent, down from last week’s average rate of 5.65 percent. Average rates on a conforming 5/1 ARM is at 4.78 percent, down from last week’s average rate of 4.86 percent. The average rate on a jumbo 5/1 AMR is at 5.54 percent, down from 5.67 percent.
The average mortgage loan rate on a 7/1 ARM is currently at 5.39 percent, down from the previous week’s average mortgage rate of 5.52 percent. Jumbo mortgage loan rates for a 7/1 ARM is at 6.22 percent, down from 6.30 percent. Average home mortgage rates on a conforming 10/1 ARM is at 5.62 percent, down from last week’s average rate of 5.78 percent. The average rate on a 10/1 jumbo home mortgage is at 6.57 percent, down from 5.73 percent the prior week.
Interest Only Mortgage
Interest only mortgage rates declined this week. Average rates on a conforming IO 3/1 ARM fell to 4.94 percent, down from 4.99 percent. Jumbo IO 3/1 ARMs fell to 5.65 percent, down from the prior week’s average rate of 5.70 percent.
Average rates on conforming IO 5/1 ARMs fell to 4.85 percent, down from 4.92 percent. Jumbo IO 5/1 ARMs fell to 5.79 percent, down from 5.96 percent the prior week. Conforming 7/1 IO ARMs fell to 5.61 percent, down from 5.73 percent. Jumbo 7/1 IO ARMs are at 6.39 percent this week, down from last week’s average rate of 6.44 percent.
Home Equity Loans
Average rates on Home equity loans fell this week. 10-year home equity loan rates are at 7.62 percent, down from the prior week’s average rate of 7.66 percent. 15-year home equity loans fell to 7.75 percent, down from the previous week’s average rate of 7.79 percent.
Home Equity Line of Credit
Home equity line of credit rates are a lot lower than home equity loan rates. This week’s average rate on a home equity line of credit is currently at 4.80 percent, unchanged from last week’s average home equity line of credit rate.
Currently searching for a mortgage to purchase a home or to refinance a current mortgage? You can find today’s mortgage rates right here by using our mortgage rate tables. Just enter in the mortgage loan type, zip code and dollar amount of loan to find current mortgage rates in your area.
Credit Cards, ATM Cards and Debit Cards are widely used these days and are a convenient form of payment for purchases. Losing your cards or having your cards stolen is a hassle in general, having unauthorized charges on your accounts can make a bad situation worse.
The good news is there are laws in place that limit your responsibility for unauthorized charges made on your account if you follow the procedures in The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) if your cards are lost or stolen.
Immediately report the loss or theft of your credit cards and your ATM or debit cards to the bank or financial institutions that issued the cards. Be prepared to give an exact time that you noticed your cards were lost or stolen.
Banks will ask you what your last charge was to see if there are any unauthorized charges already made to your accounts. You can find the toll free numbers of credit card, debit card and ATM card issuers online. You can also be proactive and create a list of phone numbers from the back of your cards before they are lost or stolen. Usually the numbers are listed as “number to call if your card is lost or stolen”.
Under federal law your maximum liability under for unauthorized use of your credit card is $50 for each card. If you report the loss before your credit cards are used the card issuer cannot hold you responsible for any unauthorized charges.
More and more credit card numbers are being stolen and not the credit card itself. I recently experienced this problem. I used a credit card to make a software purchase on a small obscure website and a few months later I received a courteous call from the credit card issuer about a recent Dell laptop purchase that was made on my account. I didn’t make the purchase but thankfully I wasn’t responsible for any of the charge, not even the $50 limit since my credit card number was stolen and I was still in possession of the card.
Mortgage Interest Rate: Mortgage rates were down in this week’s Primary Mortgage Market Survey released by Freddie Mac, continuing the recent trend of lower home mortgage rates over the past several weeks.
Current Mortgage Rates
The average fixed rate on a conforming 30 year mortgage is 5.32 percent with an average 0.7 point, for the week ending July 2, 2009, down from the prior week’s average rate of 5.42 percent. Current mortgage rates are leading to an uptick in mortgage applications and mortgage refinancing.
15 year conforming fixed rate mortgages averaged 4.77 percent for the week ending July 2, 2009 with an average 0.7 point, down from the previous week’s average rate of 4.88 percent. Today’s mortgage rates are still low compared to historical standards and last year’s rates. A year ago 15 year conforming fixed rate mortgages averaged 5.78 percent.
