30-Year Mortgage vs, 5 year mortgage.#5 #year #mortgage


30-Year Fixed Mortgage vs. 15-Year Fixed Mortgage

5 year mortgage

It s that time again, where I take a look at a pair of popular mortgage programs to determine which may better suit certain situations.

Today, we ll compare the 30-year fixed mortgage and 15-year fixed mortgage, two of the most commonly utilized mortgage products available.

While it s impossible to universally choose one over the other, we can certainly highlight some of the benefits and drawbacks of each.

30-Year Fixed Mortgages Are Much More Popular

The 30-year fixed mortgage is easily the most popular loan program available today. Around 70% of all mortgages are 30-year fixed products, whereas the percentage of mortgages that are 15-year fixed loans is roughly 15%.

Over time this number can fluctuate, but this should give you a good idea of how many borrowers go with a 30-year vs. 15-year mortgage.

If we drill down further, about 90% of purchase mortgages are 30-year fixed loans, and just about six percent are 15-year fixed loans. But why?

Well, the simplest answer is that the 30-year is cheaper, much cheaper than the 15-year, because you get twice as long to pay it off.

Most mortgages are based on a 30-year amortization, meaning they take 30 full years to pay off (mortgage term).

And the 30-year fixed never adjusts for that entire duration, making it one of the most simple and straightforward loan programs out there.

In short, it s safe and easy to wrap one s head around, not to mention affordable due to that long term, and as such very popular. This is why it s heavily advertised and touted by most housing counselors and mortgage lenders alike.

With the 30-year, you can afford more house, which explains that 90% market share when it s a purchase. The 15-year fixed market share is significantly higher on refinance mortgages because borrowers don t want to restart the clock once they ve already paid down their loan.

Despite the overwhelming popularity, there must be some drawbacks to the 30-yr, right? Of course there are

15-Year Mortgage Rates Are Lower

5 year mortgage

First and foremost, you pay a premium for a 30-year fixed vs. a 15-year fixed in the form of a higher interest rate.

Put simply, because you get more time to pay off the mortgage, there is a cost associated. After all, lenders are agreeing to give you a fixed rate for double the amount of time, which is certainly a risk for them, especially if interest rates rise during that period.

For that reason, you ll find that 15-year mortgage rates cost quite a bit less than those on a 30-year product. In fact, at the time this was written, mortgage rates on the 30-year fixed averaged 4.63% according to Freddie Mac, while the 15-year fixed stood at 3.82%.

That s a difference of 0.81%, which is certainly very significant and should not be overlooked. So in general, you may find that 15-year mortgage rates are about 0.50% 0.75% lower than 30-year fixed mortgage rates.

I charted 15-year fixed mortgage rates since 2000 using Freddie Mac annual averages, as seen above. Since that time, the lowest spread compared to the 30-year was 0.31% in 2007, and the highest spread was 0.88% in 2014.

In the year 2000, the 15-yr mortgage rate averaged 7.72%, while the 30-yr was a slightly higher 8.05%.

In 2016, these rates were 2.93% and 3.65%, respectively. So the 15-year has been enjoying a wider spread lately, though that could narrow over time.

But before you get ahead of yourself, know that the lower rate on the 15-year fixed comes with a higher monthly mortgage payment because you have 15 fewer years to pay it off.

Monthly Payments Are Higher on 15-Year Fixed Mortgages

5 year mortgage

On a $200,000 mortgage, which isn t necessarily that large, the monthly mortgage payment would be $432.52 higher on the 15-year fixed mortgage because it s paid off in half the amount of time.

So despite the lower interest rate on the 15-year fixed, the monthly payment is still significantly higher. Take a look at the numbers below, using those Freddie Mac average mortgage rates:

30-year fixed payment: $ 1,028.88 (for rate of 4.63%)

15-year fixed payment: $ 1,461.40 (for rate of 3.82%)

However, and this is the biggie; you would pay $170,396.80 in interest on the 30-year fixed mortgage over the full term, versus just $63,052.00 on the 15-year fixed mortgage!

That s more than $100,000 in interest saved over the duration of the loan if you went with the 15-year fixed as opposed to the 30-year. Pretty substantial, eh.

You d also build home equity a lot faster, as each monthly payment would allocate much more money to the principal loan balance.

But there s another snag with the 15-year fixed mortgage option. It s harder to qualify for because you ll be making a much larger payment each month, meaning your DTI ratio might be too high as a result. So for some borrowers the 15-year won t even be an option.

Most Homeowners Hold Their Mortgage for Just 5-10 Years

Now obviously nobody wants to pay an additional $100,000 in interest, but who says you will?

Most homeowners don t see their mortgages out to term, either because they refinance, prepay, or sell and move.

So who knows if you ll actually benefit long-term? You may have a well-thought-out plan that falls to pieces in 2-3 years, and those larger monthly mortgage payments could come back to bite you if you don t have adequate savings.

What if you need to move and your home has depreciated? Or what if you take a pay cut or lose your job? Those larger mortgage payments will be more difficult, if not impossible, to meet each month.

And perhaps your money is better served elsewhere, such as in the stock market or tied up in another investment, one that s more liquid, which earns a better return.

Make 15-Year Fixed Sized Payments on a 30-Year Mortgage

Even if you re determined to pay off your mortgage, you could go with a 30-year fixed and make larger payments each month, with the excess going toward the principal balance.

