Archives for August 2009

Mortgage interest rates rose this week over last week, reversing the down trend of  the past couple of weeks. Today’s mortgage rates are still low compared to recent average mortgage rates of the past month.

The average rate for a 30-year mortgage hit a high of 5.51 percent on August 10th. The month’s low for 30-year mortgage rates was 5.21 percent, set on August 24th.

10-year Treasury yields started the month of August at 3.50 percent, hit a high of 3.85 percent on August 7th and have been drifting down the rest of the month. Today’s 10-year Treasury yields are at 3.43 percent.

Looking for Current Mortgage Rates? MonitorBankRates.com has mortgage rate tables you can use to find the best mortgage rates in your zip code. Mortgage Rate Here

Today’s Mortgage Interest Rates

The average rate for 30-year and 15-year conventional mortgages were up this past week. The average jumbo mortgage rate was down for  jumbo 30-year rates and jumbo 15-year rates. Adjustable rate mortgages were up for conventional mortgage rates and jumbo mortgage rates, except for 10/1 conforming mortgage rates and 10/1 jumbo mortgage rates.

The average conforming 30-year mortgage rate is currently at 5.28 percent, up from last week’s average mortgage interest rate of 5.21 percent. Conventinal 15-year fixed mortgage rates are at 4.69 percent, up from the prior week’s average rate of 4.62 percent.

Jumbo Rate Mortgages

Jumbo mortgage rates bucked the trend of higher interest rates, the current mortgage rate of 30-year jumbo loans are at 6.11 percent, down from the previous week’s average rate of 6.14 percent. 15-year jumbo mortgage rates are averaging 5.73 percent today, down from last week’s average rate of 5.80 percent.

Current Adjustable Mortgage Rates

Adjustable rate mortgages were up this past week.  Shorter term mortgage rates jumped up more than longer term mortgage rates. The average rate on a conforming one-year ARM is at 4.38 percent, up from the prior week’s average rate of 4.27 percent. One-year jumbo mortgages are averaging 4.91 percent, up from last week’s average mortgage rate of 4.81 percent.

The average rate on a conforming 3/ ARM is at 4.58 percent this week, up from last week’s average loan rate of 4.50 percent. Jumbo 3/1 ARMs are averaging 5.40 percent, up from 5.38 percent.

5/1 conforming ARMs are averaging 4.47 percent, up from the prior week’s average rate of 4.34 percent. Jumbo 5/1 ARMs are averaging 5.26 percent, up from last week’s average mortgage loan rate of 5.16 percent.

The average home loan rate for a 7/1 conforming ARM is at 4.83 percent, up slightly from last week’s rate of 4.82 percent. The average 7/1 jumbo mortgage rate is at 5.81 percent, up from 5.72 percent the prior week.

10/1 conforming ARMs are averaging 5.23 percent, down from the previous week’s average rate of 5.24 percent. Jumbo rates on 10/1 ARMs are averaging 6.23 percent, down from 6.30 percent the prior week.

Current mortgage rates are unchanged at 5.28 percent today as 10-year U.S. Treasury Notes are down to 3.45 percent. Home mortgage rates have stabilized since the recent run up in mortgage interest rates a few weeks ago.

Since then mortgage rates have come down from a recent high in interest rates of 5.51 percent set August 10, 2009.

Searching for the Best Mortgage Rates? Use our Mortgage Rate Tables to Find Mortgage Interest Rates in Your Zip Code

Current Mortgage Rate Tables

Current 30-year mortgage rates

Today’s conforming 30-year rate mortgages are at 5.28 percent, unchanged from yesterday rate but up from 5.21 percent earlier this week. Chase Bank is currently offering a conforming 30-year mortgage rate of 4.875 percent with 2.00 discount points, not a bad deal if you plan on staying in your home a long time. On a $500,000 home loan 2.00 discount points will cost you an additional $10,000 which can be rolled into closing costs.

Current mortgage rates for a 15-year conventional loan are at 4.69 percent, also unchanged from yesterday’s rate. 15-year mortgage rates have been in a tight range of 4.50 percent to 4.85 percent for the past two months. On June 22, 15-year interest rates were over 5.00 percent at 5.15 percent. Since then rates have come down and stabilized in the current range.

Current Jumbo Mortgage Rates

30-year Jumbo Rate Mortgages:

Current jumbo rate mortgages are at 6.11 percent, down slightly from the 6.14 jumbo rate set earlier this week. Fixed Jumbo interest rates have been hovering in a range of 6.10 percent to 6.40 percent for the past two months. Today’s jumbo rates are not much lower than they are back in June of this year, a high of 6.55 was set on June 22, 2009.

15-year Jumbo Mortgage Rates:

15-year jumbo mortgage rates currently are at 5.73 percent, down from a rate of  5.80 percent set on Monday. The recent high which was also set on June 22, 2009 was 6.39 percent. Bank of America is currently advertising a 15-year jumbo mortgage rate of 5.375 percent with 0.875 points.

Find Current Mortgage Rates in your zip code by using our Mortgage Rate Tables:

Current Mortgage Rate Tables

Prepaid credit cards and debit cards have become more and more popular these days since the credit crisis of last year. Credit card issuers and banks have raised the bar when approving credit cards for borrowers.

Gone are the days of easy credit like getting multiple credit cards from the same bank or getting a mortgage without proving your income.

Credit card companies are also lowering credit card limits for even their best credit card customers. The Credit Card Holders Bill of Rights has also changed the credit card business. New rules include giving a credit card holder 45 days advance notice when any major changes to their account is made, like raising the credit card limit. The new rules don’t include notifying a holder when their credit limit is lowered.

As a result of more restrictive credit, consumers have been turning to prepaid credit cards and debit cards to make purchases. A pre-paid credit card allows one to enjoy all the benefits of having a credit card without the risks. You can only spend what you have on your prepaid card limit.

Prepaid cards also allow you to build your credit history and credit score. Other features include direct deposits to a prepaid card, replenishing your balance. Best of all if you have less than perfect credit or even a bad credit history, you will more than likely be approved for a prepaid card.

Debit cards are another alternative to traditional credit cards. With a debit card, your purchases are withdrawn from your checking account. Although with a debit card you might not have all of the benefits of a traditional credit card, including being covered for auto insurance when renting a car.

Looking for Prepaid Credit Cards, Debit Cards or Credit Cards? MonitorBankRates.com has a credit card search engine you can use to find a card that fits your needs.

Credit Card Search Engine

Current mortgage rates, which are at 5.28 percent today, along with an $8,000 tax credit for first time home buyers and near record home affordability are all stabilizing the housing market. 

In many areas across the U.S. people are now discovering it’s cheaper to buy than to rent because of the near record low mortgage rates and the relentless decline in home prices over the past two years.

The available amount of new homes and exisiting homes for sale is decreasing because sales are going up. Existing home sales has gone up for three months in a row, the first time since 2004. Mortgage rates will stay low until early into 2010, as long as the Fed doesn’t raise interest rates and U.S. Treasury prices stay low.

Current Mortgage Rates

Conforming 30-year mortgage rates currently are at 5.28 percent, up slightly from earlier this week when the average 30-year mortgage interest rate was at 5.22 percent.

The average conventinal 15-year home loan rate is at 4.69 percent today, up from the average 15-year home mortgage rate of 4.63 percent set this past Monday. Still down from the recent high of 5.21 percent set on June 15, 2009.

Jumbo Rate Mortgages

Current Jumbo mortgage rates are at 6.11 percent today, down from the fixed jumbo mortgage rate of 6.14 percent set on August 24, 2009.  As recently as June 15 jumbo mortgage rates were over 6.50 percent at 6.65 percent.

15-year jumbo home mortgage rates are at 5.73 percent today. Down from 5.80 percent set this past Monday. 15-year jumbo rate mortgages have come down a lot recently. Super jumbo mortgage rates are still higher, that is if you can find a bank or a mortgage broker that will give you a super jumbo loan.

Compare mortgage rates from several banks at MonitorBankRates.com by using our mortgage rate search engine.

Find a List Current Mortgage Rates in Your Zip Code

Most people have to choose health maintenance organizations (HMOs) plans from HMOs their employer is offering. Unfortunately this limits your choice of insurance companies and as a result your health insurance rates are probably higher.

Although getting your health insurance coverage through a health maintenance organization (HMO) will cost less than having health insurance through traditional fee-for-service insurance.

The primary purpose of  managed health care is to deliver less costly health care and at the same time maintaining the quality of health care. HMOs offer access to a  complete package of health care services in return for a prepaid monthly premium. 

When you use a HMO you are required to obtain your health care services from doctors and hospitals affiliated with the HMO to belong to. You choose a primary care physician who treats you, makes health care decisions and coordinates referrals to specialties within the HMO network.

HMOs also charge a small co-payment depending upon the type of service provided. For visiting your primary care physician the co-payment can be $10 to $30, co-payments when visiting specialists can be higher.

Health Maintenance Organizations Points:

• You must use health care providers that are part of the HMO, except in certain emergency situations. Otherwise  you will pay more out of pocket
• Choose your primary care physician wisely because that person directs your care. Your primary care physician also coordinates referrals to specialties within the HMO.
• You may be charged a small co-payment each time you utilize an HMO covered service. 

Looking for the Best Health Insurance Rates?  Search for health insurance companies in your zip code right here.

Best Heath Insurance Rates

SunTrust Bank of Atlanta, Georgia, is advertising some of the best mortgage rates available today. The current mortgage rate for a conventional 30-year fixed mortgage is 5.125 percent with .0375 discount points. 

SunTrust’s 30-year mortgage rate is lower than the national average mortgage rate for a 30-year conventional loan which is currently at 5.25 percent.  30-year FHA mortgage rates are at 5.125 percent with 0.375 discount points.

The bank’s conforming 15-year mortgage rate is also below the national average rate, today’s mortgage rate is at 4.625 percent with 0.125 points. The current national average rate is 4.688 percent.

Their advertised 30-year jumbo mortgage rate is 6.375 percent with zero discount points which is a lot higher than the national average rate. Today’s jumbo mortgage rates are averaging only 6.07 percent.

SunTrust Bank has branches in the following states. Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia.

CD Rates continue their slow descent down this week, making new lows it seems week after week. One year bank CD rates are now averaging under 1.25 percent and you can’t get much better interest rates with the longest term CD Rates, the average 5-year CD rate is under 2.50 percent.

Will CD rates ever move higher? Yes, certificate of deposit rates will move higher when the economy gets better and interest rates start moving higher but that probably won’t happen until early in 2010.

3-months certificate of deposit rates are averaging 0.676 percent this week, down from the prior week’s average rate of 0.683 percent. Wilshire State Bank is offering one of the highest CD rates for a 3-months CD, their APY is currently 1.86 percent.

The average 6-months bank CD rate is at 0.964 percent this week, lower than the previous week’s average 0.972 percent for 6-month CD rates at banks.

12-months certificate of deposit rates are averaging 1.246 percent this week, down from last week’s average rate of 1.256 percent. Delta Community Credit Union is offering one of the best CD rates for a 12-months CD, their rate is currently at 2.32 percent.

The average 24-months certificate of deposit rate is 1.680 percent this week, a decrease from the prior week’s average CD rate of 1.685 percent.

36-months certificate of deposit rates are at 1.974 percent this week, down from the previous week’s average 36-months CD rate of 1.975 percent. You can find rates higher than the national average rates, currently Ally Bank is offering a 36-months CD with an APY of 2.70 percent, one of the top CD rates around.

The average 48-months certificate of deposit rate is at 2.195 percent this week, down from the prior week’s average 48-months CD rate of 2.203 percent.

60-months certificate of deposit rates are averaging 2.463 percent, down from last week’s average 60-months CD rate of 2.449 percent. Pentagon Federal Credit Union is offering a 60-months CD at has an APY of 3.51 percent, one of the best CD rates available today.

