Archives for November 2009

Mortgage rates are slightly lower this week over last. Conforming mortgage rates and jumbo mortgage rates are both lower. The average 30 year mortgage rate is at 4.85 percent this week. Today’s average jumbo 30 year mortgage rate is currently at 5.65 percent.

Freddie Mac reported in last week’s Primary Mortgage Market Survey that 30 year mortgage rates matched an all time low and 15 year mortgage rates hit another record low.

Looking for Today’s Mortgage Rates? The Best Mortgage Rates can be found in your state or zip code by using our Mortgage Rate Tables: Mortgage Rate Tables

Today’s Mortgage Rates:

30 year mortgage rates declined to 4.85 percent this week, down from last week’s average home loan rate of 4.90 percent, almost matching an all time low 4.84 percent set May 18, 2009.

15 year mortgage rates are down to 4.35 percent this week from last week’s average loan rate of 4.37 percent. 15 year mortgage rates hit a new low for 2009.

Jumbo Mortgage rates

30 year jumbo mortgage rates are averaging 5.65 percent this week, down from last week’s mortgage rate of 5.69 percent.

15 year jumbo mortgage rates are averaging 5.12 percent this week, down from the previous week’s average rate on a 15 year home loan of 5.19 percent.

Adjustable Mortgage Rates

One year adjustable mortgage rates are averaging  4.11 percent this week, down from the previous week’s one year home loan rate of 4.30 percent.

Three year adjustable rate mortgages are averaging 4.20 percent this week, down from the prior week’s average rate for a three year mortgage loan of 4.40 percent.

Average five year mortgage rates are at 4.11 percent this week, up from last week’s average home loan interest rate of 4.06 percent.

The average rate on a seven year ARM is at 4.52 percent this week, up from last week’s average home bank loan rate of 4.50 percent.

Ten year ARMs are averaging 4.86 percent this week, down from the previous week when 10 year mortgage interest rates were at 4.88 percent.

Jumbo Adjustable Mortgage Rates

One year jumbo adjustable mortgage rates are averaging 5.48 percent this week,  down slightly from last week’s average loan interest rate of 5.49 percent.

Three year jumbo loans are averaging 5.40 percent this week, down from last week’s average mortgage interest rate of 5.42 percent.

Today’s five year jumbo rates are at 5.41 percent this week, up over .50 percent from last week’s average home mortgage loan rate 0f 4.83 percent.

The current average mortgage rate on a seven year jumbo mortgage is at 5.39 percent, down from last week’s average mortgage loan interest rate of 5.57 percent.

The average rate on a 10 year jumbo ARM is at  6.65 percent, up almost one percent from last week’s average loan rate of 5.89 percent.

Interest Only Mortgage Rates (IO Loans)

Average three year interest only loan rates are at 4.40 percent this week, down from last week’s three year home loan rate of 4.50 percent.

Average five year IO loans are at 4.23 percent, up from the prior week’s average five year loan interest rates of 4.15 percent.

Average seven year IO mortgage rates are averaging 4.71 percent this week, up from last week’s average interest rate of 4.70 percent.

Jumbo Interest Only Mortgage Rates (IO)

The average rate on a three year jumbo interest only mortgage is unchanged at 5.53 percent this week over last.

The average five year jumbo IO mortgage is at 5.97 percent this week, up from the prior week’s average IO mortgage rate of 5.23 percent.

The average seven year jumbo IO mortgage rate is at 5.66 percent, down from last week’s average jumbo rate of 5.94 percent.

Home Equity Loan

The average rate on a 10 year home equity loan is down slightly to 7.494 percent this week, down from the prior week’s average equity home loan rate of 7.496 percent.

The average 15 year home equity rate decreased to 7.624 percent this week, down from the last week’s average home equity loan rate of 7.629 percent.

Home Equity Line of Credit Rates (HELOC)

The average home equity line of credit rate was up slightly to 4.904 percent this week, up from last week’s average HELOC rate of 4.898 percent.

Looking for Mortgage Rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Find Mortgage Rates Here

PNC Bank is offering a savings account that currently has an annual percentage yield of 1.75 percent, a rate a lot higher than the current national average savings account rate.

What make PNC Bank’s “High Yield Savings Account” even more attractive is the utilities and tools PNC Bank offers. Along with a competitive savings account rate the bank offers what they call a “Virtual Wallet” which helps you better manage your finances. The wallet includes a Calendar, Online Bill Pay, Money Bar, Wish List and a Savings Engine.

The Calendar allows you to see all of your expenses on a virtual calendar by day, instead of just a line item on a monthly statement. The Money Bar allows you to see how much money you actually have in your account including payments that are scheduled but haven’t been deducted from your account. Which helps you figure out how much money you actually have, not what you think you have.

Take a look at PNC Bank’s savings account and all of the helpful financial tools. PNC Bank Virtual Wallet

30 year mortgage rates matched an all-time low of 4.78 percent for the week ending November 25, 2009 according to the latest Primary Mortgage Market Survey released by Freddie Mac. 30 year mortgage rates haven’t been as low since the April 30, 2009 mortgage survey. Average mortgage discount points were 0.7 points.

15 year mortgage rates have hit another all time low of 4.29 percent for the week ending November 25, 2009, down from last week’s home loan interest rate of 4.32 percent. Mortgage points averaged 0.6 points. Last year at this time, 15 year mortgage interest rates were 1.5 percent higher at 5.74 percent.

Looking for the best mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our mortgage rate tables. Best Mortgage Rates

Today’s mortgage rates coupled with the first time home-buyer tax credit of $8,000 or the $6,500 tax credit for existing home-owners (you must have lived in your current home for at least five years to qualify) makes purchasing a home very compelling. These low mortgage rates won’t last forever – interest rates are expected to starting climbing in the first quarter of 2010. Current mortgage rates also makes it a good time to refinance a mortgage.

Five year adjustable mortgage interest rates also declined this week. Five year mortgage rates are currently averaging 4.18 percent, down from the prior week’s average rate of 4.25 percent. Average discount points were 0.6 points.

Earlier this week, MonitorBankRates.com released  its Weekly Mortgage Rate Report, following is the report.

Current Mortgage Rates

Conventional Fixed Mortgage Rates

• 30 year mortgage rates declined to 4.90 percent this week, down from last week’s average home loan rate of 4.95 percent. We haven’t seen rates this low since May of 2009 when average 30 year interest rates hit a low of 4.84 percent.
• 15 year mortgage rates are down to 4.37 percent this week, down from last week’s average loan rate of 4.39 percent.

Jumbo Mortgage rates

• Average 30 year jumbo mortgage rates are at 5.60 percent this week, down slightly from the prior week’s mortgage rate of 5.70 percent.
• Average 15 year jumbo rates are at 5.19 percent this week, down from the last week’s average rate on a 15 year home loan of 5.23 percent.

Adjustable Mortgage Rates – Conventi0nal

• Average one year adjustable mortgage rates are at 4.30 percent this week, down from last week’s when one year home loans averaged 4.44 percent.
• Three year adjustable rate mortgages are averaging 4.40 percent, up from the previous week’s average rate on a three year mortgage loan of 4.31 percent.
• Average five year mortgage rates are at 4.06 percent this week, down from the prior week’s average loan interest rate of 4.12 percent.
• The average rate on a seven year ARM is down to 4.50 percent, down from last week’s average home bank loan rate of 4.54 percent.
• Ten year ARMs are averaging 4.88 percent, down from the prior  week’s when 10 year home interest rates were at an average of 4.97 percent.