This flexibility would protect you in periods where money was tight, and still knock several years off your mortgage, assuming larger payments were made fairly regularly. And there are always biweekly mortgage payments as well, which you may not even notice leaving your bank account.

In summary, mortgages are, ahem, a big deal, so make sure you compare plenty of scenarios and do lots of research (and math) before making a decision.

Most consumers don t bother to put in much time, but planning now could mean far less headache and a lot more money later.


Top national 5-year CD rates pay %, 5 year mortgage.#5 #year #mortgage


Top national 5-year CD rates pay 2.27%

For savers shopping worthy 5-year CD rates, 2016 has been a year of dashed hopes.

Though the Federal Reserve raised interest rates in December 2015, the top yields in the major CD terms didn’t just fail to rise — some actually dropped.

Searching Bankrate’s extensive database of the day’s best CD rates shows that 60-month yields have been hit especially hard, sitting almost two-tenths of a percentage point lower now than in December 2015.

Fortunately, local deals from credit unions and community banks continue to pay up to three-quarters of a percentage point more than the leading national return — over 3% in one instance.

But when will long-suffering savers finally see some improvement among national offers? It depends on how banks react to what we expect the Fed will announce this week. We’ll fill you in on the details.

The top national deals

Today’s top 5-year return sits at 2.27% APY, down from the 2.45% APY you could earn at the time of the Fed’s hike.

5 year mortgage

The drop in the lead only tells part of the story, because while in December savers could earn more than 2.00% APY from 16 national banks, that had dwindled to just two banks until recently.

Fortunately, the number of national CD offers above 2.00% has since risen to five banks, after a handful of banks increased their long-term rates over the past month.

The current leader, paying 2.27% APY, is still State Bank of India-Chicago, which is a U.S. branch of India’s largest bank and is FDIC-insured. It has held the top spot alone for four months now.

While today’s leading rate is a letdown from last December, it’s good to remember that it’s still high above the term’s post-recession low of 1.75% APY, endured in the spring of 2013.

TOP 5-YEAR CD RATES: Nationally Available Bank Deals

Earning more with local deals

Of course, there are always some lucky savers who can outearn the top national rate with certificates of deposit from a community bank or credit union.

These institutions often offer chart-topping yields to savers who live or work nearby or are willing to jump through a hoop or two.

Here’s a baker’s dozen of worthy deals, paying qualified savers as much as 3.05% APY on 5-year terms. One of the credit unions even accepts members nationwide.

As always on the deals below, eligibility requirements will apply. So contact the bank or credit union directly to determine if you qualify.

TOP REGIONAL 5-YEAR CDS: Credit Unions Community Banks

Waiting for higher returns

If you think you might qualify for any of these deals, they’re worth investigating because they pay about three times more than the current average 5-year return of 0.82% APY, according to our weekly nationwide survey of banks and thrifts.

The average return bottomed out at 0.77% APY in the summer of 2013 and gradually rose to 0.89% APY in spring 2015. But since the Fed’s hike in December 2015, it’s eroded from 0.85% to 0.81% APY.

Rewind to February 2007, before irresponsible mortgage lending led the economy over a cliff. Back then, the national average return for 5-year CDs was 4.02% APY.

But with the financial crisis throwing the economy into a tailspin, the Federal Reserve applied the brakes not only by repressing interest rates to record lows in 2008 but by keeping them anchored there for seven years.

That historic era in the Fed’s timeline officially ended when it made a small rate increase in mid-December 2015.

Although the Fed had indicated it would gradually push interest rates higher over the next several years, global and economic news in 2016 has given the rate-setting committee pause.

Indeed, seven of the committee’s eight 2016 meetings have come and gone without any announcement of a further rate increase.

But at this week’s Fed meeting, most economists and Wall Street forecasters finally expect Hike #2 to be announced.

When that does happen, we hope banks will finally begin to react, as 5-year CD rates could certainly use the boost.

Disclaimer: The rates above were verified Dec. 12, 2016. Credit unions and community banks should be contacted directly to determine eligibility for opening accounts with that institution, as well as to verify current rates.

Yeah, I really wished she specified which credit union accepted nationwide membership.


30 Year Mortgage Interest Rate Forecast, 5 year mortgage.#5 #year #mortgage


5 year mortgage

The 12 month forecast for the 30 Year Mortgage Interest Rate is in the table at

the top of this page. Forecast-Chart.com is forecasting that 30 Year Mortgage

Interest Rates will be roughly 3.61% in one year. The table shows a HDTFA of

0.39% which suggests that the July, 2017 rate could easily fall between 4.00%

and 3.21%. Forecasts for many other interest rates may be found by clicking

INTEREST RATE FORECAST at the top of this page.

