Trouble in the Middle East, no resolution in the Ukraine, higher oil prices cutting into consumer discretionary income, and bank rates don’t move lower but head higher instead.  Skittish markets usually push interest rates lower as investors move from higher risk assets such as stocks and place their funds in Treasuries, mortgage backed securities, and similar safe and secure investments.  This was not how the flow of funds moved over the past week.

Perhaps, the ultra low interest rates reached in 2014 have hit a floor and rates are gradually meandering higher.  This past week’s rise in mortgage rates, CD rates, and Treasury rates may simply be a reaction to the overbought condition reached this year with interest rate sensitive securities.  But, it was a strange week of events that created a background of greater uncertainty as rates moved higher. 

In the most recent survey of bank rates conducted by SelectCDrates.com for the week ending June 13th, CD rates and mortgage rates moved moderately higher.  The average 30 year mortgage rate jumped by six basis points or 0.06%.  The increase pushed the average rate at the nation’s top bank mortgage lenders up to 4.281% from 4.221% in the previous week.  30 year FHA mortgage rates, 30 year jumbo mortgage rates, and shorter term conforming mortgage rates all moved higher as well. 

The average FHA rate was lifted by just over six basis points to end the week right at 4.000%.  Jumbo loan rates moved up by five basis points, pushing the average rate up to 4.210%.

The average CD rate was bumped up by just 2/1000ths of a percent for the week ending June 13, 2014.  The average CD rate in the survey is measured by the highest CD rates from FDIC insured banks available nationally across multiple terms.  The SelectCDrates.com CD rate index measures the top ten highest CD rates for three month term CDs, six month CDs, one year CDs, two year CDs, and five year CDs. 

This week, the CD rate index moved up to 1.108% from 1.106% in the week earlier.  Three month CD rates and two year CD rates had higher yields week over week with the average three month rate coming in at 0.397% and the average two year rate rising to 1.203%.  Six month CD rates and five year CD rates were unchanged at 0.737% and 2.151%, respectively.  One year CD rates declined for the week, dipping by one basis point to 1.050% from 1.060% in the prior week.

After climbing slightly higher in the previous week, consumer credit card rates were unmoved this week.  The average rate on new credit cards, across all credit card categories, remained at 13.87%.

The best bank money mark account rates and savings account rates were also unaltered in the latest survey.  Money market rates and savings rates have held steady for the past two weeks reflecting the lack of volatility or interest rate movement on very short term securities. The average money market rate and savings rate was held at 0.887%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The current bank rate survey is for the week ending June 13, 2014 with rates obtained on or after that day.  The weekly rate survey presented the following interest rates and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:

Bank Rates Market Recap with the Weekly Change in Rates Offered for June 13, 2014

CD interest rates:
Composite CD interest rate index 1.108 percent (up .002 percent)
3 month CD rates 0.395 percent (up .005 percent) 
6 month CD rates 0.737 percent (unchanged)
1 year CD rates 1.050 percent (down .01 percent) 
2 year CD rates 1.203 percent (up .011 percent) 
5 year CD rates 2.151 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.281 percent (up .06 percent) 
15 year mortgage rates 3.440 percent (up .081 percent) 
20 year mortgage rates 4.093 percent (up .123 percent)
30 year jumbo mortgage rates 4.210 percent (up .05 percent) 
30 year FHA mortgage rates 4.000 percent (up .062 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (up .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.45 percent (up .04 percent)
Five year Treasury rate 1.70 percent (up .04 percent) 
Ten year Treasury rate 2.60 percent (unchanged)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 13, 2014 with all of the interest rates obtained directly from the banks within the SelectCDrates.com survey.  Treasury rates are obtained directly from the Department of the Treasury.  

For more detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending June 13, 2014 please see: 

Trouble in the Middle East, no resolution in the Ukraine, higher oil prices cutting into consumer discretionary income, and bank rates don’t move lower but head higher instead.  Skittish markets usually push interest rates lower as investors move from higher risk assets such as stocks and place their funds in Treasuries, mortgage backed securities, and similar safe and secure investments.  This was not how the flow of funds moved over the past week.