Looking for CD Rates? Find the Best CD Rates in your zip code. Best CD Rates Here

Looking for Mortgage Interest Rates? Find the Best Mortgage Rates in your zip code at MonitorBankRates.com

Mortgage rates were mixed this past week with longer term 30-year fixed mortgage rates increasing slightly and 5/1 adjustable mortgage rates decreasing. Historically low mortgage interest rates are helping the housing market recover, driving home sales higher and home prices higher in a good part of the U.S.. 15-year fixed mortgage rates were also up slightly this past week.

In addition to the low current mortgage rates helping the real estate market recover, housing prices have come down so much homes are a lot more affordable than they have been in the past several years.

Looking for Mortgage Interest Rates? Find the Best Mortgage Rates in your zip code. Best Mortgage Rates Here

Today’s mortgage rates have pushed existing home sales higher for the fourth consecutive month and new home sales higher, driving the amount of new homes currently for sale down to the lowest amount since March of 1993. 

The average rate for a 30-year fixed-rate mortgage was 5.14 percent with an average 0.7 point for the week ending yesterday, higher than last week’s average home interest rate of 5.12 percent according to Freddie Mac’s Primary Mortgage Market Survey. 3-year conforming mortgage rates haven’t changed much in the past two months. A year ago 30-year mortgages averaged 6.40 percent.

15-year fixed rate mortgages averaged 4.58 percent this week with an average 0.7 point, up from the previous week when it averaged 4.56 percent. Exactly a year ago at this time, the 15-year fixed rate conventinal mortgages averaged 5.93 percent.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage is 4.67 percent this week, with an average 0.6 point, a decrease from last week when it averaged 4.57 percent. Last year the average rate for a 5-year ARM was over 6.00 percent at 6.03 percent.

One-year Treasury-indexed adjustable rate mortgages averaged 4.69 percent this week with an average 0.6 point, unchanged from the prior week when it averaged 4.69 percent. At this time last year, the 1-year ARM averaged 5.33 percent.

Freddie Mac’s PMMS doesn’t include jumbo mortgage rates. MonitorBankRates.com reported on current jumbo mortgage rates eariler this week, here is the report.

The average jumbo mortgage rate for a 30-year jumbo rose slightly this week to 6.14 percent, up from the prior week’s average rate of 6.12 percent. The average 30-year jumbo mortgage rate has also been in a tight range between 6.00 percent and 6.50 percent since May of this year. The average jumbo rate hit a high of 6.64 percent on June 15.

15-year jumbo fixed mortgage rates are down this week to 5.80 percent, down from the previous week’s average jumbo rate of 5.88 percent. The spread between 15-year jumbo mortgage rates and 15-year conforming mortgage rates is still over 1.00 percent, higher than the historical norm.

Looking for CD Rates? MonitorBankRates.com has CD rate tables you can use to find the best CD rates in your area. CD Rate Tables

ShoreBank Direct, the online banking division of ShoreBank, is offering an online savings account that currently has an interest rate of 2.13 percent and an annual percentage yield ( APY) of 2.15 percent, one of the highest online savings account rates available today.

 The current national average rate for savings account/money market account is around .50 percent, getting a rate over four times the national average savings rates is an excellent deal.

The high yield savings account rate of 2.15 percent is as of July 28, 2009. Since savings account are variable rate accounts the savings account interest rate and yield can change at anytime. A minimum balance of $1.00 is required to open a savings account and to obtain the savings rate.

ShoreBank Direct Online Savings Account

MonitorBankRates.com has Money Market Account/Savings Account rate tables you can use to find high yield accounts in your zip code.

Money Market Account/Savings Account Rate Tables Here

We also have rate tables for finding the best CD rates and best mortgage rates in your area.

CD Rate Table

Mortgage Rate Table

HSBC Direct, the online bank of HSBC, is offering one of the best 12 months CD rates available these days. The current annual percentage yield (APY) is 2.00 percent.  The CD rate and CD yield for the 12 months certificate of deposit is the same as HSBC Direct’s 48 months certificate of deposit.

The APY is also higher than HSBC direct’s longer term certificate of deposits, including their 18 months CD, 24 months CD, 30 months CD and 36 months CD.  

The APY is well above the National Average CD Rate for a 12 months CD. The current National Average is 1.24 percent as of today. We don’t know how long this promotional CD rate will last so take advantage of the rate while you can. The minimum certificate of deposit account opening balance and minimum balance is only $10.

Opening an online certificate of deposit with HSBC is quick and easy. You will need to provide the following information.

1. Your Social Security or Personal Tax ID Number.
2. Your Driver’s License or ID card issued by a state DMV. If you don’t have either of these, HSBC Direct will ask you for copies of other acceptable identification as they process your application.
3. Information about any loans or mortgages that you may have to help HSBC Direct confirm your identity.
4. For instant funding, you will need your current bank account and routing numbers.
5. If you are applying for a joint account, you will need the Secondary Applicant’s name, Social Security or Personal Tax ID Number and Date of Birth.
6. If you are a U.S. resident but not a U.S. citizen, you will need your Resident Alien Card (Green Card) or complete passport information.

MonitorBankRates.com has a CD Rates Table you can search to find CD rates in your area. CD Rates Table Here

We also offer a free mortgage rates table you can use to find Today’s Mortgage Rates in your area. Mortgage Rates Table Here

Mortgage rates had a slight uptick in the most recent survey released this morning, reversing the recent trend of lower mortgage rates the past couple of weeks. 

Even though there was an increase in current mortgage rates, mortgage application volume increased 7.5 percent on a seasonally adjusted basis from one week earlier according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

Looking for Mortgage Interest Rates? Find the Best Mortgage Rates in your zip code. Best Mortgage Rates Here

Current Mortgage Rates

30-year fixed rate mortgages increased to 5.24 percent from 5.15 percent with points also increasing to 1.07 points from 0.98 points. Earlier this week MonitorBankRates.com reported 30-year mortgage rates decreasing to 5.22 percent from 5.33 percent. Last week Freddie Mac reported 30-year mortgage rates decreased to 5.12 percent from 5.29 percent.  Today’s mortgage rates have been in a tight range of 5.00 percent to 5.50 percent.

The average contract rate for a 15-year fixed mortgage rate increased to 4.58 percent from 2.52 percent the previous week. The average discount points also increased to 1.18 points from .93 points the week prior. On Monday, MonitorBankRates.com reported 15-year mortgage rates were averaging 4.63 percent, down from last week’s average rate of 4.75 percent.  Freddie has 15-year mortgage rates at 4.56 percent.

Adjustable rate mortgages were also according to the MBA, the current mortgage rate on a one-year ARM is 6.74 percent, up from the prior week’s average contract mortgage rate of 6.66 percent.

Higher mortgage rates didn’t put a damper on mortgage activity, the refinance index, a measure of mortgage refinancing, had an increase of 12.7 percent from one week earlier and the Purchase index had an increase of 1.0 from the previous week.

MonitorBankRates.com also reported on jumbo mortgage rates eariler this week. Here is the report taken from Monday’s Weekly Mortgage Rates Survey.

Jumbo Mortgage Interest Rates

The average jumbo mortgage rate for a 30-year jumbo rose slightly this week to 6.14 percent, up from the prior week’s average rate of 6.12 percent. The average 30-year jumbo mortgage rate has also been in a tight range between 6.00 percent and 6.50 percent since May of this year. The average jumbo rate hit a high of 6.64 percent on June 15.

15-year jumbo fixed mortgage rates are down this week to 5.80 percent, down from the previous week’s average jumbo rate of 5.88 percent. The spread between 15-year jumbo mortgage rates and 15-year conforming mortgage rates is still over 1.00 percent, higher than the historical norm.

Chase Bank is advertising some of the best mortgage rates available today. We were quoted current mortgage rates for a single family home mortgage in the state of California, with a price of $400,000, a 20 percent down payment and with having an excellent credit history.

The mortgage loan rates quoted were a mixture of fixed mortgage rates and adjustable mortgage rates.

Where are mortgage rates currently headed? Use our mortgage rate tables to find current mortgage rates in your zip code:

Current Mortgage Rates Here

The mortgage loans were all under 5.00 percent except for a 30-year fixed with 1.25 discount points. Points or discount points allow you to pay a fee up front to buy down the mortgage rates. Often when refinancing a mortgage the points are rolled into the mortgage home loan if you have enough equity.

The mortgage rate we received for a fixed rate 30-year mortgage is 5.125 percent, with 1.25 points. You can get an interest rate under 5.00 percent if you are willing to buy more discount points. The 30-year fixed rate mortgage is only 4.875 percent with 2.375 discount points.

The mortgage interest rate for a fixed rate 15-year mortgage is 4.50 percent with 1.375 discount points. The bank mortgage rate is 4.25 percent with 2.625 discount points. On a $320,000 mortgage loan with 2.625 points the upfront cost would be $8,400 so buying down the mortgage rate only pays if you plan to be in the home a long time.

The adjustable mortgage rates were also some of the best mortgage interest rates around. Today’s mortgage rate on a one-year ARM at Chase Bank is 4.00 percent with 1.125 points. For a 5/1 ARM the home loan rate is also 4.00 percent with 1.125 points, the 5/1 mortgage rate can be brought down to 3.625 percent with 2.00 discount points. The 7/1 adjustable mortgage rate is 4.50 percent with 1.125 discount points and 4.00 percent with 2.25 discount points.

The banking arm of MetLife, MetLife Bank, is offering CD rates that are some of the highest CD rates around. The certificate of deposit accounts have a minimum opening deposit of $2,000. The bank CD rates are tiered, so the more money you deposit into a CD account, the higher the CD rate and CD yield will be.

Shorter term certificate of deposits are all well above the national average CD rates, the current annual percentage yield for a 3-month certificate is 1.00 percent for balances of $2,000 up to $14,999. For account balances of $15,000 to $24,000 the certificate APY is  1.25 percent, for account balances of $50,000 and up the APY is 1.50 percent, one of the best CD rates around.

12-month certificate of deposit yields for deposits between $2,000 and $14,999 are at 1.25 percent, just above the national average 12-month CD rate of 1.24 percent. The APY is a lot higher for deposits of $50,000 and above, the current APY is 2.00 percent.

Longer term certificate of deposit yields are the same for 24-month CDs, 36-month CDs, 48-month CDs and 60-month CDs. The APY for account balances between $2,000 and $14,999 is currently at 1.50 percent. For account balances between $15,000 and $24,999 the APY is 2.00 percent. Account balances of $25,000 and up earn an APY of 2.25 percent.

Mortgage interest rates have started heading back down again this week. Home mortgage rates have been hovering in a range of 5.00 percent to 5.50 percent for over a month now. Home mortgage interest rates have been whipsawed by positive and negative economic news almost on a daily basis.

Avergage mortgage rates have gone down in almost every mortgage product category week over week, with longer term adjustable rate mortgages and interest only mortgage rates having the biggest declines.

Looking for Current Mortgage Rates? Find the Best Mortgage Rates in your zip code. Best Mortgage Rates Here

Mortgage Interest Rates

Current mortgage rates for a conventional fixed 30-year mortgage is at 5.22 percent today, down from last week’s fixed mortgage rate of 5.33 percent. Two weeks ago, the average home mortgage interest rate for a 30-year was just over 5.50 percent at 5.51 percent. The average conforming mortgage rate on a 15-year fixed is at 4.63 percent today, down from the prior week’s average rate of 4.75 percent.

Jumbo Mortgage Interest Rates

The average rate for a 30-year jumbo mortgage rose slightly this week to 6.14 percent, up from the prior week’s average rate of 6.12 percent. The average 30-year jumbo mortgage rate has also been in a tight range between 6.00 percent and 6.50 percent since May of this year. The average jumbo rate hit a high of 6.64 percent on June 15th.

15-year jumbo fixed mortgage rates are down this week to 5.80 percent, down from the previous week’s average jumbo rate of 5.88 percent. The spread between 15-year jumbo mortgage rates and 15-year conforming mortgage rates is still over 1.00 percent, higher than the historical norm.