5 YEAR FORECAST

Will the 30 Year Mortgage Interest Rate be higher or lower 5 years from now?

forecasting a probability of 8.3% that the 30 Year Mortgage Interest Rate will be

higher in 5 years. The table shows a probability of 91.4% that the rate will be

lower in 5 years. (June, 2021 rate compared to the June, 2016 rate). 43 YEARS

of historical data were use to calculate probabilities for Forecast-Chart.com’s 5

Year Forecast. Check this page each month for updates to the 5 Year

Forecast for the 30 Year Mortgage Interest Rate. The forecast may change

substantially as a result of movement in the indicators used in the forecasting

5 YEAR FORECAST: Various Rates

In 5 years, how high or how low is the 30 Year Mortgage Interest Rate likely to

Mortgage Interest Rates being ABOVE 3.57% in June, 2021 is 8%. The

probability of 30 Year Mortgage Interest Rates being BELOW 3.57% in June,

2021 is 92%. Probabilities for various other rates are shown as well.

Average (Last 12 Months) 3.80%.

Average (Last 10 Years) 4.73%

High (Last 12 Months) 4.05% (July, 2015)

Low (Last 12 Months) 3.57% (June, 2016)

High (Since January, 1964) 18.45% (October, 1981)

Low (Since January, 1964) 3.35% (December, 2012)

The 30 Year Mortgage Interest Rate for June, 2016 averaged 3.57%. That’s 3

basis points lower than the May, 2016 rate of 3.6%, and 41 basis points lower

than the June, 2015 rate of 3.98%. The minor movement in rates from May to

June indicates that the short term rate trend has been relatively flat. If that

market trend continues, we should see an average daily rate in July, 2016 that

is close to 3.54%.

The average rate over the last 10 years was 4.73%. Lower rates over the last

12 months compared to the average rates over the last 10 years serve as an

indicator that the long term rate trend in 30 Year Mortgage Interest Rates is

3.57%. The high annual rate was attained in July, 2015. The market low was

achieved in June, 2016.

Rate data back to January, 1964. The average annual rate during that period

of history was 8.11%. The highest rate was 18.45%. The lowest rate was

3.35%. The market high was attained in October of 1981. The market low was

achieved in December of 2012. Recent rates experienced in June of 2016 are

low relative to the historical 8.11% average.

Interest Rates. For links to longer term charts, look at the links under the five

year chart (above). One link opens a ten year chart. Another opens our longest

term graph on 30 Year Mortgage Interest Rates. Just one glance at our long

term charts can provide tremendous insight into the historical trends of the

financial markets. The data table above presents the history of the 30 Year

Mortgage Interest Rate in numerical format.


The 15 vs, 5 year mortgage.#5 #year #mortgage


The 15 vs. 30 Year Mortgage Debate: Why a 30-Year Loan Is Better

5 year mortgageAccording to Freddie Mac s most recent survey, there is currently a spread of 0.72% between the 15- and 30-year fixed rate mortgage benchmarks.

I think most people naturally assume that, when it comes to choosing between a 15- or 30-year fixed rate mortgage, the 15-year loan is usually the better option anyway. Considering the current spread, I m sure a lot of folks out there think they d be absolutely crazy to take out a 30-year loan.

All things being equal, a 15-year mortgage allows you to pay off your mortgage twice as fast while saving a significant chunk of money on interest. However,I say the 30-year mortgage is a more logical choice because it offers so many more advantages over its shorter-termed cousin.

Here are several big reasons why I think a 30-year fixed rate mortgage is the more pragmatic choice:

Lower payments. Of course, the biggest advantage of the 30-year mortgage is that it comes with lower payments; the money you save can then be invested or used as you see fit.

More budget friendly. Those lower payments not only take the strain off tight budgets but, if need be, they also allow you to stretch your dollar enough to purchase a more expensive home.

Increased flexibility. About eight years ago, with potential layoffs looming, I refinanced from a 15-year to a 30-year mortgage in order to lower my monthly payments by over 40%. Today, the threat of layoffs are still looming but I sleep a lot better knowing that my mortgage payment is only $600 per month instead of $1000.

More control. With a 30-year mortgage you re almost always free to make additional principal payments necessary to pay off your loan in 15 years without penalty. However, you re never obligated to do so, and can always change your mind as life s circumstances dictate. With the 15-year loan, you re hopelessly committed to giving that extra money to your lender each month whether you can really afford to or not.

Reduced financial vulnerability. By paying your lender that additional principal every month, you may be locking up too much money into your house. While it s true that the shorter loan builds home equity faster, you still need a lender s permission to tap into it with a home equity loan. If you lost your job, it s highly unlikely your bank would agree to give you such a loan, making that equity unavailable when you most needed it.

More opportunity for financial balance. Yes, building home equity and getting that house paid off is a noble goal. However, for young people just starting out, there are often other very important financial obligations that need to be addressed too. The higher payment that comes with a 15-year mortgage makes little sense if it leaves you unable to build an emergency savings account, or contribute anything to your 401(k) plan, IRA, and perhaps your kids college funds.

Bigger tax deductions. I can already feel the nasty emails coming my way: Agreeing to pay more interest in exchange for a bigger tax deduction is like spending a dollar to save a dime! I get it; this should never be the only reason for taking a 30-year mortgage over a 15-year mortgage. However, all things being equal, the larger tax deduction for the 30-year loan does temper the interest savings of a 15-year loan if only a little bit.

Effective inflation hedge. Inflation erodes the value of the dollar over time. As a result, payments made during the last 15 years of a 30-year loan are significantly lower in real terms than the day you first get the loan. That s why banks hate sustained periods of high inflation: folks with longer-term fixed-rate loans end up repaying those loans with dollars that are worth far less than the value of the dollars they originally borrowed.

