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.
Savings rates, money market rates, and certificate of deposit rates from online banks continue to move higher in 2017. A few months ago we reported that the highest savings rate was at 1.30 percent. Now the top rate is 10 basis points higher, at 1.40 percent. 10 basis points might not sound like much of an increase over […] ... Read more
Two of the largest populated states in the U.S, Texas and Florida, have been impacted by two horrific hurricanes. First it was Harvey hitting Texas and then it was Irma hitting Florida. Tens of thousands of homes have been destroyed and tens of thousands more are uninhabitable because of damage, specifically water damage. Are you one of […] ... Read more
The financial crisis and great recession almost a decade ago forced interest rates down to record lows. Over the past year, short term interest rates started to move higher while long term rates remain near historical lows. Why is this happening? There are several factors causing long term interest rates to remain near historical lows, despite […] ... Read more
Mortgage rates just hit a new low for 2017 on the heels of lower bond yields. Average 30 year mortgage rates are lower this week to 3.69 percent, down from last week’s average rate of 3.75 percent. 10 year bond yields fell to 2.13 percent, putting downward pressure on mortgage rates. For a little perspective on how […] ... Read more
Keeping with the uptrend in 2017, CD rates continue to move higher in September. In August, the top 1 year CD rate was at 1.55 percent, this month the top 1 year CD rate is at 1.60 percent. Popular Direct, EverBank, and Pacific National Bank are all offering 1 year CD rates at 1.59 percent […] ... Read more
First Internet Bank of Indiana recently changed their short term certificate of deposit rates. Surprisingly, all the rate changes were lower except for 1 year CD rates. First IB has been in business since 1999 and the bank has no branch locations. Yes, you can bank these days without having to physically go to a branch […] ... Read more
Freddie Mac has reduced closing times and closing costs through their Loan Advisor Suite®. Loan applicants who are buying a home or refinancing an existing mortgage loan may be eligible for an automated appraisal alternative. In some cases, borrowers may be able to save as much as $500, and more importantly, reduce closing times as much as seven […] ... Read more
The Federal Reserve wrapped up their two day meeting on Wednesday and decided to keep interest rates unchanged. Keeping rates steady in this meeting was widely expected after the Fed increased rates during the March and June meetings. These two increases were on top of the December 2016 increase. Since December of last year, the […] ... Read more
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