While the spread between 30-year rates has narrowed to under 1.00 percent. During the credit crisis of last year the spread between conforming rates and jumbo rates was well over 1.00 percent nearing the 2.00 percent range.

Adjustable Mortgage Interest Rates

The average conforming one-year adjustable rate mortgage is at 4.28 percent this week, down from last week’s average mortgage rate of 4.34 percent. Jumbo one-year mortgage rates are at 4.82 percent, down from the prior week’s average rate of 5.00 percent.

3/1 adjustable mortgage rates have also declined this week. The average rate on a conventional 3/1 ARM is at 4.50 percent this week, down from the previous week’s average mortgage interest rate of 4.55 percent. Jumbo 3/1 ARMs are averaging 5.39 percent, down from last week’s average interest rate of 5.48 percent.

The average rate on a 5/1 conforming ARM is at 4.35 percent, down from last week’s average rate of 4.48 percent. Jumbo 5/1 ARMs are averaging 5.16 percent this week, down from the prior week’s average mortgage rate of 5.31 percent.

Conventional 7/1 adjustable rate mortgages are averaging 4.83 percent, down slightly from last week’s average mortgage interest rate of 4.86 percent. The average rate on a jumbo 7/1 mortgage is at 5.73 percent this week, down from the prior week’s average rate of 5.91 percent.

Jumbo 10/1 adjustable mortgage rates are averaging 6.30 percent this week, a decline from last week’s average rate of 6.39 percent. Conforming 10/a ARMs are averaging 5.25 percent this week, up from the prior week’s average rate of 5.21 percent.

Home Equity Loans

Home equity loan rates increased slightly this week over last. Home equity loans have been fluctuating in a tight range for a while now, both 10-year home equity loan rates and 15-year home equity loan rates have been around 7.75 percent. Today’s rate on a 15-year home equity is at 7.744 percent. Current rates on a 10-year home equity is at 7.619 percent this week.

Home Equity Line

Home equity line of credit rates have been a better deal over home equity loan rates. The average current home equity line of credit rate is still under 5.00 percent at 4.83 percent, a slight uptick from the prior week’s average rate of 4.82 percent.

Find Current Mortgage Rates in your zip code by using our Mortgage Rate Tables:

Current Mortgage Rate Tables

Bank of America is offering some of the best mortgage rates available these days. We were quoted several different mortgage rates for a single family home in Sandy Springs Georgia, a suburb of Atlanta. The quote was for a home with a value of $400,000 with a 20 percent down payment. Bank of America mortgage rates are very competitive.

Find mortgage rates in your area by using our mortgage rate tables here. Mortgage Rate Tables Here. Bank of America Mortgage Rates can be found at bankofamerica.com.

The rate for a conventional 30-year fixed rate mortgage with 1.25 discount points is 5.25 percent. Points or discount points allows one to “pay down the rate”, in this mortgage quote, 1.25 discount points is equal to $1,250 for every $100,000 borrowed, or $4,000 for this quote.

The mortgage rates Bank of America quoted us wasn’t much higher than the national average for today’s mortgage rate which is currently at 5.22 percent. Current mortgage rates have been in a range of 5.00 percent to 5.50 percent, going up one week and down the next.

The Bank of America mortgage rates 15 year mortgages are also very competitive. The bank quoted us a 15-year mortgage rate of 4.375 percent with 1.125 points. Which is lower than the average rate, 15-year mortgage rates currently are at 4.63 percent.

Bank of America’s 5-year adjustable mortgage rate is currently at 4.00 percent with 1.125 discount points. The national average mortgage interest rate for a 5-year adjustable rate mortgage is 4.35 percent as of today.

Compare mortgage rates from several banks at MonitorBankRates.com by using our mortgage rate search engine.

Find a List Current Mortgage Rates in Your Zip Code

To get a Bank of America mortgage rate quote directly from Bank of America go to Bank of America Mortgages.

Citibank is offering a $100 special promotional bonus for opening a checking account with a minimum deposit of $1,000. You’ll also have to do one of the following account transactions within the first month of opening your account to receive the $100 checking promo bonus.

You have to either make at least one monthly direct deposit into your checking account or two electronic bill payments each month from your checking account or five or more qualifying non-PIN debit card purchase transactions each month and continue doing so for three consecutive months and the $100 is deposited into your account.

“Non-PIN” transactions are using your debit card as a credit card which will give Citibank a higher fee from the merchant than a debit card would.

The offer isn’t valid for existing Citibank customers and you must be 18 or over. You have to open regular checking account in a Citibank Account, Citibank Everything Counts or Citigold account relationship package by 09/30/2009.  When you open the account mention offer code CE1Q

CitiBank $100 Checking Account Promo

Savings account rates and CD rates are so low these days, finding a decent rate is very challenging. Most variable rate accounts like savings accounts and money market accounts are paying rates under 1.50 percent.

The national average rate for a savings account or money market account with balances of $2,500 to $50,000 is around .50 percent. The only benefit to low interest rates these days is mortgage rates, if you’re currently buying a home or refinance a mortgage the low rates are a good thing.

Certificate of deposit rates are higher these days, of course the longer the certificate of deposit term the higher the annual percentage rate and annual percentage yield will be. Current 12-months CD rates are averaging 1.25 percent but you can find CD rates a lot higher than the national average. Current 60-month CD rates are averaging 2.46 percent.

Another option is to deposit your money into an account that will give you a higher rate like a rewards checking account, also known as a high yield checking account. There are certain monthly requirements to have to meet to earn the higher yield, like setup a direct deposit and/or use a debit card a certain number of times per month.

There are several banks that have annual percentage yields of over 4.00 percent for a rewards checking account. There is a website, checkingfinder.com that allows you to search for banks offering rates in your zip code.

As pathetic as deposit rates might be these days, once you factor in the inflation rate, your rate of return isn’t much better or worse than it has been in the past. The personal savings rate has actually gone up over the past year even though interest rates have been going down. The percentage of disposable personal income (DPI) less personal outlays was 4.6 percent in June, compared with 6.2 percent in May. Before the credit crisis, the personal savings rate was zero percent.

MonitorBankRates.com has tools to help you get a better rate of return from your money. Tools including  a CD calculator, CD ladder calculator, CD rate tables, savings account and money market account tables.

Wells Fargo Bank of San Francisco, California, is advertising some of the best mortgage rates that are just above the national average for similar mortgage products.

Wells Fargo Bank is currently advertising a conforming 30-year fixed mortgage rate of 5.25 percent. Today’s national average for a 30-year mortgage is 5.22 percent. Wells Fargo is also offering a 30-year fixed FHA mortgage rate of 5.50 percent.

The bank is also advertising a conventinal 15-year fixed rate mortgage that is currently under 5.00 percent at 4.75 percent. The national average mortgage rate for a 15-year mortgage is 4.63 percent.

For conforming adjustable mortgage rates the bank is offering a rate of 4.25 percent for a five-year adjustable rate mortgage which is lower than the national average rate. The current mortgage rate for a 5-year ARM is 4.35 percent today.  The bank is also advertising a conforming FHA 5-year ARM with a rate of 4.125 percent.

Their jumbo mortgage rates are also very competitive, today’s mortgage rate for a 30-year jumbo loan is at  6.25 percent, just above the national average rate of 5.14 percent for a 30-year jumbo mortgage. The 5-year jumbo adjustable mortgage rate is at 5.25 percent today, the national average rate is currently at  5.16 percent.

Conventional mortgage loan limits have been raised in certain metropolitan areas to assist home buyers and help the housing market. Wells Fargo lists rates for these ares, the loan amounts are higher than the traditional loan limits but are not considered jumbo mortgages because of the change. 

Mortgage rates for larger mortgage amounts in federally designated eligible areas are higher than traditional conventional rates but lower than jumbo mortgage rates, current mortgage rates for a 30-year loan is 5.375 percent. 30-year FHA mortgage rates are at 5.50 percent and five-year ARMs are at 4.50 percent.

The government is ending the cash for clunkers program on Monday since the program is running out of cash again.

The Car Allowance Rebate system has been so hugely successful the program was given and additional two billion dollars not to long ago. The program will end on 8:00 pm Monday, August 24.

There will be a mad rush this weekend to car dealerships across the county to people can take advantage of the rebate.

The rebate can be between $3,500 and $4,500 depending on the mileage of the car being traded in and the car being purchased.

So far, the cash for clunkers program has recorded 1.9 billion in rebates totaling more than 457,000 car rebates. Most people have turned in trucks and SUV’s in exchange for passenger cars, with an improved gas mileage of around 60 percent.

Find the Best Auto Insurance Rates Here

Mortgage rates have hit a three month low this past week, breaking the see-saw trend of mortgage rates going higher one week than falling lower the next week. The low current mortgage rates have also driven home sales to their higher point since November 2005 according to the National Association of Realtors.

Looking for Current Mortgage Rates in your Area? Find Today’s Mortgage Rates here:

Mortgage Rates in Your Zip Code Here

The three month low in mortgage rates has been brought on by a decline in U.S. Treasury prices and lower longer term interest rates.  Freddie’s Primary Mortgage Market Survey reported mortgage rates on 30-year and 15-year fixed-rate mortgages fell to the lowest level since the end of May 2009. Home mortgage rates on 5/1 hybrid ARMs fell to levels not seen since January 2005.

Today’s mortgage rates are helping the housing market recover. The NAR’s monthly sales gain was the largest on record for existing home sales dating back to 1999.

Current Mortgage Rates

The average rate on a fixed 30-year conventional mortgage is nearing 5.00 percent at 5.12 percent for the week ending yesterday, with an average of 0.7 discount points, down from the prior week’s average rate of 5.29 percent.

Average mortgage rates on 15-year fixed rate mortgages are coming back down to 4.50 percent, today’s mortgage rate for a 15-year mortgage is at 4.56 percent for the week ending August 20, 2009 with average discount points of 0.7. The previous week’s average mortgage rate for a 15-year mortgage was 4.68 percent.

Adjustable Rate Mortgages

The average a 5-year adjustable mortgage rate is at 4.57 percent for the week ending yesterday, down from last week’s average 5-year adjustable rate of 4.75 percent. Last year that this time 5-year adjustable mortgage rates were around 6.00 percent. Average discount points are 0.6.

One-year adjustable rate mortgages also fell this week to 4.69 percent, down from the prior week’s average rate of 4.72 percent with average discount points of 0.5 percent.

Jumbo Rate Mortgages

Freddie Mac’s weekly PMMS survey doesn’t include jumbo mortgage rates because Freddie Mac only reports on conforming mortgages it purchases from banks. MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.

Find Jumbo Mortgage Rates

Bank of America is offering an introductory savings rate of 1.50 percent for their Money Market Savings Account. The savings account rate stays the same until January 4, 2010 for the opening balance and any additional money you deposit into the money market savings account. The minimum savings account opening balance is $10,000.

Compare Savings Account Rates from Several Banks in your area here: Savings Account Rate Table

To qualify for this money market saving rate that locks in just like a certificate of deposit you must have a Bank of America Personal Checking Account.  The savings account rate is also higher than most CD rates for the six month period you receive the promo rate. The money market rate applies to account balances between $10,000 and $250,000. There is also a limit of one promotional savings account rate per customer.

After January 4, 2010, the “Introductory Rate Money Market Savings Account” will automatically convert to a “Growth Money Market Savings Account” that has a variable rate. The Growth Money Market Savings Account has a tiered rate for account balances.  The current rate is 1.09 percent for savings account balances up to $25,000 with a BofA checking account.

When we first reported on BofA’s promo savings account back in April 09 the promo rate was 2.50 percent.

Giantbank of Ft. Lauderdale, Florida, a division of Landmark Bank, is offering one of the best CD Rates around for a 12 month CD. The bank is currently offering a one-year CD with an annual percentage rate of 1.89 percent, the annual percentage yield is 1.91 percent. A lot higher than the average national rate for 12 month cd rates at banks. The bank also has very good IRA CD rates.

