Bank rates pushed slightly higher for the week ending August 1, 2014. Interest rates were just marginally ahead of the previous week however, rate increases were seen in almost all categories of savings rates and lending rates.
Mortgage rates ended the week fractionally higher as did CD rates, savings rates, and credit card rates. While the rate changes were pretty much across the board, the average borrower or saver would hardly feel the difference in either the added yield they were earn on their savings and CDs or the added expense they will incur on their monthly mortgage payment or credit card bill.
30 year mortgage rates available at the nation’s largest bank mortgage lenders moved up by just five basis points over the past week. One basis point is equivalent to 1/100th of a percent. The rate increase for the most popular home loan product pushed the average 30 year mortgage rate up to 4.262% from 4.211% in the previous week.
30 year jumbo mortgage rates and 30 year FHA mortgage rates were elevated by similar amounts. The average jumbo mortgage rate climbed by 7.5 basis points to 4.165% while the average FHA loan rate matched the conforming change of five basis points which lifted the average rate to 4.038% on the government loan program.
The average CD rate increased by less than one basis point for the week, rate changes among the best CD rates greater than one basis point are few and far between these days. The average CD rate for the highest yielding CDs available nationally rose by 6/100ths of a percent to 1.118% from 1.112% in the prior week.
The best three month CD rates, six month CD rates, and five year CD rates were unchanged for the week. The rate increases among the top yielding bank CDs took place on the one year and two year maturities. The average one year CD rate was boosted by under a basis point to 1.057% and the two year term CD jumped by two basis points to yield 1.227%.
The highest bank money market account rates and savings account rates also experienced a rate increase through the last week of July. The best money market and savings rates jumped to 0.929% from 0.904% in the preceding weekly bank rate survey.
Credit card rates, which have hardly showed any signs of life or concern for the overall direction of interest rates, moved a touch higher. The average interest rate on consumer credit cards increased one basis point to an average rate of 13.88%. The average credit card rate is a measured by the top tier interest rate offered on new credit cards across all card categories including low rate credit cards, balance transfer credit cards, travel rewards credit cards, secured credit cards, and student credit cards.
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 August 1, 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 August 1, 2014
CD interest rates:
Composite CD interest rate index 1.118 percent (up .006 percent)
3 month CD rates 0.402 percent (unchanged)
6 month CD rates 0.747 percent (unchanged)
1 year CD rates 1.057 percent (up .009 percent)
2 year CD rates 1.227 percent (up .02 percent)
5 year CD rates 2.156 percent (unchanged)
Money market and savings account rates:
Bank money market rates and savings account rates 0.929 percent (up .025 percent)
30 year mortgage rates 4.262 percent (up .051 percent)
15 year mortgage rates 3.410 percent (up .025 percent)
20 year mortgage rates 4.047 percent (down .041 percent)
30 year jumbo mortgage rates 4.165 percent (up .075 percent)
30 year FHA mortgage rates 4.038 percent (up .050 percent)
Credit card rates:
Credit card rates for new credit card offers 13.88 percent (up .01 percent)
US Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
One year Treasury rate 0.13 percent (up .02 percent)
Two year Treasury rate 0.47 percent (down .06 percent)
Five year Treasury rate 1.67 percent (down .02 percent)
Ten year Treasury rate 2.52 percent (up .04 percent)
All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 1, 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 August 1, 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.