More high yield accounts to put your money!

One of the advertisers on ABCMoneySource.com is E-LOAN -- a popular online lender. If you need to purchase a home, refinance, or obtain a home equity line of credit, they are a great source for low rates. They are announcing today an online savings account that will pay an interest rate of 5.5% along with certificates of deposit (CD's) paying between 5.6% and 5.75% yeild. What a deal!

The competition among financial institutions and banks only means more attractive savings rates and lending rates for you and me as consumers.

These financial instutions are able to pay higher yields on interest rates because they just don't have the overhead of traditional brick-and-mortar banks. How long can it last? Only time will tell, but my suggestion would be to lock in good rates while you can.

Home mortgage rates dropping again

Home mortgage rates fell again this past week because housing data is weaker and consumer confidence seems to be dipping a little. The average for a 30 year fixed mortgage was just over 6.4% -- one year ago, it was hovering around 5.7%. The average for 15 year fixed rate mortgages was just over 6% -- one year earlier it was around 5.3%.

Rates are continuing to drift lower continuing a trend that began this past summer beginning in July. So... have you still NOT refinanced your house yet? Act now while the rates are still relatively low -- anything could happen to make mortgage rates drift higher.