Find the latest CD interest rates, savings account rates, money market account rates and mortgage rates. See interest rate survey results for the top ten best 3 month CD interest rates, best six month CD interest rates, one year CD interest rates, two year CD interest rates and five year CD interest rates. Review mortgage rates for 30 year mortgage rates, 15 year mortgage rates, jumbo morggage rates and FHA mortgage rates. Compare the top bank money market account rates and bank savings account rates. Get current interest rates for a variety of bank rates from savings rates to lending rates. Browse the best interest rates offered by the nations top banks. Weekly bank rates from the largest FDIC insured banks.
 

What Dow 20,000 Means for Bank CD Rates

Interest Rates Continue to Ignore Strong Economic Data

Tumbling Bank Savings Rates and Lending Rates

Interest Rates Continue Down Trend After Stock Market Rebounds

CD Rates, Savings Rates, and Mortgage Rates all Plummet after Brexit Vote

Bad Monthly Jobs Report Keeps Rates Subdued

Mortgage Rates Dive while Savings Rates Divided

Rates Remain at Historic Lows as Stock Market Forges Ahead

Lending Rates and Savings Rates Split

Slow Growth Continues to Keep Interest Rates In Check

Interest Rates Remain Low as Stocks and Commodities Head Higher

Positive Economic News has only Modest Impact on Interest Rates

Investor Jitters Bring Down Stock Prices and Interest Rates

CD Rates Pop while Mortgage Rates Drop

Blockbuster Jobs Report Fails to Push Interest Rates Higher

Market Turmoil Keeps Interest Rates in Check

Interest Rate Little Changed with Holiday Disruptions

Fed Rate Rise Has Almost No Impact on Savings and Lending Rates

Long and Short Term Interest Rate Divergence in December

December Kicks Off with Higher Rates for Borrowers and Savers

Shortened Trading Week Keeps Interest Rates Mostly Stable

Mortgage Rates and CD Rates Rise Despite Global Stress

Savings and Lending Rates Mostly Steady

Interest Rates Move Higher Again in November

Market Rates Up

Interest Rates Move Sideways as Stocks Leap

Interest Rates Continue Downward Bias

Interest Rates Quiet But Up Slightly

Pathetic Monthly Jobs Report Drives Rates Down

Interest Rates Stay in Narrow Range

Interest Rates Lower After Fed Refuses to Increase Fed Funds Rate

Interest Rates Stable as Stocks Remain Volatile

Interest Rates Bounce Back and are Destined to Head Higher

Interest Rates Fall as Fear Grips the Market

Fed Rate Increase Gets Closer, China Jumps in Front, and Interest Rates Hold

Rate Divergence Continues

Rates Split as July Comes to a Close

Interest Rates Reach New Highs for the Year across the Board

Home Buyers Beware, Economy is Picking Up and Mortgage Rates are Rising

Rates Drop on Most Bank Products to Kick off the Month of April

Interest Rates Start Settling Down in Mid March

Interest Rates Climbing Higher at Onset of March

Interest Rates Dip to End the Month of February

Bank Rates Move Higher from Mortgage Rates to CD Rates

Bank Rates Drop Friday, Approach High for the Year

Odd Divergence in Bank Rates

Interest Rates Continue to Slide

Mortgage Rates and CD Rates Sink Lower in Mid January

Interest Rates Take a Dip to Start 2015

Rates Inch Higher Across the Board as 2014 Comes to a Close

Mortgage Rates Low, CD Rates Off, Money Markets Up and Credit Cards Don’t Care

Mortgage Rates at 2014 Lows as CD Rates Reach New Highs

Interest Rates On Hold for Borrowers and Savers

Big Bank CD Rates Continue to be Dismal

Bank Lending Rates Tumble, Savings Rates Inexplicably Rise

Bank Rates Settle Down with the Notable Exception of CD Rates

Bank Mortgage Rates and CD Rates Breaking Out

CD Rates and Mortgage Rates Move Higher Sept 8, 2014

Best of Both Worlds Again for Borrowers and Savers

Interest Rates Mixed For Borrowers and Savers

Interest Rates Retreat for Borrowers and Pick up for Savers

Bank Rates Tip Toe Higher to Start off the Month of August

Interest Rates Seesaw Through the Week

Bank Rates Mostly Lower after a Week of Rising Geopolitical Tensions

Treasury Rates and Mortgage Rates Dip as Credit Card Rates and CD Rates Hold

Monthly Jobs Report Pushes Bank Rates Higher

Mortgage Rates Drop, CD Rates Hold, and Money Market rates Rise to End June

Bank Rates Slightly Better All Around Going into Final Days of June

Bank Rates Rise in Mid June

Mortgage Rates Bounce Higher and CD Rates Slump Lower

Not Even the Prospects for Peace or Economic Growth can Lift Interest Rates

Bank Rates Stay Flat Through Memorial Day Weekend

Lending and Savings Rates Go Their Separate Ways

Healthy Employment Report Fails to Push Bank Rates Higher

Changing Economy Causes Market Divergence between CD Rates and Mortgage Rates

Market Stability Causes Rates to Rise

Stocks and Bank Rates Head South

On the Money Jobs Report Holds Interest Rates Steady

Bank Rates Stay in a Tight Trading Range from Mortgages to CDs

Bank Rates Pop Higher on Fed News

Political Tensions Push Bank Rates Lower Mid March

Strong (?) Jobs Report Pushes Rates Higher

February Ends and Short Term Rates Hold as Long Term Rates Head Lower

Bank Rates Climb Modestly Higher in Mid February

Questions about Economic Growth do little to Move Bank Rates

Market Uncertainty Pushes Mortgage Rates Lower while Savings Rates are on Hiatus

More Downside on Mortgage Rates as CD Rates and Credit Card Rates Hold Tight

Bank Mortgage Rates Continue to Drop as CD Rates Move Higher

Long Term Rates Retreat after Disappointing Jobs Data

Bank Rates Higher as 2013 Comes to a Close

Bank Rates Boosted over Thanksgiving Week

Bank Rates Steady Heading into Thanksgiving Week

Bank Rates Make Mild Retreat in Mid November

Long Term Rates Pop Higher after Monthly Jobs Report

Bank Rates Steady as She Goes into the First Week of November

Mortgage Rates Down, CD Rates Up and All is Well

Shutdown Ends and Bank Rates Fall

Bank Rates Show Incremental Increases During Government Shutdown

Bank Rates Even to Mildly Lower at the Start of October

Mortgage Rates Head Lower while CD Rates and Credit Card Rates Head Higher

Fed Announcement Surprises and Interest Rates Retreat

Fed Action or Inaction Provides Opportunities for New Home Loan Borrowers

Bank Rates Back Away Going Into Fed Announcement

Long Term Bank Rates and Mortgage Rates Jump Higher to Start the month of September