Adjustable Rate Mortgages
Adjustable rate mortgages were also down for the week ending July 2, 2009.5 year ARMs averaged 4.88 percent with an average 0.7 point, down from the prior week’s average rate of 4.99 percent. 5 year adjustable mortgage loan rates were over 5.00 percent last month.
One year adjustable rate mortgages are at 4.94 percent with an average 0.6 point, up from the prior week’s average rate of 4.93 percent. A year ago at this time, one year adjustable rate mortgages were over 5.00 percent at 5.17 percent.
Jumbo Mortgage
Freddie Mac’s weekly survey only reports on conforming mortgages, if you’re seraching for rates on a jumbo mortgage check our rate tables for current mortgage rates.
Finding the best CD rates these days has become a lot easier with comparison sites. Since certificate of deposit rates are so low it pays even more to shop around. The national average CD rate on a 12 month CD is 1.33 percent this week. You can find higher CD rates than the national average.
We searched for 12 month CD rates in Orlando, Florida, using our CD search engine. The results are listed below. As you can see, several bank CD rates are higher than the national average rate.
You can find a list of banks and credit unions offering CD rates in your area. All you have to do is select the CD type, enter your zip code and click on “Display CD Rate Table” and a list of rates in your area will be displayed.
AAA is offering some very competitive auto loan rates for AAA members. Rates for car loans will vary by State but we have seen rates in the four to five percent range for all States. AAA also offers auto loans with no down payment for qualified applicants.
AAA also has useful car buying tools on their site, including an auto loan comparison calculator that allows you to compare three different loan types at once. You can compare auto loan amounts, auto loan interest rates, the term of the auto loan and other fees and costs.
Tennessee Commerce Bank is offering a Savings Account that currently has an annual percentage yield of 2.30 percent. This high interest savings account is well above the national average savings account rate.
The savings rate is for balances between $250 to $100,000. The rate for savings account balances above $100,000 currently has an annual percentage yield of 1.50 percent.
There is a minimum $250 deposit to open account. You also have to maintain a minimum balance of $250 to avoid a $2.50 monthly fee. The downside to this account is there is a $2.50 charge for more than one withdrawal per month.
Mortgage Rates: Current Mortgage rates decreased in the latest survey released today.
The average contract rate for a fixed rate 30 year mortgages decreased to 5.34 percent from 5.44 percent. The average points went up to 1.12 points from .99 point. On June 29, 2009, MonitorBankRates.com reported in it’s weekly mortgage rate survey that 30 year mortgage rates decreased to 5.47 percent from 5.65 percent according to the Mortgage Bankers Association.
The average contract rate for a fixed rate 15 year mortgage was down to 4.81 percent, down from 4.93 percent. The average points on a 15 year home mortgage increased to 1.04 points from .92 points. MBR’s mortgage rate tables shows today’s mortgage rates on 15 year mortgages at 4.88 percent, down from 4.92 percent when we last reported on home mortgage rates.
The Mortgage Bankers Association also reported mortgage applications were down week over week by 18.9 percent and 7.4 percent compared to the same week one year ago. The Mortgage refinance index was down by an even greater percentage rate, their Refinance Index was down 30 percent from the prior week at 1482.2, the lowest level of mortgage refinancing activity since November 2008.
Today’s mortgage rates have stabilized since the recent run up in rates the past month. You can find the best mortgage interest rate right here by using MBR’s mortgage search engine. All you have to do is select the mortgage loan type you’re interested in, enter the zip code and dollar amount of the loan and a list of banks and financial institutions in your area will display today’s mortgage rates.
You can find mortgage rates for a home purchase or for refinancing a current home loan. Banks will display 30 year mortgage rates, 15 year mortgage rates, jumbo mortgage rates and adjustable mortgage rates. You can also find home equity line of credit rates (HELOC) and home equity loan rates.
Best Auto Insurance: Rental car insurance is an after thought for most consumers until they are actually in the process of renting a car. Most people now shop online for the best rental car rates they can find but those savings can be wiped out by purchasing unnecessary rental car insurance.
Before you rent a car you should first check with your auto insurance company to see what rental car insurance coverage you have. Most auto insurance policies cover rental car insurance liability and collision insurance coverage.
Shopping for new auto insurance? Check for auto insurance providers in your area by using our auto insurance search engine.
When you speak with your auto insurance company about coverage on your rental car find out exactly what coverage you have on your own car because more than likely the coverage will be the same for a rental car.
If you do not have comprehensive auto insurance or collision auto insurance we recommend either purchasing the rental car insurance to cover yourself in case the car is damaged or stolen.