No matter how you look at it, the faster inflation rises, the less sense it makes to pay off the mortgage early. With that in mind, a 30-year loan is definitely your best opportunity to stick it to the bank. For many people, I suspect that s probably reason enough to choose one.


Swollen Arm – Swelling of the Hand, Forearm, Fingers, 5 year arm.#5 #year #arm


Swollen Arm Swelling of the Hand, Forearm, Fingers

5 year arm

Swelling (edema) of the arm is an indication of inflammation or disturbances of blood or lymph flow causing a swollen appearance of the hand, forearm or fingers. The swelling may be accompanied by other signs and symptoms which may assist with diagnosing the cause of the swollen arm.

It is difficult to identify a causative factor for a swollen arm solely on the swelling itself. The swollen arm should be assessed in conjunction with swelling throughout the body (generalized) or in specific areas (localized). Swelling of the arm due to edema (in most cases) may be pitting (finger pressure leaves an impression on the swelling for a few seconds to minutes) or non-pitting edema. Pitting edema is usually indicative of a circulatory disorder while non-pitting edema may be an indication of a more localized cause.

Causes of a Swollen Arm

A swollen arm may be caused by a number of factors or predisposing conditions.

  • Inflammation due to trauma (blunt force), injury (broken bones), overuse and exertion, toxins (poisonous substances, insect or snake bites), burns, allergies or chronic conditions like rheumatoid arthritis, carpal tunnel syndrome, gout .
  • Lymphedema or lympadenopathy
  • Infection virus, bacteria, protozoa or fungi. Localized infection of the fingers, hand or forearm or a widespread infection of the arm as in cellulitis.
  • Venous insufficiency circulatory disorders either due to chronic conditions (cardiac, peripheral vascular disease), injury or obstructed blood flow through the arm.
  • Fat accumulation due to hypothyroidism, Cushing s syndrome or just general weight gain may cause swollen arms although this fat deposition is gradual and evident throughout the body.

Symptoms Associated with Swelling :

A swollen arm may or may not be accompanied by other signs and symptoms apart from the visible swelling.

  • Swelling causing distortion of the anatomy of the arm and related structures. This can be clearly visible when comparing the swollen arm or hand with the normal arm or hand in unilateral (one sided) swelling.
  • Pain, numbness or tingling of the arm.
  • Itching may also be experienced with or without an evident rash.
  • Redness or paleness of the arm.
  • Excessive warmth (heat) or cold and clammy skin.
  • Muscle weakness reduced muscle strength or difficulty in moving the arm or complete loss of movement of the hand, forearm or fingers.

Diagnosis Treatment :

It is important to take note of causative or aggravating factors in repeated episodes of arm swelling. A swollen arm may or may not be accompanied by other signs and symptoms and these concomitant symptoms should be reported to the attending practitioner when seeking medical attention. Most importantly, it is advisable to take note if your swelling is one sided (unilateral) or of both arms (bilateral) as this may indicate a localized or generalized nature of the condition. If you are unsure of the cause of acute swelling, always immobilize your arm and seek medical attention immediately.

  • Treatment depends on the cause of the inflammation, lymphedema, infection or venous insufficiency that is causing the swelling of the arm. Fat accumulation is usually gradual and gives the appearance of a swollen arm but is not a true swelling of the limb.
  • Swelling of the fingers may likely be due to conditions like arthritis (more commonly rheumatoid arthritis) or gout (less common) and treatment should be directed at the cause of the joint swelling.
  • It is not advisable to use a cold application such as an ice pack or immersing the hand in ice water if a swelling is noticed without identifying the cause. Cold therapy may only be useful in cases of blunt trauma immediately after the injury.
  • Anti-inflammatory drugs may be useful in reducing swelling due to inflammation as well as easing any associated pain.
  • Anti-histamines and corticosteroids may assist with swelling due to allergies or insect bites. In the event of a snake bite, seek immediate medical attention as the arm swelling may be accompanied by necrosis (tissue death). More importantly, snake venom will eventually enter the systemic circulation and can cause death.
  • Certain circulatory disorders may have serious underlying pathologies including cardiovascular disease like congestive cardiac failure, kidney failure, liver failure, aneurysms and thrombosis. These conditions need to be identified and treated accordingly.
  • Fractures (broken bones) within the arm, hand or fingers will cause swelling and severe pain upon movement. Immediate medical attention is required to prevent long term complications.
  • Inform your supervising practitioner of any medication that you may be using. Anabolic steroids (used by athletes and body builders) and certain anti-hypertensive drugs may cause arm swelling.

Management :

While a swollen arm is a non-specific symptom, it should not be ignored especially in repeat cases.

  • If the arm is turning blue or if there is a complete loss of sensation or movement, medical attention is required immediately even if this is episodic.
  • Swelling of the arm after weight training or other weight bearing exercise targeting the area is common. This is not a cause for concern unless the swelling persists or is accompanied by other signs and symptoms.
  • If you are experiencing repeat episodes of swelling and your medical practitioner has not identified any serious pathology, it is not advisable to wear tight bands, wrist watches or finger rings as this will further slow down the flow of blood or lymph.
  • Nail biters do occasionally suffer with swelling of the fingers if infection sets in (paronychia) as the mouth is laden with bacteria that will quickly infect the affected area.
  • Swelling of the arms may be common in pregnant women and are not a cause for concern.
  • Slight swelling may also occur in heat and summer months which are not serious.
  • Deep massage or manual lymph drainage as practiced in some therapeutic massage practices is not advisable for a swollen arm. The causative factor of the swelling should always be identified first and a massage can aggravate the condition.