Bank Rates Retreat for the First Time as August Comes to a Close

Bank Rates Volatile but Little Changed for the Third Week of August

Mortgage Rates and CD Rates Jump Higher in August

Minimal Changes in CD Rates and Mortgage Rates at the Start of August

CD Rates Move Higher as Mortgage Rates and Credit Card Meander

Bank Rates Diverge, CD Rates Up and Mortgage Rates Down

Interest Rates Retreat on Mortgages and Rise on Bank CDs for Mid July

July Starts With a Bang and Rising Interest Rates

Bank Rates Stabilize for Last Week of June

Mortgage Rates Skyrocket as Yield Curve Steepens Dramatically

Bank Rates Hold as Mortgage Rates Fold

Bank Interest Rates Inch Higher

Mortgage Rates Leap, Credit Card Rates Lurch and CD Rates Yawn to End May

Mortgage Rates and CD Rates Diverge at the Onset of May

Mortgage Rates and CD Rates Dip Yet Again as April Comes to a Close

Mortgage Rates and CD Rates Slip for the Week Ending April 19, 2013

Economic News Does Little to Change Bank Rates April 15, 2013

Bank Rates Retreat after Jobs Report and World Economic Uncertainty April 8, 2013

Mortgage Rates Retreat, CD Rates Advance and Credit Cards Hold the Line April 1, 2013

Mild Interest Rate Reductions Across the Board March 25, 2013

Mortgage Rates Retreat as CD Rates and Credit Card Rates Hold March 18, 2013

Mortgage Rates Popped, CD Rates Slid and Stock Market Pushed Higher March 11, 2013

Start of March Marks the First Big Drop in Bank Rates in 2013

Little Change in Bank Rates February 25, 2013

Bank Rates Higher on Savings and Loan Products February 18, 2013

Mortgage Rates Edge Up along with CD Rates while Credit Card Rates Hold February 11, 2013

Mortgage Rates Up Again, CD Rates and Credit Card Rates Stand Still February 4, 2013

CD Rates Down, Mortgage Rates Up, Credit Card Rates Hold for January 28, 2013

Bank Rates, CD Rates and Mortgage Rates Show Little Change January 21, 2013

Bank Rates Slip January 14, 2013

Mortgage Rates Spike and CD Rates Get a Lift to Start the Week January 7, 2013

Bank Rates Drift Marginally Lower During Christmas Week December 31, 2012

Mortgage Rates Start the Week Mixed as CD Rates Tumble and Credit Card Rates Yawn December 24, 2012

Mortgage Rates Edge Higher, CD Rates Slip Lower, Credit Card Rates Mind Their Own Business for December 17, 2012

Key Mortgage Rates and CD Rates Lower, Credit Card Rates and Savings Rates Hold December 10, 2012

Mortgage Rates and CD Rates Slip as Credit Card Rates Hold December 3rd, 2012

Mortgage Rates Up Again while CD Rates Slip November 26, 2012

Treasury Rates Lower Across the Board, Bank Rates Refuse to Follow November 19, 2012

Bank Rates Mixed, Everybody Wins November 12, 2012

Bank Rates Mildly Lower Ahead of Election November 5, 2012

High Anxiety Keeps Interest Rates Low October 29, 2012

Mortgage Rates and Credit Card Rates Up and CD Rates are Down October 22, 2012

Bank Rate Summary: Mortgage Rates Down, CD Rates Even and Credit Card Rates Stuck October 15, 2012

Mortgage Rates, CD Rates and Treasury Rates Tick Higher October 8, 2012

Record Low on Mortgage Rates as Credit Card Rates and CD Rates Standby October 1, 2012

Mortgage Rates Drop While Savings and CD Rates Remain Steady September 24, 2012

After Fed Action Mortgage Rates Dip and CD Rates…Rise September 17, 2012

Mortgage Rates, CD Rates and Credit Card Rates Tip Toe Higher September 10, 2012

Bank Rates from Mortgage Rates to CD Rates Down September 3, 2012

Mortgage Rates Down Sharply, All Other Bank Rates Steady as She Goes August 27, 2012

Mortgage Rates Up, CD Rates Even and Credit Card Rates Drop for August 20, 2012

Bank Rates Steady to Slightly Lower August 13, 2012

Mortgage Rates and CD Rates Up on the Week August 6, 2012

Mortgage Rates Rise while CD Rates Fall July 30, 2012

Mortgage Rates Slump and CD Rates Climb Making a Great July 4th Holiday

CD Interest Rates Fall, Mortgage Rates Rise and Credit Card Rates Hold July 2, 2012

Interest Rates Rise for Mortgages, Bank CDs and Treasuries June 25, 2012

Mortgage Rates Dip, CD Rates Rise and Credit Card Rates Sit for June 18, 2012

Bank Mortgage Rates Higher, CD Rates Lower June 11, 2012

Interest Rates Implode June 4, 2012

CD Rates and Mortgage Rates Down while Savings Rates Advance May 21, 2012

CD Rates Up, Mortgage Rates Down, Credit Card Rates Hold May 14, 2012

All Rates Lower with the Exception of Savings Account Rates May 7, 2012

Mortgages Rates Fall, CD Interest a Hair Higher and Credit Card Rates Hold for April 30, 2012

Rates Move Lower for Mortgages but Push Higher for CD Investors April 16, 2012

Minor Dip in Rates from Bank CDs to Home Mortgages April 9, 2012

Long Term Bank Rates Lower, Short Term Rates Hold April 2, 2012

Interest Rates Down After Sharp Rise in the Previous Week March 26, 2012

CD Rates Unchanged But Mortgage Rates Shift Higher March 19, 2012

Bank CD Rates and Mortgage Rates Show Small Upward Bias March 12, 2012

CD Rates OK, Mortgage Rates Drop and Credit Card Rates Hold March 5, 2012

CD Interest Rates Down Slightly and Mortgage Rates Up Slightly for February 27, 2012

Bank Rates from CD Rates to Mortgage Rates are Little Changed February 20, 2012

CD Rates and Savings Rates Move Lower while Mortgage Rates Adjust Higher February 13, 2012

CD Rates, Savings Rates and Credit Card Rates Yawn while Mortgage Rates Up a Tad February 6, 2012

CD Rates, Credit Card Rates and Mortgage Rates Trend Lower January 30, 2012

CD Rates and Credit Card Rates Hold While Mortgage Rates Rise January 23, 2012

Economy and Euro Debt Push CD Rates, Mortgage Rates and Credit Card Rates Lower January 16, 2012

Jobs Report Sends Mortgage Rates Up, Treasury Rates Higher and CD Rates Go It Alone January 9, 2012

Mortgage Rates Hit Record Lows, CD Rates Hold On and Credit Card Rates Slip Just a Bit January 2, 2012

Consumer Borrowing Rates Rise while CD Rates and Savings Rates Slide December 26, 2011

