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.

Bank

Savings Account

1 Year CD

3 Year CD

Capital One Bank

3.25%

2.90%

4.00%

Dollar Savings

4.00%

 

 

E*Trade Bank

3.30%

2.10%

1.80%

GMAC Bank

3.75%

4.10%

4.25%

HSBC Direct

3.00%

3.50%

2.75%

ING Direct

2.75%

3.50%

3.25%

Money Aisle

(get bid)

(get bid)

(get bid)

Rates are APY (Annual Percentage Yield)

Mortgage

Lender

 

5/1
 Adjustable Rate

30 Year
Fixed Rate

Bank of America

 

5.313%

5.151%

Chase Mortgage

 

5.082%

4.600%

ING Direct

 

5.016%

 

Quicken Loans

 

 

4.829%

Wachovia

 

4.625%

4.876%

Wells Fargo

 

5.009%

4.960%

Lending Tree

 

(get quotes)

(get quotes)

 

 

 

 

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