Where to put $5,000 now

What would you do with a million bucks? That's easy. But what about five grand? With a handful of broad goals in mind, here are Money Magazine's picks.

Mortgage Rates
30 yr fixed 4.41%
15 yr fixed 3.33%
5/1 ARM 3.34%
30 yr refi 4.39%
15 yr refi 3.31%

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Rates provided by Bankrate.com.
Goal: Enhancing your home
Best moves if you're buying a home:
Put $5,000 toward a 20 percent down payment
Ideally you don't want to borrow any more than 80 percent of your home's value. Exceed that limit and you wind up shouldering the cost of private mortgage insurance (PMI).

By itself $5,000 may not get the needle to 20 percent, but you should be working toward that goal all the same.

PMI for $250K home with only 15 percent down: $57 a month
How long you'll pay it: 52 months
Total cost: $2,964.
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.