Bank Savings Rates and Borrowing Rates Continue to Fall December 19, 2011

Bank Rates, CD Rates and Mortgage Rates all End Lower December 12, 2011

CD Interest Rates and Mortgage Rates Narrowly Lower December 5, 2011

CD Interest Rates Down and Mortgage Rates Up November 28, 2011

CD Rates, Mortgage Rates and Bank Rates Lower thanks to Euro November 21, 2011

Bank Rates, CD Rates and Mortgage Rates November 14, 2011

CD Interest Rates, Credit Card Rates and Mortgage Rates All Lower November 7, 2011

Bank Rates, CD Rates and Mortgage Rates October 31, 2011

CD Rates, Mortgage Rates and Credit Card Rates October 24, 2011

The Best CD Interest Rates, Mortgage Rates and Credit Card Rates October 17, 2011

CD Interest Rates, Mortgage Rates and Credit Card Rates Updated October 11, 2011

Bank CD Rates, Mortgage Rates and Credit Card Rates October 3rd, 2011

CD Rates and Mortgage Rates Update September 26, 2011

Bank Rates, CD Rates and Mortgage Rates September 19, 2011

Bank CD Rates, Mortgage Rates and Savings Rates September 12, 2011

Bank Rates, CD Interest Rates and Mortgage Rates September 5, 2011

CD Rates and Mortgage Rates and More August 29, 2011

Bank Rates, CD Rates and Mortgage Rates August 22, 2011

CD Interest Rates and Mortgage Rates Fall Again August 15th, 2011

CD Interest Rates, Mortgage Rates and Bank Rates August 8th, 2011

CD Rates, Mortgage Rates and Credit Card Rates August 1, 2011

Bank Rates, Mortgage Rates and CD Interest Rates July 25, 2011

CD Interest Rates, Mortgage Rates and Savings Rates July 18, 2011

Bank CD Rates, Bank Mortgage Rates and Savings Rates July 11, 2011

CD Interest Rates, Mortgage Rates, Savings Rates and Credit Card Rates July 5, 2011

CD Rates, Mortgage Rates and the Best Savings Rates June 27, 2011

Highest CD Rates, Lowest Mortgage Rates and Best Savings Rates June 13, 2011

CD Interest Rates, Mortgage Interest Rates and Savings Rates June 6, 2011

CD Rates, Mortgage Rates and Savings Rates Today May 31, 2011

CD Interest Rates, Mortgage Rates and More May 23, 2011

Bank CD Interest Rates, Mortgage Rates and Savings Rates May 16, 2011

CD Interest Rates, Mortgage Rates and More May 9, 2011

Bank Rates, CD Rates, Mortgage Rates and More May 2, 2011

Bank Rates, Savings Rates, Mortgage Rates and More April 25, 2011

Bank Rates and Mortgage Rates April 18, 2011

Bank Rates, CD Interest Rates and Mortgage Rates Update April 11, 2011

Bank CD Interest Rates, Mortgage Rates and More April 4, 2011

CD Interest Rates, Mortgage Rates and Savings Rates March 28, 2011

Bank Rates, CD Interest Rates and Mortgage Rates Lower as Turmoil Continues March 21, 2011

World Events Impact on Bank Rates, CD Interest Rates, Mortgage Rates and More March 14, 2011

Bank Rates, CD Rates, Mortgage Rates and More March 7, 2011

CD Interest Rates, Savings Rates and Mortgage Rates February 28, 2011

CD Interest Rates, Mortgage Rates and Credit Card Rates February 21, 2011

Bank Rates, CD Interest Rates and Lending Rates February 14, 2011

Bank Rates, CD Interest Rates and Lending Rates February 7th, 2011

Bank Rates, CD Rates and Lending Rates January 31st, 2011

Bank Rates, CD Interest Rates and Lending Rates January 24th, 2011

Bank CD Rates, Savings Rates and Lending Rates January 17th, 2011

Bank Rates January 10th, 2011

Bank Rates January 3rd, 2010

Bank Rates December 27th, 2010

Bank Rates December 20th, 2010

Bank Rates December 13th, 2010

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Bank Rates October 18th, 2010

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Today’s Bank Rates October 4th, 2010

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Interest Rates Drop after Fed Announcement

Today’s Bank Rates September 20, 2010

Today’s Bank Rates September 13, 2010

Home Mortgage Interest Rates September 9, 2010

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The Bair Says Banks Are Getting Better Just Not Bank Rates

CD Rates at Banks August 30, 2010

CD Rates at Banks Continue to Fall but Opportunities Remain

FDIC Bank Closing Rampage

Bank Rates, CD Rates, Mortgage Rates and Credit Card Rates July 19, 2010

World Uncertainty Pushes Treasury Rates and Bank Rates Lower

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Big Banks, Bad CD Interest Rates

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Four More Banks Added to Failed Bank List

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Double 7’s FDIC Closing 7 More Banks

FDIC Swoops into Illinois and Slams the Door on Seven Banks

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CD Interest Rates September 24, 2009

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What Dow 20,000 Means for Bank CD Rates

The stock market has been on a considerable upswing since the U.S. presidential election was decided in November.  On January 25th, the Dow crossed the 20,000 mark for the first time ever, gaining more than 2,000 points from the start of November.  While the jump in stock prices has been great news for equity investors, the question looms on what the increase in stock prices means for savings rates and CD rates.

Interest rates, including CD rates and savings rates, are not controlled by the path of the stock market.  Supply and demand factors that move funds around the various investment options available along with the fundamental factors that often push stock prices do, however play a big role in interest rates movements.

When stock prices make measurable and sustained advances, underlying economic factors are often the basis for thrust.  Stock investors drive prices higher when they see, or predict, that the climate for corporate earnings is improving.  Improving earnings are driven by higher sales, more consumers and business demand for products, lower taxes, and an improved regulatory environment.  The vast majority of these factors are the direct result of a stronger domestic economy.

Rising economic production and retail sales puts demand on interest rates via increased loan demand.  Increases in loan activity is needed to meet the production and sales along with consumer consumption, which pushes the rates on lending activity higher.  Added to the increases in loan demand, inflation rates also tend to move higher with increased economic activity.  Inflation jumps as the inherent limits on raw materials, products, and labor drives their prices and costs higher. Inflation is a key component of interest rates.

In addition to those fundamental factors, as investors put more money into the stock market, they generally place less money in the bond market.  With lower demand for bonds, and assuming the supply of bonds stays relatively stable, the price of the bonds fall.  When bond prices fall, their yields or interest rates rise.

All in all, a burgeoning stock market generally portends higher interest rates.  As the broad level of interest rates rises, bank rates move in unison as competitive pressures relay through the market.

Add to this broad view on stocks and interest rates, the recent hawkish comments and actions by the Federal Reserve and rising rates look more like a sure thing.  The Federal Reserve has a significant impact on the level of short term interest rates via influence on the fed funds rate.

