Mortgage rates, certificate of deposit rates, and credit card rates were little changed going into the Memorial Day weekend with just a slight bias to the downside.  Interest rate markets remained cool through the week with short and long term rates holding in a tight range.  Mortgage rates and CD rates dipped slightly, credit card rates barley moved, and money market rates showed a modest increase on the week. 

Throughout the month of May, interest rates have inched marginally lower on the borrowing side while moving up by a smaller sum on the saving side with some competition among the top CD producing banks keeping those rates somewhat elevated.  Treasury rates have not only remained low, but have moved with little exuberance or volatility throughout the month of May.  The one year Treasury rates closed Friday at .10% and have moved between 0.09% and 0.11% all month long.  Ten year Treasuries followed a similar path closing the week at 2.54%, trading between 2.66% on the high end and 2.50% on the low end.

The average 30 year mortgage rate coming from the nation’s top bank mortgage lenders declined by just under two basis points or .02%.  The average 30 year mortgage rate at the leading mortgage lenders closed the week at 4.195% after starting out at 4.211%.  30 year jumbo mortgage rates were cheaper by a near identical sum, dropping 2.5 basis points on the week.  The average 30 year jumbo home loan rate ended the week at 4.074%, down from 4.099% in the previous week.  Borrowers looking at FHA loans will be paying a little more this week, the average FHA mortgage rates climbed by 1.30 basis points to 3.963% from 3.950% in the week earlier.

CD rates were mixed across the yield curve with three month CD rates sliding along with the long term, five year CD rates while the popular, one year CD rates saw an increase in yield.  Overall, the average rate on the highest yielding CDs available nationally was lower by just 1/1000th of a percent.  The average CD rate measured by the SelectCDrates.com CD rate index slipped to 1.102% from 1.103% in the prior week.

Money market account rates and saving account rates climbed by a scant, 5/1000ths of a percent.  The average yield on the top money market rates and savings account rates available nationally moved up to 0.884% from 0.879% in the week earlier.

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 May 16, 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 May 23, 2014

CD interest rates:
Composite CD interest rate index 1.102 percent (down .001 percent)
3 month CD rates 0.392 percent (down .004 percent) 
6 month CD rates 0.732 percent (unchanged)
1 year CD rates 1.041 percent (up .008 percent) 
2 year CD rates 1.187 percent (unchanged) 
5 year CD rates 2.156 percent (down .009 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.884 percent (up .005 percent)

Mortgage rates: 
30 year mortgage rates 4.195 percent (down .016 percent) 
15 year mortgage rates 3.331 percent (down .063 percent) 
20 year mortgage rates 3.930 percent (down .015 percent)
30 year jumbo mortgage rates 4.074 percent (down .0.25 percent) 
30 year FHA mortgage rates 3.963 percent (up .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.86 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (unchanged)
One year Treasury rate 0.10 percent (up .01 percent)
Two year Treasury rate 0.37 percent (down .01 percent)
Five year Treasury rate 1.55 percent (down .01 percent) 
Ten year Treasury rate 2.54 percent (up .02 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 23, 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 May 23, 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.

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