MoneyCafe.com

This is a look at some of the best interest rates for deposits and loans from national banks and lenders. (Surveyed Monday morning.)

Rates are APY (Annual Percentage Yield)

Rates are APR (Annual Percentage Rate)
Assumptions:  $320,000 conforming loan, 20% down, excellent credit, documented income,
California property  (Rates Survey between Friday and Monday)

This is a look at some of the best interest rates for deposits and loans from national banks and lenders. (Rates surveyed Sunday.)

Rates are APY (Annual Percentage Yield)

Rates are APR (Annual Percentage Rate)
Assumptions:  $320,000 conforming loan, 20% down, excellent credit, documented income,
California property  (Rates Survey between Friday and Monday)

If you use QuickBooks accounting software and haven’t yet puchased the new QuickBooks Pro 2009, this weekend there is a special promotion offering a 20% discount and free shipping for the single user edition.  It’s only good for Saturday and Sunday, December 20 and 21.  Click below.

Special Offer, 2 Days Only, Save 20% + Free Shipping on Bestseller QuickBooks Pro Single User , CD & Downloadable Versions

After this weekend, you can still get the normal deals available to our community for both QuickBooks software and QuickBooks Online.

We have just added a couple of new graphs to put the current interest rate situation in historical perspective. 

A graph of the Prime Rate from 1930 through 2008 can be found at http://www.moneycafe.com/library/primeratehistory.htm. 

A graph of the Fed Funds Rate from 1955 through 2008 can be found at http://www.moneycafe.com/library/fedfundsratehistory.htm.

After yesterday’s rate reduction, we thought we would check to see how lending and deposit rates would be affected.   We waited until the afternoon to make sure banks had a chance to update their offerings.  This is a look at some of the best interest rates for deposits and loans from national banks and lenders. 

Generally, a drop in the Fed Funds Rate and the Prime Rate do not have a direct effect on mortgage rates.  However, yesterday the Federal Reserve indicated they would be buying mortgages and keeping rates low for a while.  This seems to have dropped mortgage rates further since our Monday survey.  Deposit rates have not dropped across the board, although we anticipate this will happen within the next week.

Rates are APY (Annual Percentage Yield)

Rates are APR (Annual Percentage Rate)
Assumptions:  $320,000 conforming loan, 20% down, excellent credit, documented income,
California property 

We have completed our bank survey.  The Prime Rate was lowered today from 4.00% to 3.25%.