Proceedings by the Fed at the tail end of 2016 indicates that they are considering a further tightening on monetary policy, a hawkish position.  The Fed recently, December 2016, boosted the fed funds rates by 0.25% and announced they intended to raise rates three more times in 2017.  These decisions to raise rates now and in the future is understood to be a reflection of the confidence the central bank has in the forward progress the U.S. economy has made.

Tighter Fed policy not only leads to higher fed funds rates but higher rates on other interest rate sensitive short term securities.  An elevated fed funds rate will normally set off upside rate changes right down the yield curve from 90 day Treasury bills to 30 year mortgage rates, lifting interest rates on bank lending rates and savings rates across a wide spectrum of products.

Banks and credit unions may very well be slow to adjust their savings, money market, and CD rates higher even as the stock market flourishes and the Fed adjusts monetary policy.  Bank rates tend to fall quickly when market rate move lower but are bit more inelastic or sticky when competitive pressures push interest rates higher.

Interest Rates Continue to Ignore Strong Economic Data

Bank savings rates and lending rates have continued to hold in a very narrow range throughout the month of August.  In spite of some relatively strong economic data and hints from the Federal Reserve that rate increases from the central bank loom on the horizon, mortgage rate and CD rates have barely moved.  Along with limited changes in mortgage rates and CD rates, auto loan rates and Treasury rates have stayed tight.

Evidence of the narrow movement in interest rates can be seen in the trading activity of the benchmark, ten year Treasury bond.  Throughout the month of August, the ten year Treasury bond traded between 1.50% and 1.62%. For five days during the month, the ten year T-bond closed right at 1.55%.

The movement in Treasury rates during the month of August was mirrored in the mortgage market.  Based on a survey of the leading bank mortgage lenders conducted by SelectCDrates.com on August 29, the average rate on a 30 year mortgage is 3.598%.  Current 30 year mortgage rates are within six basis points of those rates offered at the start of the month of August when the top bank mortgage lenders were offering 30 year mortgages at 3.547% on August 2nd.  One basis point is equal to 1/100th of a percent.

Bank CD rates displayed a similar behavior through the month with annual percentage yields at the top banks holding remarkably steady as a slew of data points was released.  Rates on the top certificate of deposit slipped on the long end of the curve, five year maturities, while short term and midterm rates showed minor upside changes.  Three month CD rates increased by 3.1 basis points over the course of the month while five year certificate yields dipped by just over one basis point.

Money market rates, auto loan rates, and credit card rates were virtually unchanged in the final bank rate survey for the month August.

Bank rates market recap for August 29, 2016:

CD interest rates:
Composite CD interest rate index 1.204 percent
3 month CD rates 0.573 percent
6 month CD rates 0.905 percent
1 year CD rates 1.256 percent
2 year CD rates 1.416 percent
5 year CD rates 1.868 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.038 percent

Mortgage rates:
30 year mortgage rates 3.598 percent
15 year mortgage rates 2.936 percent
20 year mortgage rates 3.319 percent
30 year jumbo mortgage rates 3.525 percent
30 year FHA mortgage rates 3.490 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.47 percent
One year Treasury rate 0.62 percent
Two year Treasury rate 0.84 percent
Five year Treasury rate 1.18 percent
Ten year Treasury rate 1.57 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 26, 2016 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.

Tumbling Bank Savings Rates and Lending Rates

Mortgage rates, bank CD rates, and savings rates are drifting lower in July.  Bank rates are moving in conjunction with the general level of interest rates that just keep surprising the financial forecasters by moving closer and closer to zero.

Interest rate reductions were fueled on their move to the downside by the Brexit vote in the United Kingdom that took place at the end of June.  Since the instability that ran through the markets after the surprise decision by the UK voters to leave the European Union, interest rates have continued to move lower.  In fact, even the surprisingly strong jobs report released by the Bureau of Labor Statistics on July 8th failed to provide an upside catalyst for interest rates.

One of the most widely watched barometers for interest rates is the ten year U.S. Treasury bond.  As of the close of Friday, the ten year Treasury bond had a yield of 1.37%.  The day of the Brexit vote, the ten year was yielding 1.74%, a drop of 37 basis points within a matter of weeks.  A startling number given the low level at which interest rates were holding at going onto the tail end of the second quarter.

Rate declines moved from the Treasury market across a wide range of bank savings rates and lending rates.  Mortgage rates made noteworthy dips going into the second week of July.  Based on the most recent survey of bank rates conducted by SelectCDrates.com on July 8th, the average 30 year fixed mortgage rate has been chopped down to 3.515%.  30 year jumbo mortgage rates moved lower as well, falling to 3.475% and 30 year FHA rates split the two with an average cost of 3.503%.

Bank CD rates took a hit as market interest rates pulled back.  Long term certificate rates took the brunt of the damage.  The rate on the top ten best five year CDs available nationally dropped to 1.979%.  The best six month CD rates and one year CD rates walked away unscathed while the short term, three month CD rates, were trimmed to 0.537%.

Bank money market account rates and savings account rates were scaled back just fractionally.  The average rate on the top ten money market accounts and savings accounts at the week with a yield of 1.059%.

Bank rates market recap for July 11, 2016:

CD interest rates:
Composite CD interest rate index 1.230 percent
3 month CD rates 0.537 percent
6 month CD rates 0.931 percent
1 year CD rates 1.251 percent
2 year CD rates 1.454 percent
5 year CD rates 1.979 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.059 percent

Mortgage rates:
30 year mortgage rates 3.515 percent
15 year mortgage rates 2.871 percent
20 year mortgage rates 3.382 percent
30 year jumbo mortgage rates 3.475 percent
30 year FHA mortgage rates 3.503 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.36 percent
One year Treasury rate 0.48 percent
Two year Treasury rate 0.61 percent
Five year Treasury rate 0.95 percent
Ten year Treasury rate 1.37 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 8th, 2016 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.

Interest Rates Continue Down Trend After Stock Market Rebounds

Long term interest rates have continued to plummet even as the stock market and commodity markets have rebounded.  The vote in Britain to leave the European Union, the Brexit, started a selloff in stocks which led investors to the safety and security of fixed income investments.  The flood of funds into bonds, notes, and bills drove interest rates measurably lower.

The impact of the Brexit vote was clearly illustrated by the change in the U.S. ten year Treasury bond.  On June 23rd, the day of the referendum regarding Britain leaving the European Union, the ten year yield was 1.74%.  By the very next day, the 24th of June, the ten year had dipped to 1.57% and three days later, the interest rate on the ten year dropped further to 1.46%.

During the same period that interest rates moved dramatically lower, a number of equity markets around the world fell.  On June 23rd the S&P 500 was at 2113 and by the 27th, the S&P had dropped to just over 2000.  While to stock market reaction was as swift and substantial as was the response in the bond market, a rebound in stock prices was just as swift.  By July 1st, the S&P 500 had climbed back to within spitting distance of the pre-Brexit levels by closing that day at 2102.