The one big gotcha is the car you are renting must be used for personal reasons, not for business. Most personal auto insurance policies only cover recreational rental car coverage. Now you know why you’re always asked at the car rental counter “is this rental for business or pleasure”.
If you are renting a car for business we recommend that you take the coverage the rental car company is offering. The daily car rental expense will be higher but at least you will be covered and since it’s a business rental the expenses are tax deductible.
You will also get some auto insurance coverage with the credit card you are using to rent the car (Car rental insurance credit card). The amount of auto insurance coverage will depend on the bank issuing the credit card and the type of credit card.
More than likely the auto insurance coverage you get through a credit card will be less then the coverage you have with your personal auto insurance. Call you credit card issuer to find out exactly what coverage you have when renting a car.
Best Auto Insurance
If you’re shopping for the best auto insurance rates you can start your search right here at MonitorBankRates.com by using our auto insurance search engine. You can find insurance providers offering auto insurance in your zip code.
Mortgage rates were mixed in the latest survey released this week by a mortgage industry association. Current mortgage interest rates have been treading higher the past couple of weeks on the belief that the economy’s contraction this quarter won’t be as severe as once thought.
The U.S. Governement’s cash for clunkers program officially known as the Car Allowance Rebate System has already run out of money six days after it began. The program was supposed to run until November 1st, 2009 if the funds didn’t run out. No one expected the program to be this popular and deplete the program’s funds in less than one week.
Current mortgage rates were up slightly in the most recent survey released this morning. Mortgage rates have been fluctuating in a tight range for the past couple of weeks after coming down from recent highs.
Current 
Current mortgage rates are mixed this week, fixed rate conforming mortgages are up and fixed rate jumbo mortgages are down. Shorter term adjustable rate mortgages are also down this week while longer term adjustable mortgage rates are up.
Some large credit card issuers including J.P. Morgan Chase, Bank of America, and Discover Bank have recently told some of their credit card holders that their fixed rate credit cards were being converted to a variable rate credit card. 
Buying a car is the biggest financial purchase you can make beside buying a home. Most people finance their purchase to be able to afford a car. Unfortuately most people also just get an auto loan through the dealer without shopping for auto loans, which isn’t the best way to obtain financing.
Are you 62 years or older and looking to tap into the equity in your home but are unsure if a reverse mortgage or a home equity loan is the way to go? There are big differences between a reverse mortgage and a home equity loan.
Quantum National Bank of Suwanee Georgia, a suburb of Atlanta is offering a one of the best CD rates available for a 12-month certificate of deposit. The bank CD rate is currently at 2.48 percent, with an annual percentage yield (APY) of 2.50 percent. The minimum opening deposit for this certificate of deposit is $1,000.
Current Mortgage Rates
Low mortgage rates are bringing buyers back into the market for homes driving existing home sales higher for the third consecutive month. In addition to low home mortgage rates driving sales higher, the $8,000 first time home buyer tax credit and near record home affordability is also bring home buyers back to the real estate market.
Bank of Internet of San Diego, California is offering one of the best online savings account rates available these days.
Mortgage rates are up for the most part in the latest mortgage survey released today. Fixed rate 30-year mortgages and 15-year mortgages were up while five-year adjustable rate mortgages declined this week.
Eastwood Bank of Minnesota is offering a rewards checking account that currently has an annual percentage yield of 4.01 percent for balances up to $25,000 and an APY of .75 percent on balances above $25,000.
Mortgage rates are higher this week according to the latest weekly mortgage survey released today. The higher mortgage interest rates hasn’t put a damper on home purchases or on home refinancing according to the Mortgage Bankers Association.
CD Rates at banks were down fractionally again this week over last week, except for the average five-year certificate of deposit rate which was up ever so slightly. Certificate of deposit rates are expected to stay in this low range for a while since the Federal Reserve Bank isn’t expected to raise interest rates until sometime in 2010 when the economy recovers and gains traction.
There are two main types of life insurance, term life and cash value life insurance. You should understand the difference between the two insurance terms before you get a life insurance quote from a life insurance company.
Current mortgage rates are up this past week brought on by higher Treasury rates, 10-year U.S. Treasury rates rose from about 3.30 percent to 3.65 percent this week. Today’s mortgage rates are still low by historical standards.
Mortgage Rates are near historic lows, housing prices are more affordable than they have been over the past several years and there is a $8,000 tax credit for first time home buyers who purchase a home before December 1, 2009. That being said, now is a good time to take the plunge and purchase a home or refinance your existing mortgage.
New laws effecting credit cards go into effect this year and next thanks to the Credit Card Accountability, Responsibility and Disclosure Act. Most of the credit card changes help consumers but some might also hurt consumers.