Jumbo Adjustable Mortgage Rates

• Average one year jumbo adjustable mortgage rates are averaging 5.49 percent this week, up considerably from the prior week’s average home loan interest rate of 5.25 percent.
• Average three year jumbo loans are at 5.41 percent this week, down from last week’s average home interest rate of 5.42 percent.
• Five year jumbo rates are at 4.83 percent this week, down from last week’s average home mortgage loan rate 0f 4.92 percent.
• The average rate on a seven year jumbo loan is at 5.57 percent, up slightly from the prior week’s average mortgage loan interest rate of 5.56 percent.
• 10 year jumbo ARMs are averaging 5.89 percent, down from the previous week’s average loan rate of 5.93 percent.

Conforming Interest Only Mortgage Rates (IO)

• The average three year interest only loan rates are at 4.50 percent this week, up from last week’s three year home loan rate of 4.39 percent.
• Five year IO loans are averaging 4.15 percent, down from the prior week when five year loan interest rates were averaging 4.22 percent.
• The average seven year IO mortgage rate is averaging 4.70 percent this week, unchanged from last week.

Jumbo Interest Only Mortgage Rates (IO)

• Average three year jumbo interest only mortgage rates are averaging 5.53 percent this week, down from last week’s jumbo mortgage average rate of 5.66 percent.
• Five year jumbo IO loans are averaging 5.23 percent, down from the prior week’s average IO mortgage rate of 5.34 percent.
• Seven year jumbo IO mortgages are averaging is at 5.94 percent, down from last week’s average jumbo rate of 5.98 percent.

Home Equity Loan Rates

• The average rate on a 10 year home equity loan is down slightly to 7.496 percent this week from the prior week’s average equity home loan rate of 7.498%. 15 year home equity rates decreased to 7.629% this week, down from the last week’s average equity loan rate of 7.630%.

Home Equity Line of Credit Rates (HELOC)

• The average home equity line of credit rate was down slightly to 4.898% this week from last week’s average HELOC rate of 4.901.

Looking for mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Mortgage Rate Tables

30 year mortgage rates are down to 4.82 percent in the latest Mortgage Application Survey released by the Mortgage Bankers Association.  This is a slight decline from last week’s average 30 year contract mortgage rate of 4.83 percent. 

Average mortgage discount points increased from 1.18 points to 1.19 points for the week ending November 20, 2009. Buying mortgage points allows a borrower to receive a lower mortgage rate.

Looking for Current Mortgage Rates? Today’s Mortgage Rates can be found in your state by using our Mortgage Rate Tables: Best Mortgage Rates Here

15 year mortgage rates remained unchanged this week over last week, the current average contract loan rate for a 15 year mortgage is at 4.32 percent. Average discount points increased to 1.05 points from 1.01 points.

The average contract mortgage rate for one year adjustable rate mortgages decreased to 6.66 percent, down from the previous week’s average interest rate of 6.85 percent. Average mortgage points increased from 0.29 to .033 points.

Lower mortgage rates didn’t prevent mortgage refinance applications from dropping, the MBA’s Refinance Index decreased 9.5 percent from the previous week.  The Purchase Index, which measures mortgage applications for home purchases increased 9.6 percent from one week earlier.

Earlier this week, MonitorBankRates.com released  its Weekly Mortgage Rate Report, here is the report.

Current Mortgage Rates

Conventional Fixed Mortgage Rates

• 30 year mortgage rates declined to 4.90 percent this week, down from last week’s average home loan rate of 4.95 percent. We haven’t seen rates this low since May of 2009 when average 30 year interest rates hit a low of 4.84 percent.
• 15 year mortgage rates are down to 4.37 percent this week, down from last week’s average loan rate of 4.39 percent.

Jumbo Mortgage rates

• Average 30 year jumbo mortgage rates are at 5.60 percent this week, down slightly from the prior week’s mortgage rate of 5.70 percent.
• Average 15 year jumbo rates are at 5.19 percent this week, down from the last week’s average rate on a 15 year home loan of 5.23 percent.

Adjustable Mortgage Rates – Conventi0nal

• Average one year adjustable mortgage rates are at 4.30 percent this week, down from last week’s when one year home loans averaged 4.44 percent.
• Three year adjustable rate mortgages are averaging 4.40 percent, up from the previous week’s average rate on a three year mortgage loan of 4.31 percent.
• Average five year mortgage rates are at 4.06 percent this week, down from the prior week’s average loan interest rate of 4.12 percent.
• The average rate on a seven year ARM is down to 4.50 percent, down from last week’s average home bank loan rate of 4.54 percent.
• Ten year ARMs are averaging 4.88 percent, down from the prior  week’s when 10 year home interest rates were at an average of 4.97 percent.

Jumbo Adjustable Mortgage Rates

• Average one year jumbo adjustable mortgage rates are averaging 5.49 percent this week, up considerably from the prior week’s average home loan interest rate of 5.25 percent.
• Average three year jumbo loans are at 5.41 percent this week, down from last week’s average home interest rate of 5.42 percent.
• Five year jumbo rates are at 4.83 percent this week, down from last week’s average home mortgage loan rate 0f 4.92 percent.
• The average rate on a seven year jumbo loan is at 5.57 percent, up slightly from the prior week’s average mortgage loan interest rate of 5.56 percent.
• 10 year jumbo ARMs are averaging 5.89 percent, down from the previous week’s average loan rate of 5.93 percent.

Conforming Interest Only Mortgage Rates (IO)

• The average three year interest only loan rates are at 4.50 percent this week, up from last week’s three year home loan rate of 4.39 percent.
• Five year IO loans are averaging 4.15 percent, down from the prior week when five year loan interest rates were averaging 4.22 percent.
• The average seven year IO mortgage rate is averaging 4.70 percent this week, unchanged from last week.

Jumbo Interest Only Mortgage Rates (IO)

• Average three year jumbo interest only mortgage rates are averaging 5.53 percent this week, down from last week’s jumbo mortgage average rate of 5.66 percent.
• Five year jumbo IO loans are averaging 5.23 percent, down from the prior week’s average IO mortgage rate of 5.34 percent.
• Seven year jumbo IO mortgages are averaging is at 5.94 percent, down from last week’s average jumbo rate of 5.98 percent.

Home Equity Loan Rates

• The average rate on a 10 year home equity loan is down slightly to 7.496 percent this week from the prior week’s average equity home loan rate of 7.498%. 15 year home equity rates decreased to 7.629% this week, down from the last week’s average equity loan rate of 7.630%.

Home Equity Line of Credit Rates (HELOC)

• The average home equity line of credit rate was down slightly to 4.898% this week from last week’s average HELOC rate of 4.901.

Looking for mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables

Happy Thanksgiving!

Current national average bank CD Rates are down again this week. The declines are fractional, there were no big moves down in rates. This trend will probably continue until the second quarter of 2010.

If the economic recovery remains on track CD rates will start heading higher when the Fed starts raising interest rates.

That being said, we continue to recommend staying in shorter term certificate of deposits, terms with six months or less is probably your best bet.

Find the Highest CD Rates in your zip code by searching our CD Rate Tables.

Average Bank CD Rates

• Average 3 month certificate of deposit rates are at 0.563 percent this week, down from the prior week’s average rate of 0.570 percent.
• Average 6 month CD interest rates are at 0.825 percent, down from last week’s average rate of 0.834 percent.
• Average 12 month CD rates are at 1.102 percent, down from the previous week’s average interest rate of 1.113 percent.
• Average 18 month rates are at 1.267 percent, up from last week’s average rate of 1.277 percent.
• 24 month CD rates are averaging 1.578 percent this week, down from the prior week’s average of 1.587 percent.
• 36 month CD interest rates are at 1.895 percent, down from the previous week’s average of 1.902 percent.
• 48 month CDs are averaging 2.118 percent, down from last week’s average rate of 2.125 percent.
• 60 month certificate of deposits are averaging 2.407 percent, down from the prior week’s average rate of 2.413 percent.