Related Questions and Answers


Top national 5-year CD rates pay %, 5 year mortgage.#5 #year #mortgage


Top national 5-year CD rates pay 2.27%

For savers shopping worthy 5-year CD rates, 2016 has been a year of dashed hopes.

Though the Federal Reserve raised interest rates in December 2015, the top yields in the major CD terms didn’t just fail to rise — some actually dropped.

Searching Bankrate’s extensive database of the day’s best CD rates shows that 60-month yields have been hit especially hard, sitting almost two-tenths of a percentage point lower now than in December 2015.

Fortunately, local deals from credit unions and community banks continue to pay up to three-quarters of a percentage point more than the leading national return — over 3% in one instance.

But when will long-suffering savers finally see some improvement among national offers? It depends on how banks react to what we expect the Fed will announce this week. We’ll fill you in on the details.

The top national deals

Today’s top 5-year return sits at 2.27% APY, down from the 2.45% APY you could earn at the time of the Fed’s hike.

5 year mortgage

The drop in the lead only tells part of the story, because while in December savers could earn more than 2.00% APY from 16 national banks, that had dwindled to just two banks until recently.

Fortunately, the number of national CD offers above 2.00% has since risen to five banks, after a handful of banks increased their long-term rates over the past month.

The current leader, paying 2.27% APY, is still State Bank of India-Chicago, which is a U.S. branch of India’s largest bank and is FDIC-insured. It has held the top spot alone for four months now.

While today’s leading rate is a letdown from last December, it’s good to remember that it’s still high above the term’s post-recession low of 1.75% APY, endured in the spring of 2013.

TOP 5-YEAR CD RATES: Nationally Available Bank Deals

Earning more with local deals

Of course, there are always some lucky savers who can outearn the top national rate with certificates of deposit from a community bank or credit union.

These institutions often offer chart-topping yields to savers who live or work nearby or are willing to jump through a hoop or two.

Here’s a baker’s dozen of worthy deals, paying qualified savers as much as 3.05% APY on 5-year terms. One of the credit unions even accepts members nationwide.

As always on the deals below, eligibility requirements will apply. So contact the bank or credit union directly to determine if you qualify.

TOP REGIONAL 5-YEAR CDS: Credit Unions Community Banks

Waiting for higher returns

If you think you might qualify for any of these deals, they’re worth investigating because they pay about three times more than the current average 5-year return of 0.82% APY, according to our weekly nationwide survey of banks and thrifts.

The average return bottomed out at 0.77% APY in the summer of 2013 and gradually rose to 0.89% APY in spring 2015. But since the Fed’s hike in December 2015, it’s eroded from 0.85% to 0.81% APY.

Rewind to February 2007, before irresponsible mortgage lending led the economy over a cliff. Back then, the national average return for 5-year CDs was 4.02% APY.

But with the financial crisis throwing the economy into a tailspin, the Federal Reserve applied the brakes not only by repressing interest rates to record lows in 2008 but by keeping them anchored there for seven years.

That historic era in the Fed’s timeline officially ended when it made a small rate increase in mid-December 2015.

Although the Fed had indicated it would gradually push interest rates higher over the next several years, global and economic news in 2016 has given the rate-setting committee pause.

Indeed, seven of the committee’s eight 2016 meetings have come and gone without any announcement of a further rate increase.

But at this week’s Fed meeting, most economists and Wall Street forecasters finally expect Hike #2 to be announced.

When that does happen, we hope banks will finally begin to react, as 5-year CD rates could certainly use the boost.

Disclaimer: The rates above were verified Dec. 12, 2016. Credit unions and community banks should be contacted directly to determine eligibility for opening accounts with that institution, as well as to verify current rates.

Yeah, I really wished she specified which credit union accepted nationwide membership.


News 12 Westchester, 5 year arm.#5 #year #arm


News 12 Westchester

Lawsuits dropped against Indian Point closure

The Westchester County executive has dropped his two lawsuits challenging the closure of the Indian Point Power Plant.

The Westchester County executive has dropped his two lawsuits challenging the closure of the Indian Point Power Plant.

Weather: Mostly sunny Friday with highs around 48

Weather: Mostly sunny Friday with highs around 48

News 12 weather update.

News 12 weather update.

Pearl River family racks up thousands in fines from cashless tolls

Pearl River family racks up thousands in fines from cashless tolls

NYCLU files suit against East Ramapo Central S.D. over voting practices

NYCLU files suit against East Ramapo Central S.D. over voting practices

The NY Civil Liberties Union is suing the East Ramapo Central School District over the way it elects the members of its board of education.

The NY Civil Liberties Union is suing the East Ramapo Central School District over the way it elects the members of its board of education.

House passes sweeping GOP tax overhaul

The Latest: House passes sweeping GOP tax overhaul

Trump presses fellow Republicans at Capitol as House nears vote on tax overhaul.

Trump presses fellow Republicans at Capitol as House nears vote on tax overhaul.

