For the week ending April 1, Freddie Mac reported that the average 30-year fixed-rate mortgage averaged 5.08 percent. This is up from 4.99 percent from the week prior.

The mortgage-backed securities program was intended to boost the economy; no one wanted to purchase these securities because they were seen as too risky. The program did succeed in driving down mortgage interest rates during the financial crisis. Perhaps it staved off a deeper recession.

But what will happen now?

It’s a game of wait-and-see. The Los Angeles Times noted that the ending of the program “came at a delicate moment,” with housing indicators “flat to softer in recent months.” The economy will now rely on private investors to buy any mortgage-backed securities created this year. Whether these securities are deemed safer than they were a year ago remains to be seen.

And what will happen with the $1.25 trillion in mortgage-backed securities that the government now owns? The government is considering whether it can gradually sell some; others will mature or be paid off.

You would think that banks would know a little something about credit scores and interest rates. And in fact, you would be right. They assign interest rates based on credit scores, so they know just how important credit scores are. They just won’t tell you.

And it ticks me off.

I went into a major bank – a bank that received some of your taxpayer dollars in the form of a bailout – and I asked for help about how credit scores and interest rates can be improved.

And I got zero help. Nada.

The banker was uninformed and inaccurate in his understanding of credit scores and interest rates. To be fair, it wasn’t his fault. His managers don’t know either. And why don’t they know?

You see, the banks have no intention of helping you build your credit score, so they do not train their bankers to give you proper information. If they did, you would qualify for a better loan at lower interest rates, and they would be unable to rob you of your hard-earned money.

Well, I’ve had it, and I’m taking a stand. I think banks should:

1. Help you learn how to build your credit score.
2. Teach you about credit cards and credit scores, and how your interest rates can be improved via your credit cards.
3. Give you information about bankruptcy and how your credit score can recover after a major financial disaster.

Do you agree? Watch this SpyCam and let me know if you think banks should stop keeping us in the dark about credit scores and interest rates!

Credit Scores and Interest Rates – A Bank Insider’s Shocking SpyCam Confession

This fee for a Citibank free checking account would have gone into effect on February 1, but New York Attorney General Andrew Cuomo stepped in and required Citigroup to give its customers proper notice.

And that’s not all. Your Citibank free checking account will also start charging a per-check fee in February 2011 for some of these same customers.

I’m a big advocate of laissez-faire capitalism, but let’s get real. Banks are not helping their image when their “free” checking accounts come with a price tag. Leave a comment if you have experienced a hidden fee with a Citibank free checking account, or any other “free” checking account.

The Credit Card Act of 2009 was intended to clamp down on certain practices, such as charging over-limit fees to customers who prefer to have the transaction declined or raising interest rates on current balances even while the account is in good standing, however, we are already seeing the unintended consequences of the government’s new “effective” law.  What is happening is the Act could result in more than $50 billion in lost profits. What do you think is going to happen?  Of course… the banks are going to look for new loopholes to make up for these lost profits, the only way to avoid being taken advantage of is to closely monitor your accounts.

Everyone knows that the interest rates of every American’s credit cards have already gone up and we have talked in previous posts that Bank of America is “testing” new annual fees.   What we don’t know is what may be around the corner.  This is why it is critical to monitor your accounts closely, especially, during the next 12 months.

The thing to remember is that once the law does take effect, expect even more changes. For example, new annual fees and other processing fees may be imposed, as these are ways for creditors to make money. Some banks may even eliminate free checking and start charging fees on accounts that do not maintain minimum balances.

Once again, be sure read everything you receive from your financial institutions, including the small print. And now more than ever, maintain balances you can afford to pay off, which you might need to do if you want to walk away from unfavorable terms. With these thoughts in mind, closely monitor all of your financial accounts as banks seek to make up profits lost in the wake of the Credit Card Act of 2009.

If you have any Credit Card horror stories, please share them below.  The more details the better as this is the only way we can show our elected officials that this is not fair.

If you look at the small print, 529 Saving Plan Fees are not cheap, however, Fidelity just announced that they are cutting their 529 Saving Plan Fees by 50% in certain states.  Yes, 50%!

These state include, New Hampshire, California, Massachusetts, Delaware, and Arizona. Vanguard and Upromise, which manage plans in New York and Colorado, have also cut fees, as has TIAA-CREF, which manages Vermont plan.

Keep in mind, over the long term, it’s not about investing at the right time, it’s about “investing consistently.”

If you have children, talk to your financial advisor about Fidelity’s 529 Saving Plan Fees, and see if this, or another 529 Saving Plan could be the fit for you and your family.  Let’s make 2010, our best year ever!