Find the Best CD Rates in your zip code by searching our CD Rate Tables.

Current mortgage rates are lower this week over last. Conventional mortgage rates and jumbo mortgage rates are both lower. The average mortgage interest rate for a 30 year fixed mortgage is at 4.90 percent. The average conventional 15 year mortgage rate is currently at 4.39 percent.

Late last week, Freddie Mac reported in its Primary Mortgage Market Survey that 30 year mortgage rates were near a record low and 15 year mortgage rates hit a record low.

Looking for Today’s Mortgage Interest Rates? The Best Mortgage Rates can be found in your state by using our Mortgage Rate Tables: Mortgage Rate Tables

Current Mortgage Rates

Conventional Fixed Mortgage Rates

• 30 year mortgage rates declined to 4.90 percent this week, down from last week’s average home loan rate of 4.95 percent. We haven’t seen rates this low since May of 2009 when average 30 year interest rates hit a low of 4.84 percent.
• 15 year mortgage rates are down to 4.37 percent this week, down from last week’s average loan rate of 4.39 percent.

Jumbo Mortgage rates

• Average 30 year jumbo mortgage rates are at 5.60 percent this week, down slightly from the prior week’s mortgage rate of 5.70 percent.
• Average 15 year jumbo rates are at 5.19 percent this week, down from the last week’s average rate on a 15 year home loan of 5.23 percent.

Adjustable Mortgage Rates – Conventi0nal

• Average one year adjustable mortgage rates are at 4.30 percent this week, down from last week’s when one year home loans averaged 4.44 percent.
• Three year adjustable rate mortgages are averaging 4.40 percent, up from the previous week’s average rate on a three year mortgage loan of 4.31 percent.
• Average five year mortgage rates are at 4.06 percent this week, down from the prior week’s average loan interest rate of 4.12 percent.
• The average rate on a seven year ARM is down to 4.50 percent, down from last week’s average home bank loan rate of 4.54 percent.
• Ten year ARMs are averaging 4.88 percent, down from the prior  week’s when 10 year home interest rates were at an average of 4.97 percent.

Jumbo Adjustable Mortgage Rates

• Average one year jumbo adjustable mortgage rates are averaging 5.49 percent this week, up considerably from the prior week’s average home loan interest rate of 5.25 percent.
• Average three year jumbo loans are at 5.41 percent this week, down from last week’s average home interest rate of 5.42 percent.
• Five year jumbo rates are at 4.83 percent this week, down from last week’s average home mortgage loan rate 0f 4.92 percent.
• The average rate on a seven year jumbo loan is at 5.57 percent, up slightly from the prior week’s average mortgage loan interest rate of 5.56 percent.
• 10 year jumbo ARMs are averaging 5.89 percent, down from the previous week’s average loan rate of 5.93 percent.

Conforming Interest Only Mortgage Rates (IO)

• The average three year interest only loan rates are at 4.50 percent this week, up from last week’s three year home loan rate of 4.39 percent.
• Five year IO loans are averaging 4.15 percent, down from the prior week when five year loan interest rates were averaging 4.22 percent.
• The average seven year IO mortgage rate is averaging 4.70 percent this week, unchanged from last week.

Jumbo Interest Only Mortgage Rates (IO)

• Average three year jumbo interest only mortgage rates are averaging 5.53 percent this week, down from last week’s jumbo mortgage average rate of 5.66 percent.
• Five year jumbo IO loans are averaging 5.23 percent, down from the prior week’s average IO mortgage rate of 5.34 percent.
• Seven year jumbo IO mortgages are averaging is at 5.94 percent, down from last week’s average jumbo rate of 5.98 percent.

Home Equity Loan Rates

• The average rate on a 10 year home equity loan is down slightly to 7.496 percent this week from the prior week’s average equity home loan rate of 7.498%. 15 year home equity rates decreased to 7.629% this week, down from the last week’s average equity loan rate of 7.630%.

Home Equity Line of Credit Rates (HELOC)

• The average home equity line of credit rate was down slightly to 4.898% this week from last week’s average HELOC rate of 4.901.

Looking for the Best Mortgage Rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables

AIG Bank is advertising some of the best mortgage rates available today. The current advertised rate for a 30 year mortgage is 4.625 percent, which is lower than the current National Average Mortgage Rate reported by Monitor Bank Rates of 4.91 percent.

The bank’s 30 year mortgage rate is also lower than the 4.83% mortgage interest rate reported in Freddie Mac’s weekly Primary Mortgage Market Survey. AIG Bank is also advertising a very competitive 15 year mortgage rate of 4.25 percent, lower than the National Average Rate of 4.37 percent.

The bank is also offering a $500 credit towards mortgage closing costs if you apply for a first mortgage (primary mortgage) before December 31, 2009 and close on that mortgage loan by June 30, 2010.

AIG Bank is also offering a Home Equity Line of Credit (HELOC) promotion. You can get up to a $2,000 credit at closing to offset closing costs and the appraisal fee for a HELOC in first lien position, a home loan that is first in line to be repaid if you default. Most home equity loans and HELOCs are second in line over the primary mortgage if a home-owner defaults.

You still can get up to a $1,000 credit towards closing costs for a second lien home equity line of credit loan.

AIG Bank Mortgage Rates and Promotion Closing Costs Offer

Open a checking account with $100 and receive a $100 bonus.

Bank of The West is offering a checking account deal of $100 for opening a checking account with them and completing a certain number of account transactions.  This checking account $100 promotional bonus is good until December 11, 2009.

To receive the $100 promotional bonus you have to open a new personal checking account, and either establish one monthly recurring direct deposit of at least $250 to your new checking account or pay 10 bills online.  You have 60 days from account opening to meet either requirement. The $100 opening deposit must be “new money”, money not currently held at the bank.

In a way this is like a rewards checking account that pays a higher checking account yield but you only have to complete either requirement once to receive the checking reward. Here is an example of a reward checking account. The $100 reward checking account bonus will deposit into your account within 60 days of meeting the reward requirements.

Bank of the west is also offering a very good Internet savings account that currently has an APY of 1.50%.

Bank of The West $100 Checking Account Offer

AIG Bank, the banking arm of the insurance giant AIG, is offering one of the best CD rates available for a 6 months certificate of deposit.

The current CD interest rate is 1.44 percent and the annual percentage yield (APY) is 1.55 percent. The rate and yield are almost double the national average 6 months certificate of deposit rate of 0.82 percent.

The minimum opening CD account balance is $2,500. The early withdrawal penalty for certificate of deposit accounts of 12 months or less is 90 days of interest. Certificate of deposit accounts are insured by the FDIC for up to $250,000.

AIG Bank CD Rates

Mortgage rates continued to decline in the latest Primary Mortgage Market Survey released by Freddie Mac this morning. 30 year mortgage rates are near record lows and are at the lowest level since May of 2009. 15 year mortgage rates have hit the lowest level ever since Freddie Mac’s records began in 1991.

Mortgage interest rates are still heading lower despite the fact that the economy is coming out of a recession and the Fed announced it was slowing the pace of its purchases of mortgage-backed securities. Average mortgage rates will head higher once the Fed stops its purchases.

The $1.25 trillion program to purchase mortgage-backed securities was designed to support the housing market and mortgage lending. The Fed anticipates the program will end in the first quarter of 2010.

Looking for today’s mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Mortgage Rate Tables

Fixed 30 year mortgage interest rates are at 4.83 percent for the week ending November 12, 2009, down from last week’s average mortgage rate of 4.91 percent. Mortgage discount points averaged 0.7 points. A year ago, 30 year loan rates were over 6.00 percent at 6.04 percent.