The minimum opening deposit for the 12 month certificate of deposit and all certificate of deposit accounts at Giantbank is $2,500. The minimum deposit for a 12 month individual retirement account CD and all IRA certificate of deposit account is only $1,000.

Interest is compounded daily for all certificates at Giantbank, giving you a better annual percentage yield than certificates that are compounded daily, quarterly or annually. The interest you earn will be credited to your account every month.

As with all certificate of deposits issued by a bank there are early withdrawal penalties. Giankbank charges an early withdrawal penalty of three months of interest if the original certificate of deposit maturity is six months or less. For certificates of deposits that have a maturity of more than six months the early withdrawal penalty is six months of interest.

CD rates have gone down again this week. Continuing the slow decent started last year when the Federal Open Market Committee started cutting the fed funds rate to stimulate the economy and rescue us from the worst recession since the 1930s.

The FOMC meet last week and decided to keep the fed funds rate in a targeted range of zero percent to one quarter percent. The fed is keeping interest rates low because they feel inflation isn’t a worry at this point and they don’t want to choke off the recovery that has started in this quarter. 

The recession is expected to end this year, when it does, expect the feds to start raising interest rates early next year to keep inflation in check. That being said, I still recommend keeping your money in shorter term certificate of deposits of one-year or less. Although shorter term CD rates are not the highest cd rates around when CD rates start going up you’ll benefit sooner from the uptick in rates instead of being locked into a lower rate.

Either stick with shorter term cd rates at banks or put your money in an online savings account that earns a higher yield than traditional savings accounts. Do just the opposite if you’re buying a home or want to refinance your existing mortgage since mortgage rates will head higher when the fed starts raising interest rates.

CD Rates

Currently, 3-month certificate of deposit rates are at 0.683 percent, down from last week’s average national CD rate of 0.698 percent.

The average CD rate on a 6-month certificate is at 0.972 percent this week, down from the prior week’s average rate of 0.985 percent.

12-month CD rates are averaging 1.256 percent this week, down from the previous week’s average CD rate of 1.269 percent.

Average rates on 24-month certificates are at 1.685 percent this week, down from last week’s average rate of 1.689 percent.

The average certificate of deposit rate on a 36-month CD is currently at 1.975 percent this week, unchanged from the prior week’s average rate.

48-month certificate of deposit rates are at 2.203 percent this week, down from last week’s average CD rate of 2.204 percent.

Good news!!! Average rates on a 60-month certificate of deposit increased this week to 2.449 percent this week, up from the previous week’s average CD rate of 2.448 percent. Couldn’t resist the sarcasm.

MonitorBankRates.com has CD rate tables you can search to find the best CD rates in your zip code. We have rates listed that are a lot higher than the national average CD rates we have listed above. Give our CD rate tables a try to find bank cd rates in your area.

Find the best CD Rates Here

Mortgage rates have fluctuating in a tight range for the past month now. The change in the direction of current mortgage rates is happening on a weekly basis, fluctuating in a range of 5.50 percent and 5.00 percent.  

Today’s mortgage rates are nearing 5.00 percent again according to a survey released today by the Mortgage Bankers Association.

Looking for Today’s Mortgage Rates? Find Current Mortgage Rates in your Area Here: Mortgage Rates

Current Mortgage Rates

The change in the direction of mortgage interest rates is causing the MBA’s mortgage refinance index to go swing up and down as well. This week’s Refinance index increased 6.9 percent, last week when home mortgage rates were up, the index was down 7.2 percent. Currently, refinance mortgage rates are around 5.20 percent.

The average contract mortgage interest rate on a fixed rate 30-year mortgage is at 5.15 percent, down from 5.38 percent. The average discount points also decreased from 1.18 to 0.98.

Average contract mortgage rates on a 15-year  mortgage is once again nearing 4.50 percent. The average contract mortgage interest rate is at 4.52 percent, a decrease from 4.71 percent. Average points decreased to .93 from 1.20.

The average contract rate for a one-year adjustable mortgage rate had a slight decrease to 6.66 percent, down from 6.71 percent. Average discounts points also had a slight decrease to 0.07 from 0.08.

Find Jumbo Rate Mortgages in your Zip Code Here:  Jumbo Mortgage Rates

Housing data that has been released over the past couple of months suggests a housing recovery is near or already underway. Low current mortgage rates along with historically high home affordability and the first-time home buyer tax credit of $8,000 has created a “perfect storm” for a housing turn around. 

Housing sales are up, the price of homes has been going up the past five months in a row and the supply of homes for sale are down for both new home and existing homes. Keep in mind, this improved housing data is happening during a recession, raising unemployment and a slight uptick in mortgage rates in the past few weeks, even more reason to believe a turn around has started.

Even the Chinese government believes the U.S. has hit bottom in the housing market. The government’s sovereign wealth fund, China Investment Corp, is going to buy up to $2 billion in U.S. mortgage securities through the U.S. Treasury-backed Public-Private Investment Plan (PPIP).

The stronger demand for homes has eaten into the supply of homes for sale. A year ago the available existing homes for sale would take 11.3 months to sell, as of June the supply of existing houses for sale would take only 9.4 months to sell. The supply of new homes for sale is also down, this past January it would take over 12 months to sell all the new homes available, as of the past June it would take only 8.8 months to sell all the new homes in inventory.

If you’re thinking about buying a new home right now is probably the time to do it. As the year goes on today’s mortgage rates will be higher and the price of a home will also be higher. There are areas in the U.S. that might see further housing price declines but if you’re going to be in your home a long time you’ll be okay. Remember prior to the housing bubble a home was considered “your home” more than an investment.

Mortgage rates are down this week over last week as 10-year Treasury notes are back below 4.50 percent as of this morning, brought on by a consumer confidence report on Friday showing a surprising drop in the  Reuters/University of Michigan index.

Although the recession is expected to end this year, people are feeling less optimistic about their personal finance at anytime in the past 60 years.

Find current mortgage rates in your area by searching our mortgage rate tables.

Mortgage Rate Tables

As consumers are feeling less optimistic about their finances, the Chinese government is feeling a lot more optimistic about the U.S. housing market and mortgage backed securities. The government’s sovereign wealth fund, China Investment Corp, is going to buy up to $2 billion in U.S. mortgage securities through the U.S. Treasury-backed Public-Private Investment Plan (PPIP). This investment is a positive sign especially since several sovereign funds got burned last year making investments in U.S. in the early part of the credit crisis.

Mortgage Rates

Today’s mortgage rates are down across the board this week compared to last week. 30-year mortgages, 15-year mortgages and jumbo mortgage rates had decent declines. The biggest drop was in jumbo adjustable rate mortgages while home equity loan rates and HELOC rates remained steady.

The average rate on a conventional 30-year mortgage is at 5.31 percent today, down from the previous week’s average mortgage rate of 5.51 percent. 15-year conforming mortgage rates declined to 4.75 percent, down from the prior week’s average mortgage rate of 4.87 percent.

Jumbo Mortgage Rates

Jumbo rate mortgages more down more than conforming mortgages this past week. The average mortgage rate on a fixed rate 30-year jumbo loan is at 6.13 percent today, down from last week’s average mortgage rate of 6.31 percent.

15-year jumbo mortgage rates had a bigger decline, the 15-year rate is now back under 6.00 percent at 5.88 percent, down from the prior week’s average rate of 6.15 percent.

Adjustable Mortgage Rates

Adjustable rate mortgages were down the most this past week, longer term adjustable mortgage rates were down more than shorter term rates. The average rate on a 10-year conforming ARM is at 5.22 percent this week, down from last week’s average rate of 5.37 percent.

The average rate on a 7-year conventional ARM is back under 5.00 percent at 4.86 percent, down from the prior week’s average mortgage interest rate of 5.05 percent.  The average mortgage loan rate for a conforming 5-year ARM is under 4.50 percent at 4.48, down from the previous week’s average rate of 4.61 percent.

3-year conventional adjustable mortgage rates are averaging 4.55 percent this week, down from last week’s average mortgage rate of 4.66 percent. The average 1-year adjustable home mortgage rate is at 4.34 percent, up from last week’s average rate of 4.33 percent.

Jumbo Adjustable Rate Mortgages

Jumbo adjustable rate mortgages were down in a big way this week over last. The average rate on a 10-year jumbo ARM was down almost .50 percent to 6.39 percent, down from the prior week’s average rate of 6.86 percent. 7-year jumbo ARMs are down under 6.00 percent again at 5.91 percent, down from last week’s average rate of 6.30 percent.

5-year jumbo ARMs are averaging 5.31 percent, down from last week’s average mortgage rate of 5.62 percent. 3-year jumbo ARMs are back under 5.50 percent at 5.48 percent, down from the previous week’s average rate of 5.81 percent.  The average rate on a 1-year jumbo ARM is at 4.99 percent today, down from last week’s average rate of 5.21 percent.

Interest-Only Mortgage Rates

Interest only mortgage loan rates were down with the biggest declines in rates coming from jumbo mortgages. The average rate on a jumbo 7-1 interest only ARM is at 6.13 percent, down from last week’s average rate of 6.61 percent.

5-1 IO ARMs declined to 5.56 percent, down from the prior week’s average mortgage rate of 5.92 percent. The average home loan rate on a 3-1 jumbo IO is at 5.71 percent this week, down from last week’s average rate of 6.17 percent.

HELOC Rates

Home equity line of credit rates were unchanged this week over last week. The average HELOC rate is currently at 4.82 percent.

Home Equity Loan Rates

Home equity loan rates were down slightly this week over last week. The average rate on a 10-year home equity loan is at 7.618 percent this week, down from last week’s average loan rate of 7.623 percent. The average rate on a 15-year home equity loan is currently at 7.742 percent this week, down from the previous week’s average rate of 7.744 percent.

Find current mortgage rates in your zip code:

Current Mortgage Rates

New credit card rules take effect this week that were passed in the Credit Card Holders Bill of Rights this past spring. The biggest credit card change is starting on August 20, 2009, credit card companies will have to give consumers 45 days notice before raising their credit card interest rate. You have the option to turn down the new credit card rate but if you do be prepared to payoff the balance.  Which you could have done in the past before this new credit card rule takes effect.

Another new credit card change taking effect this coming Thursday is monthly credit card bills must be mailed out 21 days in advance by credit card companies. The idea behind this change is some credit card issuers were mailing credit card bills out late giving credit card holders a limited amount of time to pay their bills, sometime incurring a late fee. This change will help credit card holders get their monthly payments in on time and aviod late payment fees.

Looking for Credit Cards? You our credit card search engine to find the best credit card that fits your needs.

Credit Card Search Engine

Also this week if your credit card interest rate was 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 rate.

Several banks have been making changes and sending out notices to their credit card holders before these new rules take effect. Several big credit card companies and issuers, including American Express, have been raising interest rates on credit cards.  Some banks have also raised the balance transfer and cash advance transactions fees.

Current mortgage rates started heading down this past week when the FOMC released it’s statement on current economic policy this past Wednesday. As expected, the fed decided to leave the fed funds rate in a targeted range of zero percent to one quarter percent.

Since fed statement on Wednesday mortgage rates started creeping down again. The national average mortgage rate for a conventional 30-year fixed mortgage declined to 5.31 percent from 5.51 percent early this week. 15-year conforming fixed rate mortgages declined to 4.75 percent from 4.87 percent.

Looking for Current Mortgage Rates? MonitorBankRates.com has mortgage rate tables you use to search for mortgage rates in your zip code.

Find mortgage rates in your zip code

Mortgage Rates Current

Jumbo Rate mortgages also declined since Wednesday. Today’s mortgage rate on a fixed 30-year jumbo is at 6.13 percent, down from 6.31 percent. As of today, a 15-year jumbo mortgage interest rate is back under 6.00 percent at 5.88 percent.