Not much of a story with the notable exception that interest rates did not make the same parabolic move that the equity markets did.  Within three days of the Brexit vote, the ten year Treasury rate had moved from 1.74% to 1.46% and since the vote, the ten year has reached a high of just 1.50%.  The ten year has since settled right back down to 1.46% on July 1st.  Interest rates are not following the lead of the stock market or the reactions to the Brexit decision, rates seem more concerned about global output and the actions of central bankers.

The impact of lower interest rates can be seen across an assortment of bank lending and savings rates.  Rates on 30 year fixed rate mortgages have now fallen below 3.50%.  Based on the current survey of bank rates conducted by SelectCDrates.com, the average rate offered by the nation’s leading bank mortgage lenders is 3.495%.

The best CD rates available moved lower for most maturities with the exception of the short term, three month bank certificates.  Three month CD rates ticked fractionally higher with the average rate climbing to 0.539%.  One year CD rates were mostly unchanged while, the five year CD rates and two year CD rates experienced mostly lower yields.

The top bank money account rates and savings account rates suffered declines to kick off the month of July.  The average rate on the top ten highest yielding savings account rates and money market account rates dipped to 1.059%.

Bank rates market recap for July 1, 2016:

CD interest rates:
Composite CD interest rate index 1.235 percent
3 month CD rates 0.539 percent
6 month CD rates 0.931 percent
1 year CD rates 1.251 percent
2 year CD rates 1.451 percent
5 year CD rates 2.002 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.059 percent

Mortgage rates:
30 year mortgage rates 3.495 percent
15 year mortgage rates 2.878 percent
20 year mortgage rates 3.369 percent
30 year jumbo mortgage rates 3.443 percent
30 year FHA mortgage rates 3.543 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.37 percent
One year Treasury rate 0.45 percent
Two year Treasury rate 0.59 percent
Five year Treasury rate 1.00 percent
Ten year Treasury rate 1.46 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 1st, 2016 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.

CD Rates, Savings Rates, and Mortgage Rates all Plummet after Brexit Vote

Bank CD rates, savings account rates, and mortgage rates have all dropped across the board after market uncertainty has taken hold of investors following the surprising Brexit vote.  Brexit, the popular vote in the United Kingdom to leave the European Union, has absolutely startled the market.  Market uncertainty was prominently on display as interest rates dropped and stock markets tumbled.

While the poll looked as though it may be close in the days running up to the election, it appears market participants were not prepared for the fallout once the votes were tallied.  In fact, quite a few news reports have commented on how the voters were not fully prepared for the economic ramifications that may unfold as a result of a departure from the EU.

The damaging economic impact expected to arise from the Brexit decision lies mostly with the trade agreements and easy access to EU markets that comes with EU membership.  Without membership, new treaties and trade agreements have to be written with EU countries independently.

New arrangements will now have to be established between Britain and the EU nations during a less than ideal economic climate.  In the meantime, businesses that use Britain as a base to serve EU countries are sure to cut back their operations and find a more hospitable host country within the EU.  Not good for trade and not good for employment in Britain.

Most economists have overwhelming agreed that a vote for Britain to leave the EU would have a harsh impact on the U.K economy.  The economic impact Brexit will have on the rest of the world however, is unclear.  Even so, financial markets reacted as if the impact is going to be disastrous.  Stock markets were rocked and the bond markets saw a flood of new money.  This risk-off trade pushed both, stock prices and interest rates lower throughput world markets.

In the U.S. market, the benchmark, ten year Treasury bond dipped to 1.57% shortly after the Brexit outcome was announced.  Rate reductions were not limited to Treasury bonds and lower rates quickly spread throughout the market resulting in cheaper mortgage rates and reduced savings rates.

The average 30 year fixed rate mortgage came within a hair of 3.50%, closing out the week at 3.597%.  Bank CD rates and savings rates were also lower on the week.  The average rate on the top yielding certificates of deposit slipped to 1.235%.  The best one year CD rates and five year CD rates saw the biggest rate cuts with the average rate on the top ten highest one year CDs slipping to 1.251% and the rate on the top ten highest five year CDs settling down just above 2.00% at 2.007%.

The best bank savings account rates and money market account rates saw rather significant cuts for variable rate products.  The average rate on the highest yielding savings and money market account slid to 1.066%.

Bank rates market recap for June 27, 2016:

CD interest rates:
Composite CD interest rate index 1.235 percent
3 month CD rates 0.532 percent
6 month CD rates 0.931 percent
1 year CD rates 1.251 percent
2 year CD rates 1.452 percent
5 year CD rates 2.007 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.066 percent

Mortgage rates:
30 year mortgage rates 3.597 percent
15 year mortgage rates 2.904 percent
20 year mortgage rates 3.407 percent
30 year jumbo mortgage rates 3.455 percent
30 year FHA mortgage rates 3.565 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.38 percent
One year Treasury rate 0.48 percent
Two year Treasury rate 0.64 percent
Five year Treasury rate 1.08 percent
Ten year Treasury rate 1.57 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 24, 2016 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.

Bad Monthly Jobs Report Keeps Rates Subdued

Bond rates and mortgage rates dropped in the first few days of June as the first big data point for the month came out on Friday.  The May employment report was released on June 3rd and the jobs gains announced in the report for the month were well below expectations.  The poor results led to a rally in the bond market that pushed interest rates lower for mid and long term fixed income securities.  Short term rates were mostly unchanged after the data drop.

The monthly jobs report for May showed a gain of just 38,000 jobs.  Market expectations were roughly three to four times that amount. In addition to the disappointing figures for the most recent month, prior monthly releases for job growth in March and April were revised down by a rather substantial, 59,000 jobs.  A terrible report all the way around.

The headline story, which directed interest rates this past week, focused on the lack luster job numbers but, the underlying story is quite possibly more important.  Monthly job gains, or job losses when they are reported, are often one of the biggest catalysts for bond market movements and interest rate changes but, this month the numbers have added significance.

Interest rates have held in fairly narrow range over the past several weeks with, perhaps a slight bias to the upside during mid-May.  Any upside bias in interest rates has been brought on by the concerns the Federal Reserve will increase the fed funds rate during their next meeting in mid-June.  Well, the impressively disappointing jobs numbers just released is setting the stage to push the Fed’s rate hike decision later in the year and takes it off the table for the month of June.

The change in sentiment regarding when the Fed will jack interest rates up gain had a profound impact on long term bonds and mortgage rates and less impact on short term interest rates and bank savings products including, CD rates, savings account rates and money market account rates.

The benchmark, 30 year conforming mortgage loan fell by almost a quarter of a percent shortly after the jobs report was released.  The average rate on a 30 year home mortgage available at the nation’s leading bank mortgage lenders declined to 3.685 percent based on the current survey of bank rates conducted by SelectCDrates.com.