15 year fixed mortgage rates are averaging 4.32 percent for the week ending November 12, 2009, down from the prior week’s average mortgage interest rate of 4.40 percent. A year ago, 15 year home loan rates averaged 5.73 percent. Average mortgage points were 0.6 points for the week ending November 12, 2009.

The average 5 year adjustable mortgage rate is at 4.25 percent for the week ending November 12, 2009, down from the previous week’s average interest rate of 4.35 percent. Discount points averaged 0.6 points. Last year at this time, 5 year adjustable mortgage rates averaged 5.87 percent.

One year adjustable mortgage rates are averaging 4.35 percent this week, down from the prior week’s average loan rate of 4.47 percent. Average discount points were 0.6 points. Last year one year mortgage rates were averaging 5.29 percent.

The Primary Mortgage Market Survey released by Freddie Mac doesn’t include jumbo rate mortgages. Here is an excerpt of current jumbo rates Monitor Bank Rates released on Monday:

Jumbo Rate Mortgages

• The average 30 year jumbo mortgage rate is at 5.70 percent this week, down from the previous week’s mortgage rate of 5.78 percent.
• The average 15 year jumbo rate mortgage is at 5.23 percent this week, down from the prior week’s interest rate of 5.29 percent.

Real Estate Agents, keep our clients up to date with current mortgage rates. Use our free mortgage rate widget to display mortgage rates on your website. Free Mortgage Widget

Converting a traditional IRA to a Roth IRA makes sense if you believe you will be in the same or higher tax bracket when you retire. Considering the current budget deficit and the Bush tax cuts expiring in 2011, we all might see higher tax rates in the future.

There are restrictions in place that bars anyone making over $100,000 per year from converting to a Roth IRA but those restrictions will be history starting in January 2010.

When you convert to a Roth IRA you won’t pay a penalty but you will have to pay taxes (at your current tax rate). Ah, but when you retire, any money you withdraw from a Roth IRA is tax-free because you already paid taxes on the money deposited.

Other benefits of a Roth IRA over a traditional IRA include the fact that you don’t have to start making mandatory withdrawals after age 70¹⁄². Money withdrawn from a Roth IRA doesn’t count towards determining if any of your Social Security benefits are taxable.

30 year mortgage rates are down to 4.83 percent in the latest Mortgage Application Survey released by the Mortgage Bankers Association.  This is a decline from last week’s average 30 year contract interest rate of 4.90 percent. 

This is the lowest average contract mortgage rate since May of 2009. Average mortgage discount points increased to 1.17 points from 1.03 points.

The average contract rate for 15 year mortgages also declined this week over last. The current average 15 year mortgage rate is at 4.32 percent, down slightly from the prior week’s average rate of 4.33 percent. Average mortgage points decreased to 1.01 points from 1.15 points a week earlier.

Looking for Current Mortgage Rates? Today’s Mortgage Rates can be found in your state by using our Mortgage Rate Tables: Best Mortgage Rates Here

The average contract mortgage rate for one year adjustable mortgages declined to 6.82 percent from 6.85 percent a week ago. The average discount points on one year adjustable mortgage rates declined to 0.28 points from 0.29 points.

In addition to the decline in mortgage interest rates this past week, mortgage applications also declined week over week. The MBA’s Market Composite Index, which measures home mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier.

The MBA’s Refinance Index, a measure of refinance application volume, decreased 1.4 percent from the previous week. It looks like the demand for mortgage loans for home purchases is slowing down,  the Purchase Index decreased 4.7 percent from one week earlier.  The Purchase Index has gone down for six consecutive weeks and is at its lowest level since November 1997.

MonitorBankRates.com released a report on mortgage rates earlier this week.

Current Mortgage Rates

Conforming Fixed Rate Mortgages

• 30 year mortgage rates declined to 4.95 percent this week, down from the prior week’s average home loan rate of 5.02 percent.
• 15 year mortgage interest rates are down to 4.39 percent this week, down from last week’s average mortgage rate of 4.45 percent.

Jumbo Rate Mortgages

• The average 30 year jumbo mortgage rate is at 5.70 percent this week, down from the previous week’s mortgage rate of 5.78 percent.
• The average 15 year jumbo rate mortgage is at 5.23 percent this week, down from the prior week’s interest rate of 5.29 percent.

Adjustable Mortgage Rates – Conforming

• One year adjustable mortgage rates are averaging at 4.44 percent this week, up from last week’s when one year home loans averaged 4.37 percent.
• Three year adjustable mortgage interest rates are averaging 4.31 percent, down from last week’s average loan interest rate of 4.36 percent.
• Five year mortgage rates remain unchanged this week at 4.12 percent.
• Seven year adjustable home loans are up this week to 4.54 percent, up from last week’s average loan rate of 4.50 percent.
• Current rates for ten year ARMs are averaging 4.97 percent, up from the previous week’s average home finance rate of 4.88 percent.

Adjustable Mortgage Rates – Jumbo

• Today’s one year jumbo adjustable rate mortgages are averaging 5.25 percent this week, down from the prior week’s average mortgage finance rate of 5.35 percent.
• Three year jumbo ARMs are at 5.42 percent this week, down from last week’s adjustable rate of 5.47 percent.
• The average five year jumbo ARM  is at 4.92 percent this week, up from the prior week’s average rate on a five year jumbo mortgage 0f 4.90 percent.
• Seven year jumbo ARMs are averaging 5.56 percent., up from the previous week’s average adjustable rate of 5.71 percent.
• 10 year jumbo ARMs are averaging 5.93 percent, down from last week’s average mortgage rate of 6.07 percent.

Interest Only Mortgage Rates – Conventional

• Average three year interest only mortgage rates are averaging 4.39 percent this week, unchanged from last week’s interest rate.
• Five year interest only loans are averaging 4.22 percent, up from last week when five year interest only mortgages averaged 4.10 percent.
• Seven year IO mortgages are averaging 4.70 percent this week, up from last week’s average of 4.66 percent.

Interest Only Mortgage Rates – Jumbo

• Three year jumbo interest only mortgages are averaging 5.66 percent this week, down from last week’s jumbo mortgage average rate of 5.74 percent.
• Five year jumbo IO home loans are averaging 5.34 percent, down from last week’s average IO mortgage rate of 5.38 percent.
• The average jumbo seven year IO mortgage is at 5.98 percent, down from last week’s average jumbo rate of 6.24 percent.

Home Equity loan

• The average home equity loan rate was up slightly this week over last week. 10 year home equity loan rates increased to 7.498 percent this week, up from last week’s average equity home loan rate of 7.480%. 15 year home equity rates increased to 7.630%, up from the prior week’s average equity loan rate of 7.611%.

Home Equity Line of Credit (HELOC)

• Average home equity line of credit rates were are up slightly this week. The average HELOC rate this week is 4.901%, up from last week’s average HELOC rate of 4.893.

Real Estate Agents, keep our clients up to date with current mortgage rates. Use our free mortgage rate widget to display mortgage rates on your website. Free Mortgage Rates Widget

Average bank CD rates are down this week over last. The average 12 month CD rate is just above 1.00 percent at 1.113 percent. Just six months ago, the average 12 month certificate of deposit rate was 1.48 percent.

You can find CD rates higher than the national average rates. UmbrellaBank.com is offering one of the highest CD rates and CD yields around. Their current 12 month CD rate is 2.08 percent and the annual percentage yield (APY) is 2.10 percent.

