1. APY is a percentage of interest being earned on deposited money in an account, based on the compounding method of the institution, assuming a 365 day year.
2. American Express Bank had the highest APY of 1.00% and Nova Bank had the lowest APY rate of .1%.
3. FDIC insured means that every account in a bank is insured for at least $250,000 if something were to happen to that bank.
4. Yes, I believe it is important for a bank to be FDIC insured. Putting money into a bank that isn't insured is risky especially in the economy today.
Part 2
State | City | Loan Amount | Product | Lender | APR |
Wisconisin | Milwaukee | $250,000 | 30-year fixed | Flagstar | 4.422% |
Texas | Dallas | $250,000 | 15-year fixed | InterBank | 3.375% |
California | San Francisco | $250,000 | 30-year fixed | American-Interbank | 3.918% |
New York | New York Metro | $250,000 | 15-year fixed | Aurora Bank | 3.544% |
Nebraska | Lincoln | $250,000 | 5/1 ARM | AimLoan.com | 3.118% |
Michigan | Detroit | $250,000 | 7/1 ARM | Flagstar | 3.527% |
Based on the mortgage rates above, I can conclude that the current mortgage rates are very staggered depending on the product and the lender. A shorter mortgage plan has lower interest rates but require a larger payment. I can also conclude that the rates get high in more populated areas and lower in less populated areas.
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