We anticipate mortgage rates to remain in this current range. If you’re thinking of locking in a mortgage rate at today’s rates you would be wise to do so. Eventually mortgage loan rates will increase as the year progresses.

Find out what mortgage rates are currently going for in your area by using our Mortgage Rate Search Engine. Find 40-year mortgage rates, 30-year mortgage rates, 20-year mortgage rates, 15-year mortgage rates, jumbo mortgage rates, adjustable rate mortgages, mortgage refinance rates, home equity loans, home equity line of credit rates (HELOC).

Search For Current Rates Here

The very popular Car Allowance Rebate System, better known as Cash for Clunkers has been clarified to include cars and trucks not yet on dealer lots.

The National Highway Traffic Safety Administration  (NHTSA) has clarified that people who want to purchase a new vehicle not yet on car dealer lots can still be eligible for the Cash for Clunkers program.

Looking for the Best Auto Insurance Rates in your area? You our auto insurance search engine to find auto insurance companies offering insurance in your zip code.

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Consumers and car dealerswho have reached a valid purchase and sale agreement on a car that is already in the production pipeline will be able to work with the manufacturer to receive the documentation needed to qualify for the program.

The CARS program, which had an initial $1 billion in financing ran out of money in the first week because it is so popular had an additional round of funding of $2 billion.

Here is a current list of approved Cash for Clunkers Vehicles:

YEAR NEW MAKE NEW MODEL DISP. (L) TRANSMISSION CYLINDERS

Finding affordable health insurance coverage is getting harder and harder these days. Health insurance premiums have been increasing at a faster rate than inflation over the past several years. The Obama Administration is proposing drastic changes to increase health insurance coverage for many more Americans.

Find the Best Health Insurance Rates Here

One way of reducing your health care insurance costs is to use a Preferred Provider Organizations(PPOs). A PPO health insurance plan will cost you less than a traditional fee for service health insurance plan but you have to only see doctors that are on the “preferred” providers list.

You can go out-of-network to see a doctor but it will cost you more. A larger percentage of the total cost will paid by you depending on your health insurance policy. 

The important things to remember about Preferred Provider Organizations is

• You get more bang for your buck if you stay within the network
• Going outside the network will cost you more.
• You should make sure that your primary care doctor refers you to specialists that are in the network. 

Looking for the Best Health Insurance Rates in your area? You can find health insurance companies offering coverage in your state by using our Health Insurance Search Engine.

Find Health Insurance Companies in Your Zip Code Here

The Federal Open Market Committee (FOMC) meet for two days this week to decide the future direction of monetary policy. As expected, the FOMC decided to keep the fed funds rate in it’s current targeted range of zero percent to one quarter percent.

Even though economists are forcasting the economy will grow this quarter and next the fed isn’t concerned about inflation at this point because there is ”substantial resource slack”. Fed speak for too many idle factories and unemployed people to cause companies to raise prices or wages.

Another factor that will keep a lid on inflationary pressures is the productivity rate which has gone up to a very high rate of 6.2 percent in the second quarter. Companies are doing more with less employees causing productivity to skyrocket.

Current CD Rates

The average rate on a 3-month certificate of deposit is currently at 0.684 percent for the week ending August 14, 2009, down from the prior week’s average  CD rate of 0.701 percent. Ally Bank is offering one of the highest CD rates for a 3-month CD, their current rate is 1.14 percent.

6-month CD rates are averaging 0.937 percent this week, down from the previous week’s average CD rate of 0.988 percent. You can find 6-month CD rates at banks that are higher than the national average rates. Today’s 6-month CD rate at AIG bank is 1.55 percent.

12-month CD rates are averaging 1.257 percent this week, down from the prior week’s average rate of 1.271 percent. Discover Bank is offering one of the top CD rates around for a 12-month CD, their rate is currently 1.98 percent.

The average CD rate on 18-month certificate of deposit is at 1.409 percent this week, down from the prior week’s average rate of 1.418 percent.

24-month certificate of deposit rates are averaging 1.686 percent this week, down from last week’s average CD rate of 1.692 percent.

The average certificate of deposit rate on a 36-month CD is at 1.975 percent today, down from the prior week’s average CD rate of 1.978 percent.

48-month CD rates are averaging 2.203 percent the week ending today, down from last week’s average CD rate of 2.205 percent.

60-month certificate of deposit rates are averaging 2.449 percent this week, down from the previous week’s average rate of 2.450 percent.

Looking for the best CD rates in your zip code? MonitorBankRates.com has CD rates a lot higher than the national average CD rates. Search for CD rates using our CD rate tables.

Search for The Best CD Rates Here

Longer term mortgage rates were up in the latest mortgage rate survey released yesterday. Fixed rate conforming 30-year mortgages and fixed rate conforming 15-year mortgages were up. 

Adjustable rate mortgages were mixed, five-year adjustable rate mortgages were also up slightly and one-year adjustable mortgage rates were down.

The uptick in current mortgage rates for the week ending August 13, 2009, reported in the Primary Mortgage Market Survey released weekly by Freddie Mac is keeping with the direction of mortgage rates reported earlier this week in the MonitorBankRates.com mortgage survey and the Mortgage Bankers Association’s survey.

Find today’s mortgage rates in your zip code by searching our mortgage interest rate tables.

Mortgage Rate Tables

Current Mortgage Rates

Today’s current fixed rate mortgages were up for the week ending August 13, 2009. Conventinal fixed 30-year mortgage rates averaged 5.29 percent this week, up from the prior week’s average 30-year rate of 5.22 percent with an average 0.7 points. Last year at this time 30-year mortgage rates averaged 6.52 percent. The increase in recent mortgage rates has slowed down the mini mortgage refinancing boom we had the past couple of months when rates declined to near record lows.

The average rate on a 15-year conforming fixed rate mortgage is at 4.68 percent this week, up from the previous week’s average rate of 4.63 percent with 0.7 discount points. A year ago at this time 15-year fixed mortgage rates were much higher, at 6.07 percent. Today’s mortgage rates, the decline in home prices and the $8,000 tax credit for first time home buyers are reviving the housing market.

Adjustable Mortgage Interest Rates

The average interest rate on a  five-year adjustable mortgage is at 4.75 percent this week with an average 0.6 discount points, up slightly from last week’s average rate of 4.73 percent. A year ago, the average rate on a five-year adjustable rate mortgage averaged 6.02 percent. Since the FOMC decided to keep interest rates low for now I don’t anticipate short term mortgage rates increasing by much until later this year for early next year.

One-year adjustable mortgage rates are at 4.72 percent this week with an average  discount points of 0.6 point, up from the prior week’s average rate of 4.78 percent. Last year this time one-year mortgage rates were over 5.00 percent at 5.18 percent.

Jumbo Rate Mortgages

Freddie Mac’s weekly PMMS survey does have jumbo mortgage rates because Freddie Mac only reports on conforming mortgages it purchases from banks. MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.

Find Jumbo Mortgage Rates

The Federal Open Market Committee decided to leave the fed funds rate in a targeted range of zero to one quarter percent to continue to spur economic growth. The economy is showing signs of improving but there isn’t enough growth at this point for inflation to be a concern to raise interest rates.

Since the Fed isn’t raising the fed funds rate, today’s mortgage rates should stabilize in the range they are currently in of 5.25 percent to 5.50 percent. Possibly even decline to the 5.00 percent range for a conforming 30-year mortgage.

Find current mortgage rates in your zip code by searching our mortgage rate tables.

Mortgage Rate Tables

Consumer spending is stabilizing but remains sluggish because folks are still losing their jobs or worried about losing their jobs.  Lower household wealth and tighter credit are also putting a damper on consumer spending. Businesses are also cutting back on investing and hiring.

The prices of energy and other commodities have gone up but there is enough slack in production of natural resources to keep inflation down for some time.

The Fed also announced they are slowing down the process of buying $300 billion of Treasury securites by the end of October 2009. The Fed also has a $1.25 trillion program of buying mortgage backed securities. The program of buying these securities was designed to provide support for mortgage lending by lowering mortgage rates which would support the housing market.

Find current mortgage rates in your zip code by searching our mortgage rate tables.

Find current mortgage rates in your zip code: Current Mortgage Rates

Mortgage rates jumped up late last week when better unemployment numbers were released last Friday. As a result of the higher current mortgage rates applications for home loans decreased. Mortgage refinances also decreased this past week according to the Mortgage Brokers Association.

Average mortgage rates increased for both 30-year mortgages and 15-year mortgages. The average contract mortgage interest rate for a 30-year mortgage increased to 5.38 percent for the week ending August 7, 2009. An increase from the prior week’s average contract mortgage rate of 5.17 percent. Discount points also increased from 1.18 from 1.02.

Looking for Current Mortgage Rates in Your Area? Find Today’s Mortgage Rates Here

The average contract rate for a 15-year mortgage rate increased to 4.71 percent for the week ending August 7, 2009. The prior week’s average mortgage contract rate was 4.60 percent. The average points also increased to 1.20 from the previous week’s average of 1.00.

Earlier this week MonitorBankRates.com reported jumbo mortgage rates increased to 6.31 percent for the week that ended on August 10, 2009. An increase from the prior week’s average mortgage loan rate of 6.15 percent.

15-year jumbo loan rates also had an increase for the week ending August 10, 2009. 15-year mortgage rates increased to 6.15 percent, up from last week’s average rate of 5.80 percent.

Historically speaking, current mortgage rates are near record lows. Could these low mortgage rates drive Toll Brothers sales contracts higher?

Probably so, along with the housing price declines we have seen over the past three years and the $8,000 tax credit for first time home-buyers. Toll Brothers, a high end home building company that has been around for over 40 years reported an increase in home buyers signing contacts to buy homes.

Three percent more homebuyers signed contracts in their fiscal third quarter. Although a three percent increase isn’t much of an increase, the big deal is this is the first annual increase in four years!

Home builders have had a hard time over the past several years. I bet they are jumping for joy with all the recent positive data on the housing market. Even more positive is quarter over quarter signed contracts increased 44 percent.

Current mortgage rates have been hovering in a tight range of 5.00 percent to 5.50 percent over the past month, for a 30-year mortgage. Today’s mortgage rates aren’t much higher than the low rates set in mid May of this year. 

Mortgage rates currently are estimated to go higher as the year goes on. 15-year mortgage rates can still be found for under 5.00 percent, the national average mortgage rate on a 15-year is at 4.81 percent today.  

Jumbo rate mortgages also haven’t changed much over the past month. Jumbo mortgage rates are higher than conventional mortgage rates by a range of three quarters to one percent higher.

The Federal Open Market Committee meets today and tomorrow to decide the future direction of monetary policy and interest rates. The decision they make will affect current mortgage rates and deposits like CD rates.

Although the Fed is expected to keep interest rates in the targeted range of between zero percent and one quarter percent everyone is waiting to see what is said about the economy and the future.

The preliminary second quarter GDP number came in last week showing the economy only contracted one percent, a big improvement over the 6.4 percent contraction in the first quarter of 2009. Third quarter GDP is expected to show an expansion again of one to two percent and an expansion of two to three percent for the second half of 2009. If those estimates are correct the worst recession since the 1930s will have ended.

Once the economy starts expanding again and the unemployment rate goes down considerably from the current rate of 9.4 percent the Fed will raise interest rates to keep a lid on inflation. Tightening monetary policy by raising interest rates probably won’t happen until late 2009 or early 2010.

That being said, if you’re thinking about getting a mortgage for a home purchase or refinancing a current mortgage you should act sooner than later. Also, if you are considering opening a certificate of deposit or renewing a certificate that is maturing I would recommend sticking with shorter term certificates of deposits for the foreseeable future.

Comparison shopping for the best current mortgage rate and mortgage loan type for your needs is a must. Selecting the wrong mortgage product or paying a higher rate than the mortgage rates currently available will cost you thousands or tens of thousands of dollars in extra interest payments over the life of the home loan.