CD rates, which change at a much slower pace relative to mortgage rates and bond rates when the market reacts to breaking news, showed only slight changes to the downside.  Certificate of deposit rates experienced mild decreases on the longer term maturities and the popular one year term accounts.

The average rate for the top ten highest five year CD rates slipped to 2.022 percent while the rate on the top ten highest one year CD rates declined to 1.257 percent.  Three month CD rates moved in the opposite direction with the average yield popping up 0.529 percent.

Along with short term CD accounts, the average rate for the best savings accounts rates and money market accounts available nationally climbed slightly.  The yield on the best bank savings accounts and money market account rates was lifted to 1.059 percent.

Bank rates market recap for June 6, 2016:

CD interest rates:
Composite CD interest rate index 1.242 percent
3 month CD rates 0.529 percent
6 month CD rates 0.931 percent
1 year CD rates 1.257 percent
2 year CD rates 1.472 percent
5 year CD rates 2.022 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.059 percent

Mortgage rates:
30 year mortgage rates 3.685 percent
15 year mortgage rates 3.012 percent
20 year mortgage rates 3.450 percent
30 year jumbo mortgage rates 3.562 percent
30 year FHA mortgage rates 3.628 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.43 percent
One year Treasury rate 0.60 percent
Two year Treasury rate 0.78 percent
Five year Treasury rate 1.23 percent
Ten year Treasury rate 1.71 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 3, 2016 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.

Mortgage Rates Dive while Savings Rates Divided

Interest rates continue to stay low into the third week of May despite strong headwinds.  Mortgage rates hit a 3 year low in mid-May while the top yielding bank CD rates have been trimmed the board.  Money market and savings account rates are one bright spot for savers as these rates have ticked slightly higher while the rest of the market has turned south.  Auto loan rates and credit card rates have remained tricky, with rate action on these consumer loan products holding in a very narrow range.

Global economic weakness and the corresponding monetary stimulus that have followed to fight the economic decline have put a lid on interest rates.  Slow growth throughout a number of world economies and the central bank intervention has not only pushed interest rates to record lows in many of these nations but it has resulted in new money flows into the U.S. financial markets.

The safety, liquidity, and strength (moderate strength, perhaps) in the U.S. markets has made these financial markets a bright beacon during the current round of global uncertainty.  However, the headwinds running against this rather prolonged, low rate environment may be gaining steam, one of which includes the positive economic outlook at home that is luring money into the bond market.

Headwinds running against the current low rate environment include the expectation that the Federal Reserve will make good on their interest rate forecast for two rate hikes in 2016, an inflation rate that has finally shown some intensity, a labor market that remains solid with wage growth surfacing in the more than one monthly jobs report, retail sales showing a rebound in April, and energy prices on the rise.

For those who doubt the current strength of the U.S. economy, the question of whether the economy is strong enough to warrant an increase in interest rates from the Federal Reserve may not matter.  The improvements in wages and inflation, along with the absence of a downturn may just be enough to move the Fed onto a path of more normalized interest rates.  Read: higher interest rates that better correspond with and improving or stable economy.

Bank rates market recap for May 16, 2016:

CD interest rates:
Composite CD interest rate index 1.239 percent
3 month CD rates 0.509 percent
6 month CD rates 0.931 percent
1 year CD rates 1.267 percent
2 year CD rates 1.459 percent
5 year CD rates 2.027 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.055 percent

Mortgage rates:
30 year mortgage rates 3.673 percent
15 year mortgage rates 2.945 percent
20 year mortgage rates 3.465 percent
30 year jumbo mortgage rates 3.520 percent
30 year FHA mortgage rates 3.600 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.38 percent
One year Treasury rate 0.55 percent
Two year Treasury rate 0.76 percent
Five year Treasury rate 1.22 percent
Ten year Treasury rate 1.71 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 13, 2016 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.

Rates Remain at Historic Lows as Stock Market Forges Ahead

With yet another move to the downside this past week, lending rates are very close to their lowest levels of the past three years.  While the drop in rates has received very little attention ion the general media, reaching these levels is quite a feat.

The average 30 year mortgage rate at the nation’s leading mortgage lenders dipped fractionally lower pushing the average cost down well below 4.00%.  The benchmark 30 year home mortgage now has an average rate of 3.666%, based on the latest survey of bank rates conducted by SelectCDrates.com.

Not all bank rates are at the low levels found in the mortgage market.  Bank certificate of deposit rates ticked up this past week and have not seen a week during which the average yield has experienced any kind of major haircut or rate reduction. Savers and investors are surely not going to rejoice over the current state of affairs in savings rates but, the average rate on bank CD products has managed to forge ahead slightly as bond rates and lending rates have moved south.

The average rate on the SelectCDrates.com CD rate index was boosted by 4/1000ths of a percent to 1.256%.  The SelectCDrates.com CD rate index measures the top ten best CD rates for three month term CDs, six month CDs, one year CDs, two year, and five year certificates.

The heart of the CD yield curve saw the greatest rate changes for the week.  The best one year CD rates and two year CD rates popped the most rising to 1.277% and 1.482%, respectively.  Six month CD rates also moved higher on the week while three month rates fell and five year CD rates held steady.

In the absence of data on bond rates, it would come as no surprise that CD rates are rising.  The forces that pushed interest rates lower starting at the tail end of the fourth quarter in 2015 have mostly moved into reverse, putting upside pressure on interest rates.

At the start of 2016, weak economic data here and abroad brought down commodity prices, most notably oil prices, and conveyed a concern that another recession may be coming.  In contrast, the most recent data shows slow but steady growth that has resulting in increased commodity prices and very consistent job growth.

Angst regarding China growth is subsiding, though this may be a bit premature, and the fears of recession in other world economics has been slowing evaporating with the rise in commodity prices which many developing nations depend upon for income.

Of course, a lot of the positive economic numbers, or even the reversal in negative sentiment and psychology, are the result of very accommodative monetary policies by the Federal Reserve and more importantly, by central banks around the world. The opposing view holds that the resulting actions of these accommodative monetary policies may not work out quite as well as some participants would hope.

Bank rates market recap for April 18, 2016:

CD interest rates:
Composite CD interest rate index 1.256 percent
3 month CD rates 0.527 percent
6 month CD rates 0.935 percent
1 year CD rates 1.277 percent
2 year CD rates 1.482 percent
5 year CD rates 2.057 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.040 percent

Mortgage rates:
30 year mortgage rates 3.666 percent
15 year mortgage rates 2.997 percent
20 year mortgage rates 3.490 percent
30 year jumbo mortgage rates 3.513 percent
30 year FHA mortgage rates 3.613 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.37 percent
One year Treasury rate 0.53 percent
Two year Treasury rate 0.74 percent
Five year Treasury rate 1.22 percent
Ten year Treasury rate 1.76 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 15, 2016 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.

