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Savings rates stayed at the 52-week low last week, holding steady at 1.61% APY. One year CD rates took the steepest dropped by 1 basis point to a new BestCashCow low of 2.00% APY. According to the BestCashCow mortgage rate tables, the average 30-year fixed rate mortgage is below 5% at 4.957%. The fifteen-year fixed-rate mortgage average is 4.4%.

It's becoming clear that asset bubbles, not goods and services inflation has been the biggest bane of the economy over the last 20 years. The cycle of boom and bust seems to be becoming a fixture. This interesting article questions whether the Fed is behind this cycle.

The 30-year fixed rate loan mortgage averaged 4.71% this week, the lowest level since Freddie Mac began its weekly survey in 1991 and down from 4.78% last week. A year ago, the 30-year mortgage was 5.53%.

The House today voted to extend the existing estate tax. It was due to expire in 2010 but then return in 2011 at an even higher rate than before. Estates are currently taxed at 45% for any amount over $3.5 million for individuals and $7 million for couples. While that seems like a lot, it includes real estate, family businesses, farms, etc. Family-owned businesses often bear the biggest brunt of the current estate tax, with heirs often having to sell the business to pay the tax liability.

Short term municipal bond yields reached record low levels as the Fed has signaled that it plans to keep the Fed Funds rate at 0% for some time.

Goldwater Bank is offering a 3.03% APY 36-month CD with a minimum balance of $50,000. That's the best 36-month CD rate according to the BestCashCow rate table.

The US taxpayer owns 70% of GM. Why are we permitting someone with no knowledge of the automobile industry to seize control of GM on an interim basis?

Flagstar is offering customers a choice of $100 or 2% interest to open a S.M.A.R.T. Interest checking account.

Brent White, a Professor at the University of Arizona College of Law has written a provocative paper which makes the case that for many homeowners walking away from their underwater home is the best long-term economic decision. He argues that societal pressure and the fear of ruined credit force many homeowners to stay put, even though doing so is bad for their personal finances and long-term wealth.

$50 for you and $50 for a friend for opening new checking accounts at First Tennessee.

$100 Gift offer for GreenBank checking account

Bank of America is offering $100 to open a new My Access checking account. The qualifications to get it are pretty simple: open a new account with a minimum of $500, keep it open at least 30 days, and make one transaction with your new debit card.

Savings rates hit a new 52-week low last week, falling by 1 basis point from 1.62% APY to 1.61% APY. One year CD rates took the steepest drop, falling by 7 basis points to 2.01% APY. Both three year and five year CD rates fell slighly, by 3 and 2 basis points respectively. The slow, painful downward trend continues.

Here is a brief article regarding one of the more speculative ways to invest in bonds; auction rate securities. If this sounds good to you be prepared to step up to the plate as the minimum investment is $25 thousand.

Author and former analyst Fred Sheehan writes that the municipal bond market is ripe for collapse. He states that investors are naive if they think that munis are a safe place to stash cash.