Even worse, you could possibly lose your home because a mortgage broker steers you into a mortgage that has lower mortgage payments initially but higher payments in the future. Many folks were talked into getting adjustable rate mortgages during the housing bubble or mortgages with initial teaser rates that reset making the monthly mortgage payments go up to the point the home become unaffordable.

Do you comparison shop for products you by? Getting a mortgage for a home purchase, a refinancing, or a home equity loan should be done the same way. You should compare all the costs involved in getting a mortgage. Closing costs or settlement costs will cost thousands of dollars, since costs will vary by mortgage lender it pays to comparison shop those costs as well. Getting a better mortgage rate will save you even more.

Home mortgage loans are offered from several types of lenders including, banks, mortgage companies, credit unions and thrifts. You will receive different quotes from each. Be prepard to contact serveral financial institutions for the best mortgage deal.

Another option is to get a mortgage through a mortgage broker. Brokers will look at your particular situation and recommend which mortgage product is best for you. They are supposed to find the best deal for you as well, but that isn’t always the case. Brokers are paid by lenders so there is some incentive to steer you into a product that gives them a higher commission. That being said, I recommend you contact several mortgage brokers for the best deal or do your own comparison shopping.

MonitorBankRates.com has mortgage rate tables you can use to search and compare lenders offering mortgages in your area.

Find Mortgage Rates Here

Mortgage rates jumped higher at the end of last week with most of the increases in mortgage interest rates coming at the end of the week. The sudden increase in current mortgage rates was brought on by better unemployment numbers and the belief that the recession will end this quarter.

Most economists are now expecting growth in the 2% to 3% range in the second half of 2009 if consumers pick up there spending and the unemployment rate doesn’t get much higher. As a result of the better economic outlook today’s mortgage rates are expected to head even higher before the end of 2009 and into 2010.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for MortgageRates Here

Home Mortgage Rates

The current mortgage rate on a conforming 30-year loan increased to 5.51 percent the week ending August 10, 2009, up from the prior week’s average mortgage loan rate of 5.26 percent. The average mortgage rate on a conforming 15-year conforming home loan is up to 4.87 percent this week, an increase from the previous week’s average mortgage rate of 4.70 percent.

Jumbo Mortgage

The average rate on a jumbo 30-year home mortgage loan increased to 6.31 percent for the week ending August 10, 2009, up from last week’s average home loan rate of 6.15 percent. 15-year jumbo loan rates had a big increase week over week, 15-year rates increased to 6.15 percent, up from the prior week’s average rate of 5.80 percent.

Adjustable Mortgage

Conventinal adjustable mortgage rates were mixed the week ending today. One-year conforming mortgage rates decreased to 4.33 percent, down from the prior week’s average rate of 4.42 percent. Three-year adjustable rates decreased slightly to 4.66 percent, down from 4.67 percent. Five-year adjustable rates increased to 4.61 percent, up from last week’s average mortgage rate of 4.53 percent.

Seven-year adjustable mortgages are back above 5.00 percent at 5.05 percent, up from the previous week’s average rate of 4.97 percent. Ten-year adjustable mortgage rates were down to 5.37 percent this week, a decrease from last week’s average rate of 5.42 percent.

Jumbo Adjustable Home Mortgage

Jumbo adjustable mortgage rates were up for the most part, except for the seven-year jumbo ARM. One-year jumbo adjustable rates are at 5.21 percent today, up from last week’s average rate of 5.16 percent. Three-year jumbo ARMs increased to 5.80 percent, up from 5.56 percent.

 The average rate for a five-year jumbo ARM increased to 5.61 percent this week, up from the prior week’s average five-year mortgage home loan of 5.43 percent. Seven-year jumbo ARMs decreased to 6.30 percent this week, down from the prior week’s average rate of 6.36 percent. Ten-year ARMs increased to 6.86 percent, up from 6.72 last week.

Interest Only

Interest only mortgages were up the week ending August 10, 2009, except for the seven-year jumbo interest only mortgage. Conventional three-year interest only mortgage rates increased fractional to 4.748, up from last week’s average rate of 4.745 percent. Jumbo three-year interest only loans increased to 6.17 percent, up from 5.80 percent the prior week.

Five-year interest only mortgages increased to 4.70 percent, up from the prior week’s average interest only loan rate of 4.61 percent. The average rate for a jumb Five-year interest only mortgage increased to 5.90 percent, up from last week’s average rate of 5.71 percent. Seven-year conforming interest only loans increased to 5.25 percent, up from last week’s average rate of 5.14 percent. Jumbo seven-year interest only mortgage rates decreased to 6.61 percent, down from the previous week’s average rate of 6.65 percent.

Webmasters: Get This Free Mortgage Rate Widget for your Website. Mortgage Rates are Updated Daily.

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MonitorBankRates.com, a leading site for finding the best CD rates announces the release a new National Average CD Rates widget.

Keep your website visitors informed and up to date with the most recent certificate of deposit rates. The widget is great for personal financial websites, financial news websites or any other site that would like to display a list of current CD rates.

Get This Free CD Rates Widget for your Website. CD Rates are Updated Daily.

Free CD Rates Widget Here

MonitorBankRates.com also offers a free Mortgage Rates Widget. Keep your website vistors up to date with current mortgage rates.

Free Mortgage Rates Widget Here

Heartland Community Bank of Bryant, Arkansas if offering a rewards checking account that currently has an annual percentage yield of 4.02% on balances of $0 to $30,000.

Checking account balances over $30,000 receive an annual percentage yield (APY) of 1.31%, still not a bad rate for a checking account. Accounts can be opened online.

Since Heartland Community Bank’s Interest Plus Checking Account is a rewards checking account there is a certain number of requirements that need to met each month to qualify for the high interest checking rate.

If you don’t meet the requirements in a cycle (month) the APY on the checking account is only .30% for that cycle. You can get back on track the following month to earn the high yield. Any ATM fees that you pay other banks are refunded to you if you meet the requirements.

Monthly rewards checking account requirements:

There is a minimum opening balance of $100. There are no monthly fees on the account. The interest rate is as of April 15, 2009 but can change at anytime.

Heartland Community Bank also offers competitive CD rates and mortgage rates, including jumbo mortgage rates, conventional mortgage rates, FHA mortgages and VA mortgages.

The recession we are currently in is starting to end, the economy contracted by a scary 6.4 percent in the first quarter of this year but only contracted by 1.0 percent in the second quarter.

Some economists believe the economy will start expanding again in the third quarter. The second quarter numbers at still estimates at this point and are subject to revisions. Thankfully the housing market is starting to look brighter because of the government programs designed to keep current mortgage rates low.

The contributing factors to the contraction in the second quarter continue to be the same factors that put us in a recession. The factors include personal spending, non-residential fixed investments, residential fixed investments and exports. As expected the economic stimulus packages are contributing to the Gross Domestic Product (GDP).

The automotive industry contributed positivity to GDP in the second quarter, adding .20 percent in growth, after subtracting 1.69 from GDP in the first quarter. The industry will contribute even more in the third quarter with the cash for clunkers program being such a huge hit.

Personal income decreased 1.3 percent in June and personal disposable income also decreased 1.3 percent in June. Personal saving as a percentage of disposable personal income decreased to 4.6 percent in June, compared with 6.2 percent in May.

Folks are feeling better about the future and are saving less, not to mention CD rates are pathetic so there is no incentive to save. A couple of years ago the rate was actually negative, since the credit crisis and the recession the personal savings rate has been one bright spot.

Statics source: U.S. Bureau of Economic Analysis

Current mortgage rates have stabilized since the beginning of the week. Friday’s unemployment rate came showed a surprising decline over May’s unemployment numbers forcing mortgage rates higher but rates haven’t changed much since then.

Today’s mortgage rates are still low compared to historical standards, that being said, if you’re looking for a mortgage to purchase a home or refinance your current mortgage now is the time to do it.

Find Mortgage Rates Here

If you’re a first time home buyer there also is a tax credit of $8,000 to purchase a home. Some legislators along with the National Association of Realtors is trying to pass a law giving all home buyers a $15,000 tax credit.

Current Mortgage Rates

30-year mortgage rates are still hovering around the 5.50% range, which isn’t much higher than the 30-year home loan rates we were seeing over the past couple of months. 15-year mortgage rates are still under 5.00% at 4.87 percent, somewhat higher than last week’s average 15-year mortgage rate of 4.70 percent.

Jumbo Mortgage Rates

Jumbo mortgage rates rose by a larger amount this past week but haven’t moved much the past few days. Today’s 30-year  jumbo mortgage rates are averaging 6.31%, higher over the prior week’s average mortgage rate of 6.15%. The average rate for 15-year jumbo mortgages at 6.15%, a big uptick from the previous week’s average mortgage rate of 5.80 percent.

These posted mortgage rates are current as of today. You can find current mortgage rates in your area by using the mortgage rate tables on MonitorBankRates.com. Mortgage Rate Tables Here

Wilshire State Bank of Los Angeles, California with bank branches in California and in three other states including New York, New Jersey and Texas is offering their “Rainbow” savings account.

The savings account is a savings installment plan which allows you to set aside a fix sum each month.

What makes this interest savings account – savings plan attractive is the rates. The rate on this high yield savings is tiered, the savings account currently has an annual percentage yield of 4.34 percent, one of the best savings rates around.

To earn this high yield you’ll have to do more than just deposit your money. The APY you receive depends on the amount of monthly payments you make and the time period you select.

Another good thing about this savings account is the rate is fixed until the maturity date you select. In fact, this account is also like a certificate of deposit account which has one of the highest CD rates around.

The monthly transaction limits and requirements posted on the bank’s website.

• One installment payment must be deposited into account on a monthly basis based on the installment contract with the bank. Any delays in monthly deposits past the deposit cycle date will reduce both the interest and the maturity withdrawal amount
• Failure to make three (3) consecutive monthly installments or 
   cancellation of automatic transfers from a WSB deposit account results in either closure of account or transfer to a Regular Savings Account
• A $10.00 fee will be applied for every deposit in excess of three (3) 
  within a quarterly cycle

 Find out more at Wilshire State Bank Rainbow Savings Account

Whole Life Insurance is a type of life insurance designed to provide coverage for your entire lifetime. Premiums will be higher for a whole life insurance policy over term life insurance because you also build up a cash value in the insurance policy.

Depending on the insurance company some whole life policies require you to pay premiums throughout your lifetime while other whole life insurance policies only require you to pay a premium over a certain number of years. 

Looking for whole life insurance or term life insurance? MonitorBankRates.com has a life insurance comparison tool you can use to find and compare life insurance providers in your zip code.

Compare Life Insurance Rates Here

The actual insurance cash value that is built up is different from face value amount, the amount that is paid at death. To have access to the cash savings value you have to either take a loan out against the policy or cash the policy in and collect the cash value that has built up.

While the cost of whole life insurance is more than term life insurance the premiums you pay for a whole life insurance policy doesn’t change over the your lifetime. Whole life insurance is also known as straight life insurance, ordinary life insurance or traditional permanent insurance.

Compare Life Insurance Companies Here

Wilshire State Bank is offering one of the best CD rates available these days. The bank is offering a 12-month certificate of deposit that currently has a yield of 2.30 percent. 

The bank is also offering an 18-month certificate of deposit which currently has an annual percentage yield of 2.40 percent.

Wilshire State Bank started operations in 1980, their corporate head quarters is in Los Angeles, California. The bank has several branches in California and in three other states including New York, New Jersey and Texas.

The certificate of deposits are not like tradtional certificates of deposits. Wilshire Bank is calling them flex CDs and they give you the ability to make additional deposits and up to six withdrawals before maturity. The minimum opening balance is $10,000.

You can also make an unlimited amount of deposits between $1,000 and $95,000. The early CD withdrawal penalty is three months of simple interest.