Lending Rates and Savings Rates Split

A strong jobs report following a cautious report from the head of the Federal Reserve has caused a fracture in bank rates.  Lending rates dipped for the week while savings rates forged ahead, ending the week on an up note.

Lending rates, including mortgage rates and auto loan rates, dropped lower predominantly based on a speech by Chair Janet Yellen on March 29.  During her speech, the Fed chair clarified the Fed’s current position on interest rates and the state of the economy, clarifying that the Fed anticipates only gradual increases in the federal funds rate in coming years. Calculating when and how often the Fed will raise the fed funds rate in 2016 has been a subject undergoing intense speculation ever since the first rate increase in almost a decade was announced in December of 2015.

Pushing savings rates higher, including money market accounts and certificates of deposit, was the jobs report that was released on April 1st.  The jobs report came across to some analysts as being less than robust but the headline numbers showed a strong performance with job gains of 215,000 for the month of March.  While there are certainly pockets of concern in the numbers, the data caps off a trend over the past three months that puts the average gain in new jobs at 209,000 per month.

The factors pulling rates lower caused mortgage rates to drop by almost a ¼ percent for the week with the average 30 year mortgage rate dropping to a stunning 3.675%.  30 year jumbo rates and FHA rates followed right along, falling by a similar sum as did mid and short term rates including ten year mortgage rates and 15 year mortgage rates.

Money market account rates, savings account rates and CD rates moved in the opposite direction of mortgages and ended the week higher.  The average rate on the top bank savings and money market accounts climbed to 1.042%.  The best CD rates jumped to 1.252%. Better yields on bank CDs were seen almost across the board.  The best six month CD rates, one year CD rates, and two year CD rates were all elevated on the week.

Bank rates market recap for April 4, 2016:

CD interest rates:
Composite CD interest rate index 1.252 percent
3 month CD rates 0.530 percent
6 month CD rates 0.933 percent
1 year CD rates 1.269 percent
2 year CD rates 1.473 percent
5 year CD rates 2.057 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.042 percent

Mortgage rates:
30 year mortgage rates 3.675 percent
15 year mortgage rates 3.042 percent
20 year mortgage rates 3.538 percent
30 year jumbo mortgage rates 3.508 percent
30 year FHA mortgage rates 3.638 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.40 percent
One year Treasury rate 0.62 percent
Two year Treasury rate 0.76 percent
Five year Treasury rate 1.24 percent
Ten year Treasury rate 1.79 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 1, 2016 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.

Slow Growth Continues to Keep Interest Rates In Check

Global financial market uncertainty has been the key force holding interest rates low as 2015 came to close and uncertainty continues to dominate the interest rate market as 2016 chugs along.  Even an optimistic view by the Federal Reserve and the subsequent fed funds rate hike in December of 2015 has failed to push most interest rates out of their narrow trading range.

The week ending March 24, 2016 was no exception to the global gloom theme holding rates down.  Treasury rates, mortgage rates, CD rates, and bank savings rates were little changed as the Easter holiday came to a close.  With big changes in oil prices and stock prices in March, it is a little surprising the interest rate markets have not experienced greatly volatility.

Unfortunately, while stocks and oil prices have moved quite a bit higher in March, the underlying currents causing the turmoil in global markets have not changed direction.

The considerable slowdown in the Chinese economy has not yet reversed direction with some investors still concerned over a hard landing yet to come.  The financial stresses on countries and companies that have been affected by the drop in commodity prices has not ended.  The BRIC nations (Brazil, Russia, India and China) are all in some form of economic turmoil with the notable exception of India.  The economic malaise in Europe has also not come to an end.

The continuing turmoil and uncertainty is driving central bankers to increase their accommodative positions.  Central banks around the globe are engaged in unprecedented monetary easing with some looking at negative interest rates as a means to stimulate economic growth.

Stagnant global economic growth and excessive monetary easing is keeping global rates low and U.S. domestic interest rates are not insulated from the global markets.  This is not to say that our economy is off to the races but, if there were not so many overseas economies festering, our interest rates would surely be somewhat higher than where they are now.

For now, car loan borrowers and mortgage borrowers can enjoy the ultra-low lending rates that are abundant at a number of U.S banks and financial institutions.  Savers and fixed investors will still have to wait patiently for interest rates to normalize and higher rates to hit the market.

Bank rates market recap for March 28, 2016:

CD interest rates:
Composite CD interest rate index 1.248 percent
3 month CD rates 0.531 percent
6 month CD rates 0.932 percent
1 year CD rates 1.258 percent
2 year CD rates 1.451 percent
5 year CD rates 2.057 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.029 percent

Mortgage rates:
30 year mortgage rates 3.820 percent
15 year mortgage rates 3.132 percent
20 year mortgage rates 3.588 percent
30 year jumbo mortgage rates 3.580 percent
30 year FHA mortgage rates 3.728 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.46 percent
One year Treasury rate 0.63 percent
Two year Treasury rate 0.89 percent
Five year Treasury rate 1.39 percent
Ten year Treasury rate 1.91 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 25, 2016 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.

Interest Rates Remain Low as Stocks and Commodities Head Higher

Charting the course of bank rates in 2016 has been a fool’s errand.  Forecasting interest rates has always been a difficult task and this can be understandable since there are an awful lot of factors that determine the future course of interest rates.  Just looking back over the past six months, we can see that even the Fed alone cannot force a change in the course of interest rates over short periods of time.  Since the Fed pushed rates higher in December with a nudge to the fed funds rate and the announcement of future rate increase in 2016, interest rates have moved to their own beat and sauntered on lower.

The downward draft in interest rates that has taken place through most of 2016 may not seem all that unreasonable after digesting all the negative sentiment about the U.S economy that has been bandied about in the press.  The drift lower is however, somewhat shocking considering one of the biggest yardsticks used to measure the health of the economy, employment, has continued to put up solid numbers.  Monthly employment numbers have seen some slight dips slightly recently but the numbers have remained robust, on average, with job gains averaging 228,000 per month over the past 3 months.

The job growth figures tell us the U.S. economy is still growing but, jobs alone don’t tell the whole story and are not powerful enough to steer interest rates.  Global trade has impacted every aspect of the U.S economy including, interest rates.  Interest rates have been dragged down over the past four months from a stronger dollar, weak energy prices and commodity prices, and the slowdown in emerging market economies.

Emerging markets have experienced a double whammy with low commodity prices killing the exporting nations and the slowdown in China hurting the low cost good producers.  The U.S does very little export trade with China but China buys a lot of unfinished goods from a number of emerging markets.  As China has slowed down, so have the economic standing of the developing nations that export to China.