Home appraisals are done whenever you obtain a mortgage to purchase a home or refinance your home loan. Banks and lending institutions require a home appraisal when they provide financing for a home purchaser. 
The credit card company, American Express, is offering certificate of deposits through their banking arm, American Express Bank a federal savings bank.
Mortgage rates were down slightly this past week according to Freddie Mac’s Primary Mortgage Market Survey. 
Are you having trouble paying your mortgage? Do you want to take advantage of low current mortgage rates and refinance or loan. Do you want to have your mortgage modified to lower the monthly payments? 
Mortgage rates were down considerably this past week according to a weekly survey released today. The average contract rate for a fixed 30-year mortgage was 5.05 percent from 5.34 percent.
Getting auto insurance for a teenage driver in your home is costly. The increased cost for auto insurance is justified by insurance companies for the simple fact that teenagers are a in higher risk category than everyone else.
Certificate of deposit rates continue to drift down with no big changes in rates. Rates are so low these days the yield curve on CD rates is flatting out.
OneWest Bank of Pasadena California is offering one of the best CD rates for a six month certificate of deposit. The special promotional rate is currently at 1.73 percent with an annual percentage yield of 1.75 percent. This CD rate is a lot higher than the national average of 1.03 percent for a six month certificate of deposit.
Mortgage rates declined significantly this past week, probably the biggest decline over the past several weeks. Home mortgage rates have been coming back down from the highs set in June because it will probably take longer for the world economy to recover from the recession.
Let’s face it, whether you like it or not credit is a fact of life. You can keep the amount of credit cards you have to a minimum and pay cash for everything but unless you have the cash to make all purchases outright - including buying a home - sooner or later you’re going to have to use credit.
Mortgage Rates: In the latest survey, today’s mortgage interest rates continue to come back down from the recent highs set last month. The decline in home mortgage rates has been brought on by a decline in 10-year Treasury prices now at 3.33 percent, also down from a recent high nearing 4.00 percent.
The car tax rebate system (Car Allowance Rebate System) is a government sponsored program and will give you a tax credit for purchasing a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle.
If you’re involved in an auto accident that is primarily your fault you might be reluctant to file a claim because your auto insurance premium may go up.
The average contract rate for a 30-year mortgage was unchanged this week at 5.34 percent with 1.15 points according to this week’s Weekly Mortgage Applications Survey released by the Mortgage Bankers Association. The average contact rate for a 15-year mortgage increased slightly to 4.83 percent this week, up from the prior week’s average mortgage contract rate of 4.81 percent. The average contract rate on a one-year adjustable rate mortgage (ARM) also increased, the rate this week is 6.58 percent, up from the previous week’s average rate of 6.52 percent.
Money market account and savings account rates were down this past week. The decline in average interest rates was small. Savings account rates and money market account rates will stay low for the foreseeable future. We anticipate rates increasing by the end of 2009 or early into 2010 when the economy recovers and rates start going up.
Bank of America (BofA) will give you a $100 bonus for opening a personal checking account or a business checking account. You get $75.00 when you open a new account with a $250 deposit and make a purchase with the debit card linked to the new account. You get an additional $25.00 when you make two online bill payments within 30 days.
Credit Cards, ATM Cards and Debit Cards are widely used these days and are a convenient form of payment for purchases. Losing your cards or having your cards stolen is a hassle in general, having unauthorized charges on your accounts can make a bad situation worse.
Mortgage Interest Rate: Mortgage rates were down in this week’s Primary Mortgage Market Survey released by Freddie Mac, continuing the recent trend of lower home mortgage rates over the past several weeks.
Finding the best CD rates these days has become a lot easier with comparison sites. Since certificate of deposit rates are so low it pays even more to shop around. The national average CD rate on a 12 month CD is 1.33 percent this week. You can find higher CD rates than the national average.
AAA is offering some very competitive auto loan rates for AAA members. Rates for car loans will vary by State but we have seen rates in the four to five percent range for all States. AAA also offers auto loans with no down payment for qualified applicants.
Tennessee Commerce Bank is offering a Savings Account that currently has an annual percentage yield of 2.30 percent. This high interest savings account is well above the national average savings account rate.
Mortgage Rates: Current Mortgage rates decreased in the latest survey released today.
Best Auto Insurance: Rental car insurance is an after thought for most consumers until they are actually in the process of renting a car. Most people now shop online for the best rental car rates they can find but those savings can be wiped out by purchasing unnecessary rental car insurance.