Citibank is offering an 18-month CD rate of 4.00 percent with an annual percentage yield of 4.07 percent. This rate is probably one of the best CD rates available today for an 18-month CD.

Yes, there is a catch, this certificate of deposit is designed for people who are interested in building their credit history but you can still take advantage of this high CD rate even if you’re not trying to build a credit history.

The way this certificate works is you open a secured Citi MasterCard with a balance between $200 (minimum opening deposit) and $25,000. The amount of money you deposit becomes your credit limit. During this time Citibank reports your account performance to the major credit bureaus, which is a good thing if you’re trying to build a credit history as long as you’re current on your account. After 18 months you become eligible for an unsecured Citi Platinum Select credit card.

If you close your certificate of deposit account before the 18-month period, any CD interest you earn up to that point will be posted to your CD account. However, your credit card account will be cancelled and your CD will be applied against your outstanding credit balance. Like all CD accounts there will be an early withdrawal penalty which will lower the amount of interest you have earned.

Even if you’re not trying to build your credit history you should take advantage of the 4.07% APY. There is an annual credit card fee of $29 and the APR on purchases is 13.24 percent so of course you will also have to pay y0ur credit card bill off every month to make it worth it.

Citibank Secured MasterCard- 18 Month 4.00% CD Application

Citibank buried the CD rate information, to find the CD rate click on account discloures right below the “Get PDF Application”.

Mortgage rates jumped today after the Bureau of Labor Statistics said the unemployment rate was down to 9.4 percent in July compare to 9.5 percent in June, which surprised most economists who estimated the rate would go as high as 9.8 percent in July.

As a result of better unemployment picture, banks are now offering conforming fixed-rate 30-year mortgages above 5.50 percent, up from rates of 5.25 percent earlier this week. Current mortgage rates are not much higher than the low mortgage rates set last month around 5.00 percent. You can also buy mortgage rates down buy paying points, the more points (discount points) you pay the lower the mortgage rate will be.

Mortgage rates will still probably stay low for awhile since inflation isn’t a threat with the high unemployment rate. The government still realizes the housing market still doesn’t have legs to stand on. As for the unemployment numbers the U.S. non-farm payroll dropped another 247,000 jobs in July, which is lower than the average loss of 331,000 jobs in the past three months.

Looking for Current Mortgage Rates? MonitorBankRates.com has free mortgage rate tables you can use to find the best mortgage rates in your zip code.

Free Mortgage Rates Quotes

We have enjoyed near record low mortgage rates for some time now, probably the only benefit of the credit crisis throwing the economy into a deep recession, the worst since the early 1980s.

Even though 10-year Treasury notes have been going up recently, mortgage rates have drifted down. There are several government programs that were created to drive mortgage interest rates down.

Find Current Mortgage Rates Here

Now that we are coming out of a recession, the economy only contracted by one percent in the second quarter, the FOMC might be eager to raise interest rates before the end of the year or early next year. Once the Fed starts to raise interest rates, you can bet mortgage rates will go higher.

Mortgage rates have been hovering just above 5.00 percent for the past several months, although during the week of May 18, 2009 we reported conforming 30-year mortgage rates at 4.84 percent. The recent high for 30-year conforming rates was 5.71 percent set June 15, 2009.

15-year mortgage rates have been in a range of 4.50 percent to 4.75 percent the past several months. 15-year home mortgage rates also set a high on June 15, the rate got above 5.00 percent at 5.21 percent. The recent low was set on May 18th, the rate was just above 4.50 percent at 4.55 percent, not much lower than today’s mortgage rate of 4.80 percent.

Several banks are offering mortgage rates below the national average rates. Wells Fargo is currently advertising home mortgage rates of 5.375 percent for a 30-year fixed mortgage. Wells Fargo is also offering 15-year mortgages at 4.75 percent, just below the national average 15-year rate. Their five-year adjustable mortgage rate is even lower at 4.25 percent.

Certificate of deposit rates have been low since late last fall. CD rates were driven lower when the credit crisis hit and drove the economy further into a steep recession,  forcing the FOMC to drop interest rates.

We don’t anticipate CD rates turning higher until the economy is expanding again and the Federal Reserve Bank starts raising rates which will probably happen later in 2009 or early 2010.

Looking for Current CD Rates? Search for CD Rates in Your Zip Code. Current CD Rates

Finding a decent CD rate has become harder and harder as CD rates go lower and lower. MonitorBankRates.com has CD rate tables you can search for the best CD rates in your zip code. Search for the Best CD Rates.

CD Rates

12-month certificate of deposit rates are averaging 1.274 percent this week, down from the prior week’s average rate of 1.285 percent. 12-month CD rates at banks can be found higher than the national average CD rate. The following banks are all offering CD yields of 2.00 percent

• Discover Bank
• Ally Bank
• AIG Bank
• HSBC Direct
• UBF
• Nationwide Bank
• PenFed (credit union)
• Giant Bank (2.01% APY)

Longer term certificate of deposit rates are not much higher. The average rate for a five-year CD is currently at 2.452 percent, down from last week’s average rate of 2.454 percent.

Four-year certificate of deposit rates are averaging 2.207 percent this week, down from the prior week’s average CD rate of 2.210 percent.

The average certificate of deposit rate on a three-year CD is at 1.980 percent, down from last week’s average CD rate of 1.984 percent.

Two-year certificate of deposit rates are averaging 1.694 percent, down from the prior week’s average two-year CD rate of 1.701 percent.

The average 18-month certificate of deposit rate is at 1.422 percent, down from last week’s average rate of 1.429 percent.

The average rate on shorter term certificate rates are are all under 1.00 percent. Currently three-month CD rates are averaging 0.702 percent, down from last week’s average rate of 0.712 percent.

Six-month CD rates are averaging 0.990 percent, down from the prior week’s average CD rate of 1.003 percent.

Find the highest CD rates by using our CD Rate Search Engine

Current mortgage rates stayed low this week in the most recent survey released today even though the future economic outlook is a lot brighter and 10-year U.S. Treasury rates have risen to 3.75 percent.

Mortgage interest rates will rise when the economy recovers and the Fed starts raising interest rates.

Mortgage Rates

Today’s mortgage rates are not much higher than home mortgage rates last month. The average mortgage rate on a conforming 30-year mortgage is at 5.22 percent with an average point of 0.6 for the weekending today.  Down from the prior week’s average conforming 30-year mortgage rate of 5.25 percent according to the latest Primary Mortgage Market Survey released by Freddie Mac.

The average rate on a conforming 15-year mortgage was also down the weekending August 6, 2009. Conforming 15-year mortgage rates are at 4.63 percent with an average 0.6 point, down from the previous week’s average 15-year mortgage rate of 4.69 percent.

Adjustable Mortgage Rates

Adjustable rate mortgages were down this week, the average rate on a one-year adjustable mortgage is at 4.78 percent with an average 0.5 point, down from last week’s average one-year home mortgage rate of 4.80 percent.

Five-year adjustable mortgage loan rates are down to 4.73 percent with average points of 0.6 for the weekending August 6, 2009. Down from the prior week’s average home mortgage rate of 4.75 percent.

Jumbo Mortgage Rates

Freddie Mac’s weekly survey doesn’t include jumbo mortgage rates because Freddie only reports on conforming mortgages.

MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.

Current Mortgage Rates

The very popular Car Allowance Rebate System also known as the “cash for clunkers” program will probably get another two billion dollars in funding.

The program started in late July and the original one billion in funding ran out in about a week because the program ended up being a lot more popular than the government ever imaged.

The  House voted to approve more funding and the Senate will vote today. Surprisingly, there are critics of the program.  How can any politician criticize a program that gets consumers spending again buying automobiles?

The program is helping out auto manufacturers, auto dealers and will probably get some auto factories that were idled producing vehicles again.

I personally think the second round of funding should be more than two billion, why not five or ten billion?

I also bet this round of funding will be depleted just as fast as the original one billion, if not faster since there will be a mad rush to dealerships across the United States.

MonitorBankRates.com, a leading site for finding the best bank rates announces the release of new National and State Average Mortgage Rates widgets.

Keep your website visitors informed and up to date with the most recent mortgage rates. The widget is great for real estate agent websites, mortgage brokers websites, real estate websites, financial news websites or any other site that would like to display current mortgage rates.

Get This Free Mortgage Rate Widget for your Website. Mortgage Rates are Updated Daily.

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Mortgage Brokers: If you’re interested in having your rates displayed in this table please contact MonitorBankRates. Contact US

Mortgage rates were down this past week, driving new mortgage loan volume and mortgage refinance activity up. Current mortgage rates have been hovering just above 5.00 percent for several week now.

The average contract rate on a 30-year fixed mortgaged decreased to 5.17 percent, down from 5.36 percent the prior week, according to the latest survey of mortgage applications released by the Mortgage Bankers Association.

15-year mortgage rates were also down the past week over the prior week, the average contract rate on a 15-year mortgage is just above 4.50 percent at 4.60 percent, down from 4.75 percent.

Mortgage rates reported by MonitorBankRates.com have been in a similar range. This past Monday, we reported fixed 30-year mortgage rates at 5.25 percent, down from an average rate of 5.39 percent the week before. The average 15-year mortgage rate was reported 4.70 percent, down from the previous week’s average rate of 4.84 percent.

Fixed rate 30-year jumbo mortgage rates were reported at 6.16 percent, down from 6.18 the week before. The average rate on a fixed 15-year mortgage was reported at 5.80 percent.

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

Search for Mortgage Rates Here

Mortgage rates, first time home buyer incentives and affordable home prices have driven pending home sales 3.6 percent higher in June, the fifth month in a row of pending sales. 

The last time there was five consecutive months of gains in the Index was in July 2003.  The 3.6 percent gain in the Pending home Sales Index released by the National Association of Realtors is another very encouraging sign that the housing crisis is ending.

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

Mortgage Rates

Current mortgage rates are hovering around the same range the past month. Average rates on conforming 30-year mortgages are at 5.27 percent today. The average rate on a 15-year mortgage rates at under 5.00 percent at 4.70 percent today. 

Jumbo mortgage rates have come down since the credit crisis of late last year.30-year jumbo mortgage rates are at 6.16 percent today and 15-year jumbo mortgage rates are averaging 5.87 percent today.

Adjustable rate mortgages can still be had for under 5.00 percent. As of today, the average mortgage rate on a conforming one-year adjustable rate mortgage is under 4.50 percent at 4.40 percent. 3/1 ARMs are averaging 4.66 percent today. The average rate on a conforming 5/1 ARM is at 4.42 percent today and the average rate for a conforming 7/1 ARM is at 4.85 percent.

Jumbo Adjustable Mortgage Rates

The average rate on a jumbo one-year ARM is at 5.16 percent. Jumbo 3/1 ARMs are averaging 5.47 percent today. The average jumbo 5/1 ARM is averaging 5.36 percent today and the average rate on a jumbo 7/1 ARM is at 6.34 percent today.

Here is an interview with the NAR’s chief economist, Lawrence Yun about the current housing market. View video

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

When shopping for auto insurance rates you should also consider additional auto insurance coverage beyond the minimums set by the state you live in. Most states require you to have bodily liability and property liability coverage.

The minimum bodily coverage will probably be around $15,000 for death or injury of any one person, any one accident and $30,000 for all persons in any one accident. The minimum amount of property liability coverage will probably be around $5,000.

Looking for Auto Insurance Rates?

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

Auto Insurance

Getting the bare minimum amount of coverage isn’t recommended. You will be liable for any property damage and medical expenses beyond the auto insurance coverage you have if the accident is your fault. You can and probably will be sued if you don’t have enough insurance coverage.

That being said, we definitely recommend getting the most coverage you can afford. Yes, your auto insurance premiums will be higher but at least you will be able to sleep at night knowing you are adequately insured.

You should also consider additional auto insurance coverage. Insurance companies must also offer the following types of coverage with your automobile insurance policy. 

