Locking in a superlow mortgage rate: if you fit one of these profiles, ditch the 30-year loan for a cheaper variety

Kiplinger's Personal Finance Magazine,  July, 1998  by Joan Goldwasser

• E-mail
• Print
• Link

(*) Fund is waiving all or a portion of its expenses.

SOURCE: IBC's Money Fund Report, IBC Financial Data Inc., 290 Eliot St., Box 9104, Ashland, MA 01721; 800-343-5413; www.ibcdata.com

RELATED ARTICLE: Top-Yielding Certificates of Deposit

CD YIELDS are stuck where they were last month and are likely to stay there for a while since the Federal Reserve Board decided at its May meeting not to raise rates. Long-term rates often move up before the Fed acts, in anticipation of an announcement, so look for a slight boost in the five-year CD rate if Wall Street expects the Fed to raise rates at its July 1 meeting.

                                RECENT      MIN.
6-month                      ANN. YIELD    AMOUNT
1. Safra National (N.Y.)        5.93%     $10,000
2. Providian (N.H.)             5.91       10,000
3. Security First
   Network([dagger]) (Ga.)      5.90        1,500
3. Southern Pacific (Cal.)      5.90        5,000
5. Crestmark (Mich.)            5.89       10,000
   NATIONAL AVERAGE             4.57%

1-year
1. Providlan (N.H.)             6.05%     $10,000
2. Safra National (N.Y.)        6.01       10,000
3. Pacific Crest (Cal.)         6.00        1,000
3. Security First
   Network([dagger]) (Ga.)      6.00        1,500
5. Southern Pacific (Cal.)      5.98        5,000
   NATIONAL AVERAGE             4.88%

5-year
1. Cross Country (Del.)         6.43%       $5,000
2. Providian (N.H.)             6.34        10,000
3. Capital One Federal (Va.)    6.30        10,000
4. Riverway (Tex.)              6.27         2,500
5. Arkansas National (Ark.)     6.26        10,000
   NATIONAL AVERAGE             5.15%

                                                     TOLL-FREE
6-month                        WEB ADDRESS (WWW.)     NUMBER
1. Safra National (N.Y.)          safrabank.com      800-223-2311
2. Providian (N.H.)               providian.com      800-414-9692
3. Security First
   Network([dagger]) (Ga.)        sfnb.com           800-736-2321
3. Southern Pacific (Cal.)     ici.com/spbank.html   800-428-5056
5. Crestmark (Mich.)              crestmark.com      888-999-5088

1-year
1. Providlan (N.H.)               providian.com      800-414-9692
2. Safra National (N.Y.)          safrabank.com      800-223-2311
3. Pacific Crest (Cal.)           paccrest.com       800-245-5626
3. Security First
   Network([dagger]) (Ga.)        sfnb.com           800-736-2321
5. Southern Pacific (Cal.)     ici.com/spbank.html   800-428-5056
   NATIONAL AVERAGE

5-year
1. Cross Country (Del.)             --               800-771-7081
2. Providian (N.H.)               providian.com      800-414-9692
3. Capital One Federal (Va.)      capitalone.com     800-564-7426
4. Riverway (Tex.)               riverwaybank.com    888-833-0008
5. Arkansas National (Ark.)       arknatl.com        888-226-5262
   NATIONAL AVERAGE

([dagger]) Internet only

SOURCE: [C] 1998 Bank Rate Monitor, 11811 US Highway 1, N. Palm Beach, FL 33408; 800-327-7717, ext. 290; www.bankrate.com

RELATED ARTICLE: Low Loan Rates Around the U.S.