Westchester Crime Crime More

Middletown man sentenced for killing newborn son

Middletown man sentenced for killing newborn son

A jury found Michael Heil guilty of murder and manslaughter after a three-week trial.

A jury found Michael Heil guilty of murder and manslaughter after a three-week trial.

Columbus statue in Yonkers vandalized again

Columbus statue in Yonkers vandalized again

Police say 33-year-old Paul Martin scribbled the phrase The cause of indigenous slavery on the statue while making deliveries in the area.

Police say 33-year-old Paul Martin scribbled the phrase The cause of indigenous slavery on the statue while making deliveries in the area.

Fight erupts in Pleasantville school

Fight erupts in Pleasantville school

Officials from Pleasantville Cottage School say three girls were arrested for fighting Tuesday night at the school.

Officials from Pleasantville Cottage School say three girls were arrested for fighting Tuesday night at the school.

Mount Vernon man guilty of murder

Mount Vernon man guilty of murder

Prosecutors say Jason Myers killed Ashley McDuffie in August 2016.

Prosecutors say Jason Myers killed Ashley McDuffie in August 2016.

Closing arguments wrap up in Spring Valley trustee’s corruption trial

Closing arguments wrap up in Spring Valley trustee’s corruption trial

Closing arguments wrapped up Wednesday in a Spring Valley trustee’s corruption trial. Villair Fonvil is accused of pocketing thousands of dollars that was supposed to go to a summer camp.

Closing arguments wrapped up Wednesday in a Spring Valley trustee’s corruption trial. Villair Fonvil is accused of pocketing thousands of dollars that was supposed to go to a summer camp.

Turn to Tara More

Got a problem? You should Turn to Tara. Here’s how.

Got a problem? You should Turn to Tara. Here’s how.

Do you need to Turn to Tara?

Tara has your back and wants to hear from you. Reach her by email, Twitter or Facebook.

Do you need to Turn to Tara?

Tara has your back and wants to hear from you. Reach her by email, Twitter or Facebook.

Montrose resident fears speeding cars down local road

Montrose resident fears speeding cars down local road

Some Westchester residents say they are afraid to let their kids play outside due to speeding cars.

Some Westchester residents say they are afraid to let their kids play outside due to speeding cars.

Turn To Tara: Valhalla scientist crafts burn cure

Turn To Tara: Valhalla scientist crafts burn cure

A Valhalla scientist is being credited with making a breakthrough discovery one that could reverse the effect of one of the most dangerous weapons on the planet.

A Valhalla scientist is being credited with making a breakthrough discovery one that could reverse the effect of one of the most dangerous weapons on the planet.

Possible TZx bus service change concerns commuters

Possible TZx bus service change concerns commuters

A Tappan Zee Express bus route could be changing, causing concern among commuters.

A Tappan Zee Express bus route could be changing, causing concern among commuters.

Extended interview: Famous North Salem musician discusses TSA travel woes

Extended interview: Famous North Salem musician discusses TSA travel woes

Westchester Travel Food Fun More

Lunch With Lisa: Savannah and Company in Yorktown

Lunch With Lisa: Savannah and Company in Yorktown

Savannah and Company, a family run restaurant, serves up some home-style southern cooking in Yorktown.

Lunch With Lisa: Savannah and Company in Yorktown

Lunch With Lisa: Savannah and Company in Yorktown

National Pickle Day Fun

National Pickle Day Fun

Have some fun with these polls and quizzes on National Pickle Day!

Have some fun with these polls and quizzes on National Pickle Day!

Tasty Tuesday: Café of Love in Mount Kisco

Tasty Tuesday: Café of Love in Mount Kisco

Caf of Love on East Main Street in Mount Kisco is giving customers a farm-to-table experience with a modern twist.

Caf of Love on East Main Street in Mount Kisco is giving customers a farm-to-table experience with a modern twist.

Lunch With Lisa: Mariachi Loco in Scarsdale

Lunch With Lisa: Mariachi Loco in Scarsdale

Mariachi Loco in Scarsdale is serving up some amazing Mexican dishes for lunch specials.

Westchester Transportation Transportation More

Rockland County launches snow school for employees

Rockland County launches snow school for employees

Snow school began Monday for Rockland Highway Department employees.

Snow school began Monday for Rockland Highway Department employees.

Petition seeks name change of Gov. Mario Cuomo Bridge back to Tappan Zee

Petition seeks name change of Gov. Mario Cuomo Bridge back to Tappan Zee

A petition started by a Port Chester man seeks to change the name of the Gov. Mario M. Cuomo Bridge back to Tappan Zee.

A petition started by a Port Chester man seeks to change the name of the Gov. Mario M. Cuomo Bridge back to Tappan Zee.

Tappan Zee Bridge demolition impacts early morning Metro-North service

Tappan Zee Bridge demolition impacts early morning Metro-North service

The Tappan Zee Bridge demolition impacted the Hudson Line train service this morning.

The Tappan Zee Bridge demolition impacted the Hudson Line train service this morning.

County Executive-elect Latimer wants more input on airport bid

County Executive-elect Latimer wants more input on airport bid

Westchester County Executive Rob Astorino as part of his final days in office picked the company that he wants to run the county airport, but the man slated to take over the position says he wants further input.