Average CD Rates

• Average 3 month certificate of deposit rates are at 0.570 percent this week, down from the prior week’s average rate of 0.578 percent.
• Average 6 month CD interest rates are at 0.834 percent, down from last week’s average rate of 0.846 percent.
• Average 12 month CD rates are at 1.113 percent, down from the previous week’s average interest rate of 1.126 percent.
• Average 18 month rates are at 1.277 percent, up from last week’s average rate of 1.297 percent.
• 24 month CD rates are averaging 1.587 percent this week, down from the prior week’s average of 1.602 percent.
• 36 month CD interest rates are at 1.902 percent, down from the previous week’s average of 1.917 percent.
• 48 month CDs are averaging 2.125 percent, down from last week’s average rate of 2.146 percent.
• 60 month certificate of deposits are averaging 2.413 percent, down from the prior week’s average rate of 2.415 percent.

Find the Best CD Rates in your zip code by searching our CD Rate Tables.

Long term mortgage interest rates are lower this week over last, both conforming mortgage rates and jumbo mortgage rates are lower.

Today’s average mortgage rate for a 30 year fixed mortgage is back under 5.00 percent at 4.95 percent. 10-year U.S. Treasury yields also headed lower last week and as of Friday yields are back under 3.50 percent at 3.42.

Looking for Today’s Mortgage Rates? Current Mortgage Rates can be found in your state by using our Mortgage Rate Tables: Best Mortgage Rates

The National Association of Realtors (NAR) released an optimistic housing report for 2010.  The NAR expects existing home sales to rise 13.6 percent in 2010 and home prices to rise 3 to 5 percent in 2010. The NAR is expecting 30 year mortgage rates to hit 5.8 percent by the end of 2010. Read more here.

Current Mortgage Rates

Conforming Fixed Rate Mortgages

• 30 year mortgage rates declined to 4.95 percent this week, down from the prior week’s average home loan rate of 5.02 percent.
• 15 year mortgage interest rates are down to 4.39 percent this week, down from last week’s average mortgage rate of 4.45 percent.

Jumbo Rate Mortgages

• The average 30 year jumbo mortgage rate is at 5.70 percent this week, down from the previous week’s mortgage rate of 5.78 percent.
• The average 15 year jumbo rate mortgage is at 5.23 percent this week, down from the prior week’s interest rate of 5.29 percent.

Adjustable Mortgage Rates – Conforming

• One year adjustable mortgage rates are averaging at 4.44 percent this week, up from last week’s when one year home loans averaged 4.37 percent.
• Three year adjustable mortgage interest rates are averaging 4.31 percent, down from last week’s average loan interest rate of 4.36 percent.
• Five year mortgage rates remain unchanged this week at 4.12 percent.
• Seven year adjustable home loans are up this week to 4.54 percent, up from last week’s average loan rate of 4.50 percent.
• Current rates for ten year ARMs are averaging 4.97 percent, up from the previous week’s average home finance rate of 4.88 percent.

Adjustable Mortgage Rates – Jumbo

• Today’s one year jumbo adjustable rate mortgages are averaging 5.25 percent this week, down from the prior week’s average mortgage finance rate of 5.35 percent.
• Three year jumbo ARMs are at 5.42 percent this week, down from last week’s adjustable rate of 5.47 percent.
• The average five year jumbo ARM  is at 4.92 percent this week, up from the prior week’s average rate on a five year jumbo mortgage 0f 4.90 percent.
• Seven year jumbo ARMs are averaging 5.56 percent., up from the previous week’s average adjustable rate of 5.71 percent.
• 10 year jumbo ARMs are averaging 5.93 percent, down from last week’s average mortgage rate of 6.07 percent.

Interest Only Mortgage Rates – Conventional

• Average three year interest only mortgage rates are averaging 4.39 percent this week, unchanged from last week’s interest rate.
• Five year interest only loans are averaging 4.22 percent, up from last week when five year interest only mortgages averaged 4.10 percent.
• Seven year IO mortgages are averaging 4.70 percent this week, up from last week’s average of 4.66 percent.

Interest Only Mortgage Rates – Jumbo

• Three year jumbo interest only mortgages are averaging 5.66 percent this week, down from last week’s jumbo mortgage average rate of 5.74 percent.
• Five year jumbo IO home loans are averaging 5.34 percent, down from last week’s average IO mortgage rate of 5.38 percent.
• The average jumbo seven year IO mortgage is at 5.98 percent, down from last week’s average jumbo rate of 6.24 percent.

Home Equity loan

• The average home equity loan rate was up slightly this week over last week. 10 year home equity loan rates increased to 7.498 percent this week, up from last week’s average equity home loan rate of 7.480%. 15 year home equity rates increased to 7.630%, up from the prior week’s average equity loan rate of 7.611%.

Home Equity Line of Credit (HELOC)

• Average home equity line of credit rates were are up slightly this week. The average HELOC rate this week is 4.901%, up from last week’s average HELOC rate of 4.893.

Looking for mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables

Current mortgage rates declined to a five week low for the week ending November 12, 2009 according to the most recent mortgage rate survey released by Freddie Mac. 30 year mortgage rates stayed below 5.00 percent for the fifth time in the past seven weeks.

In this week’s Primary Mortgage Market Survey conforming 30 year mortgage interest rates declined to 4.91 percent, down from the previous week’s average mortgage rate of 4.98 percent. Mortgage discount points stayed the same at 0.7 points. A year ago at this time 30 year mortgage interest rates were over 6.00 percent at 6.14 percent.

Looking for today’s mortgage interest rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Best Mortgage Rates

15 year mortgage interest rates also declined in this week’s mortgage survey. The current 15 year home loan interest rate is averaging 4.36 percent, down from the prior week’s average mortgage rate of 4.40 percent, which is a lot lower from a year ago when 15 year mortgage home loans averaged 5.81 percent. Mortgage points averaged 0.6 points.

Adjustable mortgage rates were also lower in this week’s survey – 5 year Treasury indexed home loan rates averaged 4.29 percent, down from last week’s average home loan rate of 4.35 percent. A year ago, 5 year home loan interest rates averaged 5.98 percent. Discount points averaged 0.6 points.

One year adjustable rate mortgages averaged 4.46 percent, down slightly from the previous week’s average home mortgage loan rate of 4.47 percent. Mortgage discount points averaged 0.6 points. A year ago the average home loan interest rate on a one year ARM was 5.53 percent.

Jumbo mortgage rates currently are higher this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report:

Jumbo Rate Mortgages

• 30 year jumbo mortgage interest rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
• 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Find current mortgage rates in your state by searching our mortgage rate tables: Mortgage Rates Current

30 year mortgage rates decreased in the latest Weekly Mortgage Applications Survey released by The Mortgage Bankers Association (MBA)  this morning.

The average contract rate for 30 year mortgages decreased to 4.90 percent for the week ending November 6, 2009, down from the previous week’s average mortgage rate of 4.97 percent.

This week’s average contract interest rate is the lowest since the week ending May 15, 2009. Average mortgage points increased to 1.03 points from 1.01 points. Discount points or mortgage points allow you to buy down the interest rate on a mortgage.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Current Mortgage Rates

The current average contract mortgage interest rate for 15 year mortgages was unchanged this week at 4.33 percent. Average mortgage discount points decreased to 1.15 points for the week ending November 6, 2009, down from the prior week’s average of 1.33.

Average contract mortgage rates for one year adjustable rate mortgages increased to 6.85 percent for the week ending November 6, 2009, an increase from last week’s average contract rate of 6.83 percent. Mortgage discount points also decreased to 0.29 points this week, down from last week’s average points of 0.31 points.

Lower 30 year mortgage rates increased refinance applications this week over last but home purchase applications hit the lowest level since December 2000. Hopefully mortgage applications for purchases will increase in the coming months since the First Time Home-buyer Credit was extended and expanded.

