Brian McKay started MonitorBankRates.com in March 2008. He is the co-owner and main writer for MonitorBankRates.com specializing in writing articles on personal finance with an emphasis on finding mortgage financing.
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Brian’s 10 most recent articles are listed below.
Mortgage rates moved higher this week, bucking the downtrend of the past several weeks. Mortgage rates are higher but the increases were small. Average 30 year fixed conforming mortgage rates increased 5 basis points and average 15 year mortgage rates increased only 2 basis points. 30 year mortgage rates today are averaging 3.85 percent, up […] ... Read more
For the first time in the seven year history of the annual bank stress tests, the Federal Reserve approved capital return plans on all 34 banks it reviewed. The approval of capital return plans means these banks can raise dividends and buy back shares. Both Citibank and JPMorgan Chase announced their biggest share buybacks ever. […] ... Read more
Fannie Mae, the larger of the two government agencies that insure mortgages, will allow you to spend 50 percent of your monthly pretax income on mortgage and other debt payments. This is up from the current limit of 45 percent. The change is effective starting July 29, 2017. Even though you can spend up to 50 […] ... Read more
CIT Bank, an online bank, is offering a limited time $100 cash bonus for opening a Premier High Yield Savings Account. CIT Bank, already known for consistently offering one of the best savings rates available, definitely upped the ante with the $100 cash bonus. You usually see cash deals like this on transactional accounts (e.g. checking accounts) because banks […] ... Read more
Money market account rates are slowly moving higher in 2017, primarily as a result of the fed funds rate increases. Starting out the year, the highest money market rates offered by online banks were around 1.00 percent. Right now, the best online money market rate is 1.15 percent from My Banking Direct. Interest rates are moving […] ... Read more
The Federal Reserve increased the fed funds rate last week and Internet banks will follow with higher CD rates to stay competitive for your deposits. Over the past year, Internet banks slowly increased CD rates while traditional brick and mortar banks have not. The largest traditional banks are still offering a paltry 0.05 percent CD rate on 12 month CDs […] ... Read more
Short term CD rates slowly crept higher this year because of the Fed’s two fed funds rate hikes the past 6 months. The best 1 year CD rates increased from around 1.25 percent early in 2017 to around 1.50 percent today. The best 6 month rates increased from around 0.85 percent to 1.15 percent. Fed funds rate hikes […] ... Read more
Mortgage rates continue to move lower, defying predictions of higher mortgage rates in 2017. In fact, mortgage rates today just hit a new low for 2017 and are only about 50 basis points above an all-time low set in 2013. Conforming 30 year mortgage rates hit a low of 3.76 percent today, down from last week’s […] ... Read more
The best savings account rates available in the rate database moved higher again this week and are now at 1.30 percent. There are two banks offering savings rates at this level – UFB Direct and BankPurely. A yield of 1.30 percent is much higher than the current national average savings rate of 0.58 percent. Savings […] ... Read more
The top CD rates continue to move higher as the best 2 year CD rate hits 1.70 percent this week. 2 year CD rates at Connexus Credit Union take the top spot this week at 1.69 percent with a yield of 1.70 percent. Connexus has the best rate this week but two banks are right on the credit […] ... Read more