Uninsured and Underinsured Coverage

Uninsured and Underinsured motorist coverage is a must. This type of car insurance provides liability insurance when the other driver does not have the required minimum liability coverage. This will also cover you if the other driver’s auto insurance coverage is insufficient to cover the injuries you sustained in an accident and if the other driver doesn’t have insurance.

Some auto insurance companies will also offer the following optional coverages. Payments for Medical, provides for the payment of medical and similar expenses without regard for liability. 

Collision Insurance and Comprehensive Insurance

Physical Damage, collision and comprehensive.  Collision covers damage to your auto caused by collision with another vehicle or with any other object, regardless of fault.

Collision car insurance also covers you when a vehicle overturns, but does not cover bodily injury or property damage liability. Comprehensive coverage covers damage to your car caused by reason other than collision, such as fire, theft, windstorm, flood, vandalism, etc. 

Auto Insurance Riders

Auto insurance riders for after-market additions on your car like special tires, rims and sound systems. Coverage for towing and rental reimbursement especially if you only have one vehicle.

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

Compare auto insurance rates

Current Mortgage Rates: Longer term mortgage rates were down this past week, the declines were brought on by signs that the economy is recovering but the recovery will be slow unlike previous rebounds.

Shorter term jumbo mortgages were higher and conforming adjustable rate mortgages were lower. 10-year U.S. Treasury prices are hovering around 3.50 percent this week, not much changed from last week.

Looking for Today’s Mortgage Rates? MonitorBankRates.com has free mortgage rate tables where you can search for current mortgage rates in your zip code Search for MortgageRates Here.

Low mortgage rates are bringing home buyers back to the market and helping to put an end to the housing crisis. Home prices were up 0.9 percent in May, the fifth increase in a row as reported by The Federal Housing Finance Agency’s Home Price Index. Low mortgage loan rates are also spurring mortgage refinance activity.

Current Mortgage Rates

The average rate on a conforming fixed 30-year mortgage decreased this week to 5.25 percent, down from the previous week’s average mortgage rate of 5.39 percent. Less than one percent higher than the recent low of 4.84 percent set on May 18, 2009. This week’s average rate for a conforming fixed 15-year mortgage is at 4.70 percent, down from the prior week’s average rate of 4.84 percent.

Jumbo Mortgage Rates

The average rate on a fixed 30-year jumbo mortgage was down slightly to 6.16 percent this week, down from last week’s average mortgage rate of 6.18 percent. Also lower than the recent high of 6.65 percent set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.80 percent this week, down ever so slightly from the previous week’s average rate of 5.81 percent.

Adjustable Rate Mortgages

Adjustable mortgage rates were mixed this week, for the most part conforming ARMs were down and jumbo ARMs were mixed. The average rate for a one-year conforming ARM was unchanged at  4.41 percent. Jumbo one-year ARMs decreased to 5.16 percent, down from last week’s average rate of 5.20 percent.

Three-year conforming adjustable mortgage rates decreased to 4.67 percent this week, down from last week’s average rate of 4.69 percent. The average mortgage loan rate for a jumbo three-year ARM is at 5.56 percent, an increase from the prior week’s average home mortgage loan rate of 5.41 percent.

Five-year adjustable mortgage loans were down this week. Conforming five-year ARMs are averaging 4.53 percent, down from the prior week’s average home loan rate of 4.59 percent. The average jumbo five-year mortgage loan rate was down to 5.43 percent from the last week’s average rate of 5.52 percent.

The average rate on a conforming seven-year adjustable home mortgage loan was down to 4.97, down from last week’s average rate of 5.09 percent. Jumbo seven-year adjustable mortgage rates increased to 6.35 percent, up from the prior week’s average rate of 6.17 percent.

10-year adjustable rate mortgages were mixed. The average rate on a conforming 10-year ARMs are at 5.42 percent this week, down from last week’s average mortgage rate of 5.57 percent. Jumbo 10-year ARMs jumped considerably, the average rate is at 6.72 percent this week, up from 6.45 percent last week.

Interest Only Mortgages

Interest only mortgage rates were also mixed this week. Average rates on three-year interest only ARMs decreased to 4.74 percent, down from the prior week’s average rate of 4.76 percent. Jumbo three-year IO ARMs are averaging 5.80 percent this week, a big jump up from last week’s average rate of 5.56 percent.

Five-year conforming interest only loans decreased to 4.61 percent this week, down from last week’s average rate of 4.69 percent. Jumbo five-year interest only ARMs decreased to 5.74 percent this week, down from last week’s average rate of 5.84 percent.

Conforming seven-year interest only adjustable rate mortgages decreased to 5.14 percent, down from last week’s average rate of 5.28 percent. The average rate for jumbo IO ARMs is at 6.65 percent this week, up from the previous week’s average rate of 6.40 percent.

Home Equity Loans

Home equity loan rates were up this week. The average rate for a 10-year home equity loan was down to 7.637 percent, last week’s average 10-year home equity rate was 7.613 percent. The average rate on a 15-year home equity decreased to 7.761 percent, down from the prior week’s average rate of 7.74o percent.

Home Equity Line of Credit

Home equity line of credit rates increased to 4.818 percent this week, up from last week’s average home equity line rate of 4.808 percent. The average rate on a HELOC is almost three percentage points lower than a home equity loan.

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

Credit card issuers are fighting back the recent credit card changes by charging higher interest rates, higher credit card balance transfer fees and even charging a minimum monthly finance charge.

Balance transfer fees used to be capped at a certain dollar amount, then it was raised to a percentage of the transfer usually around three percent. Now most credit card issuers have raised the fee to five percent.

Looking for Credit Cards? Search for Credit Cards by Category Here

Like millions of Chase Bank credit card holders, I recently received a letter in the mail from Chase about important changes to my credit card account. Chase came right out and  said why they are making these changes, here are the bank’s exact words:

“We are sending you this notice to let you know that we will be making some changes to your credit card account in response to market conditions, new federal laws and regulations and our increasing costs.”

Some of the credit card account changes include the following:

• Credit card balance transfer and cash advance transactions fees are raised to 5% of each transfer or advance.
• Chase has the right to decline any standard APR balance transfer transactions, including balance transfer checks on your account
• Placing limits on or stoping your ability to make cash advances and balance transfers
• Clarifying the ways in which credit privileges or account features can be closed or suspended by Chase
• Minimum monthly finance charge is now $1.50 if there is a finance charge for a given month

I can remember paying off a credit card one month and receiving a credit card bill the following month for interest charges of less than 50 cents. I wonder if Chase will raise the charge to a $1.50 instead of just zeroing out the balance. By the way, Chase says you have the option to cancel your account if you don’t like the changes but you’ll have to pay off the balance when doing so – some option.

Has your bank changed the terms on your credit card account recently? Let MonitorBankRates.com know about the change and we may post them. Contact us

Millions of Americans have 401k plans through their place of employment, making monthly 401k contributions to save for retirement. Taking out a loan from the money in your 401k plan is possible but doing so can be costly if you don’t pay back the loan in time.

When you borrow money from your account, the transaction isn’t treated as a 401K withdrawal, its treated as a 401k loan so you don’t have to pay taxes or any early withdrawal penalty of 10 percent. When you take out a loan, you have to pay the money back in five years with interest. You earn the interest you are paying so that is a good deal for you.

On the other hand, if you borrow money from your 401k and don’t pay it back in five years you will have to pay taxes on the money withdrawn and a 10 percent penalty. Another thing to consider is you are paying back the 401k loan with after tax money, while the money you withdrew was saved with before tax money.

If you’re not in need of a loan right now you should start an emergency fund and put away a certain percentage of your income each month into a savings account until you have about six months of expenses saved up. Saving six months of expenses will probably take some time so start right away. The best time to start saving was yesterday, the second best time is right now!

Having automobile insurance is a must if you plan to have a vehicle and legally register it in the state you live in. Auto insurance is an insurance contract that helps pay for losses or obligations resulting from the use or ownership of an automobile if you’re involved in a collision (car accident).

Find Auto Insurance Companies in Your Zip Code Here

To obtain this contract, called an insurance policy, you pay a specified amount of money annually called an insurance premium. For the premium you pay, the insurance company agrees to pay certain expenses and legal liabilities if you’re involved in an accident. How much is paid depends on the terms your insurance policy.

Most people don’t consider the cost of insuring when shopping for a new car. That is exactly when you should also compare auto insurance rates and possibly get a new auto insurance policy. Having the proper amount of auto insurance coverage may prevent you and your family from suffering a large financial loss if you have an automobile accident.

When you buy auto insurance, it is important to shop around and compare insurance rates from several different companies, just like you would when you shop for any other consumer item. You can probably save several hundreds of dollars by comparing rates.  Be sure to compare prices, insurance policy features and also consider the reputation of the insurance companies.

Looking for the best auto insurance rates? You can find a listing of auto insurance companies providing coverage in your zip code right here at MonitorBankRates.com

Find Auto Insurance Companies in Your Zip Code Here

Finding the right checking account for your needs while also receiving the best checking account rate can be very time consuming. There are tons of checking deals out there these days, we have listed the most popular checking account options.

Internet banks offer higher checking interest rates with their ”Internet checking accounts”, more than traditional brick and mortar bank’s checking account rates because their overhead is lower. Opening a checking account online is easy.

All checking transactions can be done online these days so there is actually no need to go to a traditional bank branch. You are also issued checks when you open your account. There are tons of free checking accounts available, you can also find a combination checking savings account.

We recommend an online checking account over a traditional checking account because the interest rate will be higher, plus an online account is a lot more convenient.

Reward checking accounts are high yield checking accounts that have the highest annual percentage yield over all checking accounts. High yield checking rates can be as high as four to five percent on account balances up to $25,000. You will have to meet a minimum amount of transactions to receive the reward checking rate, like a certain amount of ATM transactions or direct deposits or a combination of both. If you don’t meet the minimum for a given month the actual checking rate you will receive will be paltry, usually under one percent.

You will have to pay ATM fees to withdraw funds using other bank’s ATM machines if you have an online checking account.  The good news is Internet banks will reimburse you for ATM fees other banks charge you. The amount is usually capped per month at around $25.00, but that amount should be more than enough for checking account ATM fees.

If you’re good at managing your finances month to month and don’t mind having more than one checking account, you should consider having both a traditional checking account and an online checking account or rewards checking account. That way you can take advantage of the higher interest rates online checking offers while having the comfort of being able to walk into a local branch to do your traditional banking.

MonitorBankRates.com has free checking account rate tables you can search to find the best checking account deal in your zip code.

Search Checking Account Rates Here

First Federal Bank of California is offering one of the best CD rates available today. The current annual percentage yield is 2.10 percent for certificate of deposit account balances of $10,000 and above.

CD account balances of $500 and above still earn a pretty decent rate, the current annual percentage yield is 2.02 percent.

First Federal Bank of California was founded in 1929, their Federal Deposit Insurance Corporation Cert number is 28536. Deposit accounts are insured for up to $250,000.

Discover Bank, the banking arm of Discover Financial Services is offering one of the best savings account rates around these days. Their online savings account rate has an annual percentage yield of 2.00 percent, which is well above the national average savings account rate reported by MonitorBankRates.com this week.

The minimum opening balance for the online savings account is $500. There is no minimum balance requirement to maintain the account. As with all savings accounts, there are Federal regulations that limit your withdrawals to six per statement cycle.

Continuing with interest rate trends, Bank of Internet has lowered the savings account rate it pays on its Advantage Savings Account from 2.47 percent to 2.23 percent with an annual percentage yield of 2.25 percent. The savings rate is still very competitive with other banks and still well above the average online savings account rate.

Bank of Internet has its headquarters in San Diego California. The bank only offers loans, certificate of deposits and savings account on the Internet so their fixed costs are lower than traditional brick and mortar banks. Bank of Internet passes those savings onto their customers with lower loan rates, mortgage rates and higher deposit rates.

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.