Jumbo mortgage rates currently are higher this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report:

Jumbo Mortgage Rates

• 30 year jumbo mortgage rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
• 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Looking for mortgage interest rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables

Banks and credit card issuers have been raising credit card interest rates before the new credit card rules take effect next year drawing the ire of law makers.

The Senate Banking Committee chairman, Christopher Dodd, D-CT, is pushing legislation that would freeze credit card interest rates on existing credit card balances until the law takes effect.

Looking for the best credit card rates? Use our credit card search engine to find the best credit cards for your needs. Credit Card Search Engine

According to the Federal Reserve, the average credit card interest rate in the third quarter of 2009 is 13.71 percent. Credit card interest rates have been steadily climbing since the third quarter of 2008 when it stood at 11.94 percent. The fourth quarter of 2008 saw average rates rise to 12.03 percent. The first quarter of 2009 rates were at 12.97 percent and in the second quarter of 2009 rates rose to 13.31 percent.

Banks and credit card issuers have also been raising credit card fees and lowering credit card limits to better manage their risk. They are paying for their lax lending standards in the recent past.

The Federal Reserve reported that 9.55 percent of credit card loans have been written off by banks as bad debt, meaning they don’t expect to recover that money. The charge off rate for all banks in the first quarter of 2006 was only 3.14 percent. During the last recession, the high point for charge off rate was only 7.85 percent.

Even though credit card interest rates and credit card fees are headed higher, the total  outstanding credit card debt has been declining for the past four quarters. Revolving credit decreased 10 percent in the third quarter of 2009. Total revolving credit in the third quarter is $889 billion, down from $975 billion in the third quarter of 2008.

Compare Cash Back Credit Cards

Finding the best car insurance rates (quotes) and comparing types of car insurance coverage is a lot easier than it used to be.

You can search for the best car insurance quotes from comparison insurance sites that give you the ability to compare auto insurance rates.

Looking for the the Best Car Insurance Rates? Use our car insurance search engine to find car insurance companies offering insurance in your zip code. Car Insurance Companies

You need car insurance coverage to protect yourself and your family from injury. You also need auto insurance coverage to protect yourself financially from having to pay for any property damage if you have an accident. Almost all states will not allow you to register your car until have insurance. The State of California has a low cost auto insurance program.

Deciding on out how much auto insurance coverage you need will be based on the minimum amount of auto insurance you can have in your state, how much insurance coverage you feel comfortable having, and how much you can afford.

When you compare types of insurance coverage, be sure you’re comparing apples to apples. The two main types of car insurance coverage are liability insurance and collision insurance. You can also have auto insurance coverage to pay for a rental car when your vehicle is being repaired.

Find car insurance companies offering the best car insurance rates in your zip code here. Best Car Insurance Companies

Auto loan rates have been on a decline since the beginning of the year, unlike late in 2008 when the credit crisis was in full swing and the average auto loan rate was increasing.

Commercial banks’ 48 month new auto loans were averaging 7.06 percent in the fourth quarter of 2008, up from the third quarter loan rate of 6.92 percent.

Auto finance companies’ new auto loans averaged 7.09 percent in the fourth quarter of 2008, up considerably from the third quarter 2008 average of 4.87 percent.

The third quarter of 2009 saw auto bank rates decline to 6.61 percent for auto loans issued by commercial banks,  the third straight quarter of declines. New car loans issued by auto finance companies declined even more, the average car loan rate was 3.66 percent in the third quarter of 2009.

What is surprising about the Federal Reserve’s Consumer Credit Report on auto loans is the average loan-to-value ratio has remained high during the entire recession.

The average LTV ratio in the third quarter of 2009 was 90 percent, up from the third quarter of 2008 when the average LTV was 89 percent. The average amount financed has also increased from $26,643 in the third quarter of 2008 to $27,884 in the third quarter of 2009.

Incredible Bank, the Internet banking divsion of River Vally Bank, is offering a high yield checking account that currently pays an annual percentage yield of 2.02%.

The minimum opening deposit for this checking account is $1,000. The minimum account balance to earn the 2.02% APY is only $1.00.

The good thing about this high yield checking account is you don’t need a minimum amount of monthly checking account transactions to recieve this high yield like you would with a rewards checking account. The online checking account also includes e-statements and free ATM transactions.

Incredible Bank and it’s parent company are participatng in the Transaction Account Guarantee Program. In the program all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account through June 30 2010.

This coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.

Incredible Bank High Yield Checking Account: More Info Here.

Related: Checking Account Rates

Have you been taking advantage of the pretax benefits of retirement accounts like 401K plans and IRA accounts every year, socking away as much as permitted?

Did you know you can use a health savings account as a vehicle to save more money pretax? With a high deductible health savings account plan you can deposit up to $3,000 pretax or $5950 for families into an HSA every year.

Funds deposited and the interest earned in a HSA account can be withdrawn tax tree for medical expenses at anytime. If the funds are not used for medical expenses you can leave the money in the account earn in and year out.

When you turn 65 the funds can be withdrawn for any reason and you won’t pay a penalty. You will pay regular taxes, just like you would with a traditional IRA, but your money would have grown tax free until retirement.

Certificate of deposit rates and yields have been heading down all year long. Finding the highest CD rates takes a lot of research.

Currently, 18 month CD rates are averaging 1.29 percent but you can find better rates than the average CD rate.

MetLife Bank is offering one of the best CD rates available for an 18 month CD if you have $25,000 or more to deposit. The bank’s current annual percentage yield is 2.15 percent.

We have compiled a list of the top ten 18 month CD rates and CD yields available as of November 10, 2009. All banks listed offer certificate of deposit accounts insured by the Federal Deposit Insurance Corporation (FDIC).

Best 18 Month CD Yields

1. UmbrellaBank.com 2.10% APY (minimum balance $1,000)
2. Pacific Mercantile Bank 2.10 APY ( minimum balance $10,000)
3. Nationwide Bank 2.02% APY (minimum balance $500)
4. Bank of Internet 2.02% APY ($1,000 minimum) (12 month also @ 2.025 APY)
5. Imperial Capital Bank 2.01 APY (minimum balance $2,000)
6. EmigrantDirect.com 2.00% APY (minimum balance $1,000)
7. Aurora Bank 1.99% APY (minimum balance $1,000)
8. AIG Bank 1.96% APY (minimum balance $2,500)
9. Discover Bank 1.95% APY (minimum balance $2,500)
10. AllyBank 1.94% APY (minimum balance $1.00)

Find the highest CD rates and CD yields in your area by searching our certificate of deposit tables here: CD Rate Tables

Current mortgage rates are mixed this week over last, both conventional 30 year mortgage rates and 15 year conventional mortgage rates are lower. Fixed jumbo mortgage rates are higher.

The Federal Open Market Committee (FOMC) met last week and decided to keep the federal funds rate in a target range of zero percent to 1/4 percent because there is still “substantial resource slack in the system” which should keep inflation down for now even though the economy expanded by 3.5% in the third quarter of 2009.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Current Mortgage Rates

The Feds has been providing support to mortgage lending and the housing market by purchasing a total of $1.25 trillion of agency mortgage-backed securities. This program has kept mortgage rates low. The FOMC also said last week that it will slow down the pace of buying mortgage securities and will complete their purchases sometime in the first quarter of 2010.

With the recession over and the program of buying mortgage backed securities ending in Q1, 2010 mortgage rates will probably rise sometime in 2010. More than likely, mortgage rates will start heading higher in the first quarter of 2010. The rate of increase will depend on how strong the economic recovery is and how concerned the FOMC is worried about inflation. It’s quite possible mortgage interest rates will head higher rather quickly so now is a good time to refinance your mortgage.