Westchester County Executive Rob Astorino as part of his final days in office picked the company that he wants to run the county airport, but the man slated to take over the position says he wants further input.

Thruway Authority says its ready for winter with addition of 10 new plows

Thruway Authority says its ready for winter with addition of 10 new plows

The New York State Thruway Authority said it is ready for winter with the announcement of new plows to its fleet.

The New York State Thruway Authority said it is ready for winter with the announcement of new plows to its fleet.


Top national 5-year CD rates pay %, 5 year mortgage.#5 #year #mortgage


Top national 5-year CD rates pay 2.27%

For savers shopping worthy 5-year CD rates, 2016 has been a year of dashed hopes.

Though the Federal Reserve raised interest rates in December 2015, the top yields in the major CD terms didn’t just fail to rise — some actually dropped.

Searching Bankrate’s extensive database of the day’s best CD rates shows that 60-month yields have been hit especially hard, sitting almost two-tenths of a percentage point lower now than in December 2015.

Fortunately, local deals from credit unions and community banks continue to pay up to three-quarters of a percentage point more than the leading national return — over 3% in one instance.

But when will long-suffering savers finally see some improvement among national offers? It depends on how banks react to what we expect the Fed will announce this week. We’ll fill you in on the details.

The top national deals

Today’s top 5-year return sits at 2.27% APY, down from the 2.45% APY you could earn at the time of the Fed’s hike.

5 year mortgage

The drop in the lead only tells part of the story, because while in December savers could earn more than 2.00% APY from 16 national banks, that had dwindled to just two banks until recently.

Fortunately, the number of national CD offers above 2.00% has since risen to five banks, after a handful of banks increased their long-term rates over the past month.

The current leader, paying 2.27% APY, is still State Bank of India-Chicago, which is a U.S. branch of India’s largest bank and is FDIC-insured. It has held the top spot alone for four months now.

While today’s leading rate is a letdown from last December, it’s good to remember that it’s still high above the term’s post-recession low of 1.75% APY, endured in the spring of 2013.

TOP 5-YEAR CD RATES: Nationally Available Bank Deals

Earning more with local deals

Of course, there are always some lucky savers who can outearn the top national rate with certificates of deposit from a community bank or credit union.

These institutions often offer chart-topping yields to savers who live or work nearby or are willing to jump through a hoop or two.

Here’s a baker’s dozen of worthy deals, paying qualified savers as much as 3.05% APY on 5-year terms. One of the credit unions even accepts members nationwide.

As always on the deals below, eligibility requirements will apply. So contact the bank or credit union directly to determine if you qualify.

TOP REGIONAL 5-YEAR CDS: Credit Unions Community Banks

Waiting for higher returns

If you think you might qualify for any of these deals, they’re worth investigating because they pay about three times more than the current average 5-year return of 0.82% APY, according to our weekly nationwide survey of banks and thrifts.

The average return bottomed out at 0.77% APY in the summer of 2013 and gradually rose to 0.89% APY in spring 2015. But since the Fed’s hike in December 2015, it’s eroded from 0.85% to 0.81% APY.

Rewind to February 2007, before irresponsible mortgage lending led the economy over a cliff. Back then, the national average return for 5-year CDs was 4.02% APY.

But with the financial crisis throwing the economy into a tailspin, the Federal Reserve applied the brakes not only by repressing interest rates to record lows in 2008 but by keeping them anchored there for seven years.

That historic era in the Fed’s timeline officially ended when it made a small rate increase in mid-December 2015.

Although the Fed had indicated it would gradually push interest rates higher over the next several years, global and economic news in 2016 has given the rate-setting committee pause.

Indeed, seven of the committee’s eight 2016 meetings have come and gone without any announcement of a further rate increase.

But at this week’s Fed meeting, most economists and Wall Street forecasters finally expect Hike #2 to be announced.

When that does happen, we hope banks will finally begin to react, as 5-year CD rates could certainly use the boost.

Disclaimer: The rates above were verified Dec. 12, 2016. Credit unions and community banks should be contacted directly to determine eligibility for opening accounts with that institution, as well as to verify current rates.

Yeah, I really wished she specified which credit union accepted nationwide membership.


30 Year Mortgage Interest Rate Forecast, 5 year mortgage.#5 #year #mortgage


5 year mortgage

The 12 month forecast for the 30 Year Mortgage Interest Rate is in the table at

the top of this page. Forecast-Chart.com is forecasting that 30 Year Mortgage

Interest Rates will be roughly 3.61% in one year. The table shows a HDTFA of

0.39% which suggests that the July, 2017 rate could easily fall between 4.00%

and 3.21%. Forecasts for many other interest rates may be found by clicking

INTEREST RATE FORECAST at the top of this page.

5 YEAR FORECAST

Will the 30 Year Mortgage Interest Rate be higher or lower 5 years from now?

forecasting a probability of 8.3% that the 30 Year Mortgage Interest Rate will be

higher in 5 years. The table shows a probability of 91.4% that the rate will be

lower in 5 years. (June, 2021 rate compared to the June, 2016 rate). 43 YEARS

of historical data were use to calculate probabilities for Forecast-Chart.com’s 5

Year Forecast. Check this page each month for updates to the 5 Year

Forecast for the 30 Year Mortgage Interest Rate. The forecast may change

substantially as a result of movement in the indicators used in the forecasting

5 YEAR FORECAST: Various Rates

In 5 years, how high or how low is the 30 Year Mortgage Interest Rate likely to

Mortgage Interest Rates being ABOVE 3.57% in June, 2021 is 8%. The

probability of 30 Year Mortgage Interest Rates being BELOW 3.57% in June,

2021 is 92%. Probabilities for various other rates are shown as well.