Perhaps, the ultra low interest rates reached in 2014 have hit a floor and rates are gradually meandering higher.  This past week’s rise in mortgage rates, CD rates, and Treasury rates may simply be a reaction to the overbought condition reached this year with interest rate sensitive securities.  But, it was a strange week of events that created a background of greater uncertainty as rates moved higher. 

In the most recent survey of bank rates conducted by SelectCDrates.com for the week ending June 13th, CD rates and mortgage rates moved moderately higher.  The average 30 year mortgage rate jumped by six basis points or 0.06%.  The increase pushed the average rate at the nation’s top bank mortgage lenders up to 4.281% from 4.221% in the previous week.  30 year FHA mortgage rates, 30 year jumbo mortgage rates, and shorter term conforming mortgage rates all moved higher as well. 

The average FHA rate was lifted by just over six basis points to end the week right at 4.000%.  Jumbo loan rates moved up by five basis points, pushing the average rate up to 4.210%.

The average CD rate was bumped up by just 2/1000ths of a percent for the week ending June 13, 2014.  The average CD rate in the survey is measured by the highest CD rates from FDIC insured banks available nationally across multiple terms.  The SelectCDrates.com CD rate index measures the top ten highest CD rates for three month term CDs, six month CDs, one year CDs, two year CDs, and five year CDs. 

This week, the CD rate index moved up to 1.108% from 1.106% in the week earlier.  Three month CD rates and two year CD rates had higher yields week over week with the average three month rate coming in at 0.397% and the average two year rate rising to 1.203%.  Six month CD rates and five year CD rates were unchanged at 0.737% and 2.151%, respectively.  One year CD rates declined for the week, dipping by one basis point to 1.050% from 1.060% in the prior week.

After climbing slightly higher in the previous week, consumer credit card rates were unmoved this week.  The average rate on new credit cards, across all credit card categories, remained at 13.87%.

The best bank money mark account rates and savings account rates were also unaltered in the latest survey.  Money market rates and savings rates have held steady for the past two weeks reflecting the lack of volatility or interest rate movement on very short term securities.  The average money market rate and savings rate was held at 0.887%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The current bank rate survey is for the week ending June 13, 2014 with rates obtained on or after that day.  The weekly rate survey presented the following interest rates and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:

Bank Rates Market Recap with the Weekly Change in Rates Offered for June 13, 2014

CD interest rates:
Composite CD interest rate index 1.108 percent (up .002 percent)
3 month CD rates 0.395 percent (up .005 percent) 
6 month CD rates 0.737 percent (unchanged)
1 year CD rates 1.050 percent (down .01 percent) 
2 year CD rates 1.203 percent (up .011 percent) 
5 year CD rates 2.151 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.281 percent (up .06 percent) 
15 year mortgage rates 3.440 percent (up .081 percent) 
20 year mortgage rates 4.093 percent (up .123 percent)
30 year jumbo mortgage rates 4.210 percent (up .05 percent) 
30 year FHA mortgage rates 4.000 percent (up .062 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (up .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.45 percent (up .04 percent)
Five year Treasury rate 1.70 percent (up .04 percent) 
Ten year Treasury rate 2.60 percent (unchanged)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 13, 2014 with all of the interest rates obtained directly from the banks within the SelectCDrates.com survey.  Treasury rates are obtained directly from the Department of the Treasury.  

For more detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending June 13, 2014 please see: 3 month CD rates, 6 month CD rates, 9 month CD rates, 1 year CD rates, 2 year CD rates, 4 year CD rates, 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, 10 year mortgage rates, jumbo mortgage rates, VA mortgage rates, best interest checking accounts and best credit card rates.

No user commented in " Bank Rates Rise in Mid June "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)