Passed into law last week was the extension of The First Time Home-Buyers Tax Credit. The $8,000 tax credit was going to end this month but was extended to April 30, 2009. The credit was expanded to include a $6,500 credit for anyone who bought a home as long as you were in your current home at least five years. Read more here: First Time Homebuyer Tax Credit

Current Mortgage Rates

Fixed Rate Mortgages

• Conforming fixed rate 30 year mortgages declined to 5.02% this week, down from last week’s average fixed home loan rate of 5.05%.
• Conforming fixed rate 15 year home mortgage rates are at 4.45%, down from the prior week’s average mortgage rate of 4.49%.

Jumbo Mortgage Rates

• 30 year jumbo mortgage rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
• 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Conforming Adjustable Rate Mortgages

• One year adjustable mortgage rates are at 4.37% this week, up from last week’s average one year rate of 4.29%.
• Three year adjustable rate mortgages are at 4.36%, down from last week’s average of 4.41%.
• Five year adjustable mortgage rates declined to 4.12%, down from the prior week’s average rate of 4.15%.
• Seven year ARMs are at 4.50%, down from the previous week’s average rate of 4.56%.
• 10 year ARMs are averaging 4.88%, down from last week’s average 10 year mortgage rate of 4.92%.

Jumbo Adjustable Rate Mortgages

• Average one year jumbo adjustable mortgage rates are at 5.35% this week, down slightly from last week’s average one year rate of 5.36%.
• Three year jumbo adjustable rate mortgages are averaging 5.47% this week, down from last week’s average of 5.58%.
• Five year adjustable mortgage rates are averaging 4.90%, up from last week’s average jumbo ARM of 4.86%.
• Seven year jumbo ARMs are at 5.71%, up from the previous week’s average interest rate of 5.66%.
• 10 year jumbo ARMs are averaging 6.07%, unchanged from last week’s average 10 year mortgage rate.

Home Equity loan Rates

• Average home equity loans were up this past week, 10 year home equity loan rates increased to 7.480% this week, down from last week’s average equity home loan rate of 7.468%. 15 year home equity rates increased to 7.611%, up from the prior week’s average equity loan rate of 7.598%.

Home Equity Line of Credit (HELOC) Rates

• Average home equity line of credit rates were up slightly this week over last, the average HELOC rate this week is 4.893%, up from last week’s average HELOC rate of 4.878%.

Looking for mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables

Average CD rates at banks were down again this week over last, continuing a slow decent down since late last year. The good news is CD rates will start heading up sometime in 2010 as long as the economy keeps expanding.

When inflation rears its ugly head, the Fed will be forced to raise interest rates to keep a lid on inflation.

Looking for the Best CD Rates? Search our CD Rate tables to find the highest CD rates available today: CD Rate Table

The Federal Open Market Committee met this week and decided to keep interest rates low for now. In their official “FOMC Statement” the Fed said “economic activity has continued to pick up” and ”activity in the housing sector has increased over recent months”  but “Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.”

Average CD Rates at Banks

• 3 month rates are at 0.578 percent this week, down from last week’s average rate of 0.586 percent.
• 6 month CD interest rates are at 0.846 percent, down from the prior week’s average rate of 0.859 percent.
• 12 month certificate of deposit rates are averaging 1.126 percent, down from the previous week’s average rate of 1.139 percent.
• 18 month CD rates are averaging 1.297 percent, up from last week’s average rate of 1.306 percent.
• 24 month rates are averaging 1.602 percent this week, down from the previous week’s average of 1.610 percent.
• 36 month CD interest rates are at 1.917 percent, down from the prior week’s average of 1.921 percent.
• 48 month CDs are averaging 2.146 percent, down from last week’s average rate of 2.149 percent.
• 60 month certificate of deposits are averaging 2.415 percent, down from the prior week’s average rate of 2.418 percent.

Display average CD rates on your website by using our Free CD Rates Widget. Keep your website visitors up to date with the most recent average CD rates. Free CD Rates Widget Code Here

Related: CD Rates

Discover Bank, the banking arm of the credit card company, is offering a $25 certificate of deposit account opening bonus. The promo bonus CD offer is good for any CD term of 12 months or longer.

A minimum opening deposit of $10,000 must also be received within 30 days of opening the certificate of deposit.

To take advantage of this promotional CD offer you must use Offer Code D120336. The $25 bonus offer is valid until December 15, 2009. There is a limit of one offer per person. The funds have to stay in the certificate of deposit account for at least 90 days to receive the bonus.

Discover Bank also offers very competitive CD rates and yields which makes the bonus offer appealing. The bank is currently offering a 12 month CD rate of 1.88 percent and an annual percentage yield (APY) of 1.90 percent. Their 24 month CD rate is 2.23 percent and the APY is 2.25 percent.

Discover Bank $25 Promotional Bonus offer: Discover $25 Bonus here

Related: Best CD Rates in New York

Beside the current low mortgage rates, you now have another incentive to buy a home. The Senate has voted to expand and extend the first time home-buyer tax credit that was due to expire at the end November 2009. The House is expected to vote and pass it later today.

For first time home-buyers which includes anyone who hasn’t owned a home in the past three years, the $8,000 tax credit has been extended to April 30, 2010. You have to sign a sales contract by April 30 and close on the home by June 30, 2010.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Best Mortgage Rates

The credit has been expanded to include a $6,500 tax credit for home-buyers who have owned their home for at least five years. The tax credit is only for a home purchase that will be your primary home and costs $800,000 or less.

The credit is also phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. If you’re in the military serving outside the United States for at least 90 days, the tax credit is extended for another year.

30 year mortgage rates are back under 5.00 percent in the latest Primary Mortgage Market Survey released by Freddie Mac this morning. 15 year mortgage interest rates and adjustable mortgage rates were also lower in the latest survey.

Today’s mortgage rates are helping the housing market recover from the decline in home prices over the past couple of years. Pending existing home sales have increased for the past 8 months and are at the strongest pace since December 2006. 

Current mortgage rates are also contributing to an increase in mortgage refinance activity. The Mortgage Bankers Associations weekly Refinance Index, which measures mortgage refinance applications increased 14.5 percent from the previous week.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Best Mortgage Rates

Mortgage Rates Current

The average 30 year fixed mortgage rate decreased to 4.98 percent for the week ending November 5, 2009, down from the previous week’s average mortgage loan rate of 5.03 percent. Mortgage discount points averaged 0.7 points.

15 year fixed rate mortgages averaged 4.40 percent this week, down from the prior week when the average 15 year home loan rate was 4.46 percent. Average mortgage points on 15 year mortgages is at 0.6 points.

Five year U.S. Treasury indexed adjustable mortgage rates averaged 4.35 percent for the week ending November 5, 2009. Down from last week’s average loan rate of 4.42 percent. Mortgage points averaged 0.6 points.

One year Treasury indexed adjustable rate mortgages averaged 4.47 percent this week, down from the prior week’s average one year mortgage interest rate of 4.57 percent. Mortgage discount points averaged 0.5 points.

Jumbo mortgage rates currently are lower this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report.

The average 30 year jumbo mortgage rate is at 5.77 percent this week, down from the previous week’s average loan rate of 5.85 percent. 15 year jumbo mortgage rates were averaging 5.27 percent this week, down from last week’s average interest rate of 5.30 percent. 

 

 

Long term mortgage rates are lower in the Weekly Mortgage Applications Survey released by The Mortgage Bankers Association. The biggest drop in today’s mortgage interest rates was in 15 year mortgage rates. The current average contract mortgage rate for 15 year mortgages is at 4.33 percent, down from the prior week’s average contract rate of 4.53 percent. Average discount points decreased to 1.01 points from 1.25 points.

The current average contract mortgage interest rate for 30 year mortgages also declined for the week ending October 30, 2009, the average rate is back under 5.00 percent at 4.97 percent. Average mortgage points increased to 1.33 points from 0.78 points.