Average (Last 12 Months) 3.80%.

Average (Last 10 Years) 4.73%

High (Last 12 Months) 4.05% (July, 2015)

Low (Last 12 Months) 3.57% (June, 2016)

High (Since January, 1964) 18.45% (October, 1981)

Low (Since January, 1964) 3.35% (December, 2012)

The 30 Year Mortgage Interest Rate for June, 2016 averaged 3.57%. That’s 3

basis points lower than the May, 2016 rate of 3.6%, and 41 basis points lower

than the June, 2015 rate of 3.98%. The minor movement in rates from May to

June indicates that the short term rate trend has been relatively flat. If that

market trend continues, we should see an average daily rate in July, 2016 that

is close to 3.54%.

The average rate over the last 10 years was 4.73%. Lower rates over the last

12 months compared to the average rates over the last 10 years serve as an

indicator that the long term rate trend in 30 Year Mortgage Interest Rates is

3.57%. The high annual rate was attained in July, 2015. The market low was

achieved in June, 2016.

Rate data back to January, 1964. The average annual rate during that period

of history was 8.11%. The highest rate was 18.45%. The lowest rate was

3.35%. The market high was attained in October of 1981. The market low was

achieved in December of 2012. Recent rates experienced in June of 2016 are

low relative to the historical 8.11% average.

Interest Rates. For links to longer term charts, look at the links under the five

year chart (above). One link opens a ten year chart. Another opens our longest

term graph on 30 Year Mortgage Interest Rates. Just one glance at our long

term charts can provide tremendous insight into the historical trends of the

financial markets. The data table above presents the history of the 30 Year

Mortgage Interest Rate in numerical format.


30 Year Mortgage Interest Rate Forecast, 5 year mortgage.#5 #year #mortgage


5 year mortgage

The 12 month forecast for the 30 Year Mortgage Interest Rate is in the table at

the top of this page. Forecast-Chart.com is forecasting that 30 Year Mortgage

Interest Rates will be roughly 3.61% in one year. The table shows a HDTFA of

0.39% which suggests that the July, 2017 rate could easily fall between 4.00%

and 3.21%. Forecasts for many other interest rates may be found by clicking

INTEREST RATE FORECAST at the top of this page.

5 YEAR FORECAST

Will the 30 Year Mortgage Interest Rate be higher or lower 5 years from now?

forecasting a probability of 8.3% that the 30 Year Mortgage Interest Rate will be

higher in 5 years. The table shows a probability of 91.4% that the rate will be

lower in 5 years. (June, 2021 rate compared to the June, 2016 rate). 43 YEARS

of historical data were use to calculate probabilities for Forecast-Chart.com’s 5

Year Forecast. Check this page each month for updates to the 5 Year

Forecast for the 30 Year Mortgage Interest Rate. The forecast may change

substantially as a result of movement in the indicators used in the forecasting

5 YEAR FORECAST: Various Rates

In 5 years, how high or how low is the 30 Year Mortgage Interest Rate likely to

Mortgage Interest Rates being ABOVE 3.57% in June, 2021 is 8%. The

probability of 30 Year Mortgage Interest Rates being BELOW 3.57% in June,

2021 is 92%. Probabilities for various other rates are shown as well.

Average (Last 12 Months) 3.80%.

Average (Last 10 Years) 4.73%

High (Last 12 Months) 4.05% (July, 2015)

Low (Last 12 Months) 3.57% (June, 2016)

High (Since January, 1964) 18.45% (October, 1981)

Low (Since January, 1964) 3.35% (December, 2012)

The 30 Year Mortgage Interest Rate for June, 2016 averaged 3.57%. That’s 3

basis points lower than the May, 2016 rate of 3.6%, and 41 basis points lower

than the June, 2015 rate of 3.98%. The minor movement in rates from May to

June indicates that the short term rate trend has been relatively flat. If that

market trend continues, we should see an average daily rate in July, 2016 that

is close to 3.54%.

The average rate over the last 10 years was 4.73%. Lower rates over the last

12 months compared to the average rates over the last 10 years serve as an

indicator that the long term rate trend in 30 Year Mortgage Interest Rates is

3.57%. The high annual rate was attained in July, 2015. The market low was

achieved in June, 2016.

Rate data back to January, 1964. The average annual rate during that period

of history was 8.11%. The highest rate was 18.45%. The lowest rate was

3.35%. The market high was attained in October of 1981. The market low was

achieved in December of 2012. Recent rates experienced in June of 2016 are

low relative to the historical 8.11% average.

Interest Rates. For links to longer term charts, look at the links under the five

year chart (above). One link opens a ten year chart. Another opens our longest

term graph on 30 Year Mortgage Interest Rates. Just one glance at our long

term charts can provide tremendous insight into the historical trends of the

financial markets. The data table above presents the history of the 30 Year

Mortgage Interest Rate in numerical format.