Average contract mortgage rates for one year adjustable mortgages increased to 6.83 percent for the week ending October 30, 2009, up from the prior week’s average contract rate of 6.79 percent. Mortgage discount points also increased, the average discount point is 0.31 points, up from last week’s average of 0.29 points.

Lower longer term interest rates increased mortgage application volume. The Market Composite Index, a measure of mortgage loan applications, increased 8.2 percent on a seasonally adjusted basis from one week earlier.

A decline in mortgage refinance rates also contributed to an increase in mortgage refinancing. The Refinance Index increased 14.5 percent from the previous week.

Jumbo mortgage rates currently are lower this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report.

Jumbo Rate Mortgages

The average 30 year jumbo mortgage rate is at 5.77 percent this week, down from the previous week’s average loan rate of 5.85 percent. 15 year jumbo mortgage rates were averaging 5.27 percent this week, down from last week’s average interest rate of 5.30 percent.

Hudson City Savings Bank of Paramus, New Jersey is offering two of the best bank CD rates available these days. The bank is offering a three year certificate of deposit with an annual percentage yield of 3.00 percent and a two year certificate of deposit with an annual percentage yield (APY) of 2.50 percent.

Both the two year CD rate and the three year CD rate are well above the national average rate. Currently the national average two year CD rate is 1.60 percent and the three year average CD rate is 1.91 percent.

The minimum opening deposit for both certificate of deposit accounts is $5,000. Interest earned on the certificate of deposit is compounded daily and credited on the last business day of the month and on the Certificate of Deposit maturity date.

Hudson City Savings Bank certificate of deposit accounts can be opened online. The bank also has branches in New Jersey, New York and Connecticut. The bank has been insured by the Federal Deposit Insurance Corporation since 1934. The FDIC Cert number is 13074.

Hudson City Savings Bank

Freddie Mac released a report showing one half of borrowers who refinanced their conventinal mortgage in the 3rd quarter lowered the mortgage rate they were paying by 1.1 percent on average.

The collective dollar amount saved in the first 12 months of interest payment expenses by the home owners who refinanced their mortgages was $3 billion.

Looking for mortgage refinance rates? The best mortgage refinance rates can be found in your state by using our mortgage rate tables: Current Mortgage Refinance Rates

In the beginning of 2009 only borrowers who had enough equity in their homes were able to refinance but that changed for many borrowers who had their home loans owed by Freddie Mac or Fannie Mae.

A program called The Home Ownership Affordability Refinance Program which started in April 2009 allows homeowners who have a loan owed by Freddie Mac or Fannie Mae to refinance their loans even if they have no home equity.

As of August 31, 2009, 93,000 homeowners have taken advantage of the program and refinanced their loan with most of the refinancing taking place in July and August according to the Federal Housing Finance Agency.

Freddie Mac’s Refinance report also showed 64 percent of borrowers who refinanced a conventional  first-lien mortgage either kept about the same principal balance or reduced it. Borrowers are also refinancing loans without taking equity out, a big change from the past several years when the main reason people refinanced was to take money out.

Mortgage refinance rates are still very low so if you haven’t refinanced your mortgage yet, you should take advantage while interest rates are still low. You can use a mortgage calculator to figure out if refinancing makes sense for you. A general guideline is that the new mortgage rate should be at least one percent lower than your existing mortgage rate.

If you have an adjustable mortgage rate that will reset in the near future, you should probably refinance even if current mortgage rates are not one percent lower. Mortgage interest rates will head higher in the coming year, mainly because the recession is all but over and the Federal Market Open Committee will raise interest rates to keep inflation in check.

The Feds actions will drive mortgage rates higher, so take advantage of these low rates while you can. A possitive note about the Fed increasing rates is that will drive bank deposit rates higher, including CD rates and savings account rates.

Capital One Bank, the banking arm of the credit card company Capital One, is offering some very competitive auto loan rates.

The bank is advertising auto loan rates of 3.95% APR for a 36 month auto loan for a new auto purchase, which is one of the lowest auto loan rates advertised these days.

48 month auto loans and 60 month auto loan rates are higher, the current advertised APR is 4.25% for both loans. The actual interest rate you receive can be higher than their advertised rate and depends on your credit score.

Capital One Bank is also advertising used auto loan rates as low as 4.45% APR for a 36 month used auto loan. Interest rates for 48 month car loans and 60 month car loans are 4.90 percent.

If you already have an auto loan, you might be able to get a better rate by refinancing your loan with Capital One – they are currently advertising a refinance auto loan rate of 4.75% for 36 month loans. The bank claims you can save on average $1084 over the life of a loan. The also say they have a simple and no hassle auto refinance process.

Capital One Auto Loan Rates

Current mortgage interest rates are down slightly this week following 10 year U.S. Treasury yields which fell below 3.50 percent. Both comforming mortgage rates and jumbo mortgage rates were lower this week over last. One year jumbo rate mortgages were down considerably.

These low interest rates are not expected to last. Mortgage interest rates will start heading higher as the economy recovers, which has already begun.

Looking for today’s mortgage interest rates? The best mortgage rates can be found in your state by using our mortgage rate tables: Mortgage Rates Current

This past Friday The Bureau of Economic Analysis released third quarter GDP numbers which showed the economy expanded by 3.5 percent, higher than the consensus estimates of 3.1 percent according to Bloomberg. The worst recession since the 1930s probably has ended and will officially end when we have two consectutive quarters of growth.

Current Mortgage Interest Rates

Conforming Mortgage Rates

The average conforming 30 year mortgage rate declined to 5.05 percent this week, down from last week’s average home loan rate of 5.08 percent. Conforming 15 year mortgage rates are averaging 4.49 percent this week, down from the prior week’s average mortgage rate of 4.50 percent.

Jumbo Mortgage Rates

The average 30 year jumbo mortgage rate is at 5.77 percent this week, down from the previous week’s average loan rate of 5.85 percent. 15 year jumbo mortgage rates were averaging 5.27 percent this week, down from last week’s average interest rate of 5.30 percent.

Adjustable Mortgage Rates

Average conforming one year adjustable mortgage rates are at 4.29 percent this week, down from an average of 4.35 percent last week. One year jumbo mortgage interest rates are averaging 5.28 percent, down from 5.49 percent last week.

The average conventional 3/1 year adjustable mortgage rate is at 4.41 percent this week, up from last week’s average of 4.38 percent. The average jumbo 3/1 ARM is at 5.47 percent this week, down from last week’s average interest rate of 5.53 percent.

5/1 conforming ARMs are averaging 4.12 percent, down from last week’s average home loan rate of 4.15 percent. Jumbo 5/1 ARMs are averaging 4.86 percent, down from last week when the average mortgage home loan rate was 4.94 percent.

Average conforming 7/1 ARMS are at 4.56 percent this week, up from the prior week’s average interest mortgage rate of 4.53 percent. The average jumbo 7/1 ARM is unchanged at 5.66 percent.

The average conventinal 10/1 ARM is also unchanged this week at 4.95 percent. The average jumbo 10/1 ARM is down to 6.07 percent this week, down from last week’s average loan interest rate of 6.12 percent.

Home Equity Loan

Home equity loan rates were virtually unchanged this week compared to last week. The average 10 year home equity loan is currently at 7.468 percent this week, up fractionally from last week’s average equity home loan rate of 7.467 percent. 15 year home equity rates are averaging 7.598 percent this week, up fractionally from last week’s home equity rate of 7.596 percent.

Home Equity Line of Credit

Home equity line of credit rates are averaging 4.878 percent this week, up from the previous week’s average home equity line rate of 4.865 percent.