Along with the continued strength in the U.S. jobs market, new data shows commodity prices finally rebounding.  Higher commodity prices will help some emerging markets which will in turn, continue to drive raw material prices higher.  India is growing and Britain is moving ahead, unfortunately the rest of the Eurozone is still struggling along but not falling into recession.  And that is the key for interest rates going forward.  Recession is not on the horizon.  Not even close.

With that in mind, interest rates are destined to be higher going into the spring and summer months.  Good news for savers and investors looking for higher yields with certificates of deposit and savings accounts.  Not such good news for new home loan borrowers and car loan shoppers.

Bank rates market recap for March 14, 2016:

CD interest rates:
Composite CD interest rate index 1.248 percent
3 month CD rates 0.532 percent
6 month CD rates 0.923 percent
1 year CD rates 1.258 percent
2 year CD rates 1.455 percent
5 year CD rates 2.072 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.040 percent

Mortgage rates:
30 year mortgage rates 3.842 percent
15 year mortgage rates 3.224 percent
20 year mortgage rates 3.588 percent
30 year jumbo mortgage rates 3.678 percent
30 year FHA mortgage rates 3.778 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.51 percent
One year Treasury rate 0.70 percent
Two year Treasury rate 0.97 percent
Five year Treasury rate 1.49 percent
Ten year Treasury rate 1.98 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 11, 2016 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.

Positive Economic News has only Modest Impact on Interest Rates

The monthly jobs report was, once again, stronger than expected.  Stocks have finally made a move to the upside.  Commodity prices have headed north bound, led by oil.  All in all, good news for economic forecasters that are predicting a rebound in economic growth and, generally, bad news for bank lending rates.  But, the interest rate market has all but shrugged off the news with just a modest blip to the upside for bank savings rates and lending rates.

Investor fears over the future course of the U.S economy has put substantial pressure in interest rates in 2016.  The result has been in a measurable 2016 bond market rally, pushing bond prices higher and interest rates lower.  Since the beginning of the year, markets have been quite uncomfortable with the direction of world economic growth and the U.S economy and interest rates are certainly not untethered from global economic forces.  Fears of a recession or profound economic weakness pushes interest rates lower as loan demand dries up and inflation remains subdued.

This past week, however, there has been some substantial changes in the underlying data points which were causing much of the markets underlying consternation.  The changes in economic numbers have just not played out in the interest rate markets.

Bonds were slightly weaker at the close of the week after the jobs report was released and, understandably so.  Payroll employment numbers for the month of February showed a solid increase of 242,000 new jobs.  In addition to the monthly jobs gain, revisions of the prior two months added 30,000 more jobs.  The headline jobs number points more to a growing economy rather than one heading into recession.

Global commodity price declines have been a key catalyst to market weakness and uncertainty this quarter.  Oil prices have finally stopped sliding and are now approaching $38.00 a barrel after touching below $30.00 earlier in the year.  Other commodity markets, iron ore and metals, had similar bounces last week and are continuing to trend higher.

The stock market has moved higher as a result of the positive employment news and ascending prices in the commodity markets.  Over the past month, the S&P 500 has gained almost seven percent.  While many investors are still licking their wounds, seven percent a month is extraordinary.  As for interest rates, the gains have been negligible at best.

The benchmark, ten year Treasury rate started the year with a yield of 2.24%.  After the better than expected jobs report on Friday, the ten year closed out at 1.88%.  The current rate is well above the low rate for the year, 1.63%, but is still slightly below the average rate found on the ten year Treasury throughout 2016, 1.921%.

The question of whether or not financial conditions in the United States have become less supportive of growth may have found in answer with the recent data.  Will this lead to a more significant turn in interest rates with measurably higher CD rates and mortgage rates, stay tuned.

Bank rates market recap for March 7, 2016:

CD interest rates:
Composite CD interest rate index 1.253 percent
3 month CD rates 0.532 percent
6 month CD rates 0.923 percent
1 year CD rates 1.258 percent
2 year CD rates 1.465 percent
5 year CD rates 2.087 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.040 percent

Mortgage rates:
30 year mortgage rates 3.802 percent
15 year mortgage rates 3.168 percent
20 year mortgage rates 3.563 percent
30 year jumbo mortgage rates 3.653 percent
30 year FHA mortgage rates 3.750 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.47 percent
One year Treasury rate 0.67 percent
Two year Treasury rate 0.88 percent
Five year Treasury rate 1.38 percent
Ten year Treasury rate 1.88 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 4, 2016 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.

Investor Jitters Bring Down Stock Prices and Interest Rates

Market uncertainty regarding economic activity in the U.S and abroad has brought down stock valuations and resulted in more money flowing into the safety and security of bonds and other secure investment options.  The stock and commodity sell off and pushed most bank rates down to their lowest level of the year.

As of the first week of February, mortgage rates have dropped to levels not seen since the third quarter of 2014 and the market is showing signs they will continue to fall further in the very near future.  The average 30 year mortgage rates is now well under 4.00% and have breached the 3.75% threshold at many of the top mortgage lenders in the nation including Chase Bank, Wells Fargo, and US Bank.

Treasury rates have matched the moves in mortgages with the ten year Treasury bond sliding down to 1.86% by February 5th and the rate on the benchmark bond opening even lower on Monday morning, February 8th.  Short term Treasury rates tumbled as well, but without the force that was present in the longer term maturities.  While the ten year Treasury is down 38 basis points from the start of the year, 2.24% to 1.86%, the six month T-bill is down by just four basis points, falling to 0.45% on Feb 5th from 0.49% on January 4th.

The dramatic difference in short term rates versus long term Treasury rates can be seen unfolding in bank CD rates.  As the interest rates on Treasuries and mortgages moved demonstrably lower, CD rates have hardly budged.  CD rates generally follow the rates available on short and midterm, low risk investment options as opposed to the rates found on the longer end of the yield curve such as mortgage rates and ten year Treasury rates.

The average rate on the highest yielding CDs available nationally was unchanged during the first week of February as measured by the SelectCDrates.com CD rate index.  The average held at 1.255%.

The CD rate index measures the best CD rates marketed by financial institutions in all 50 states for a three month CD account, six month certificate, one year CD, two year account, and five year certificate of deposit.

The floor or support in short term rates follows the Fed’s decision to raise the fed funds rate in December of 2015.  Fed funds rates are the model of short term rates since the rate is based on ultra-short, overnight lending between banks.  Longer term interest rates are indirectly influenced by the fed funds rate but there can be a substantial delay before the market reacts to changes in the short end of the curve especially when the adjustment is orchestrated by the Fed.  In addition, extenuating circumstances can hold down long term rates albeit, for only a limited period of time.

The extenuating circumstances effecting long term rates in the current environment are widespread and robust.  Economic sluggishness in China, monetary easing running amok in Europe and Asia, commodity prices in the toilet, a significant stock market correction, corporate profits falling behind, and fear of recession in the U.S. looming.  All these pressures on the economy work to keep interest rates low as investors flock to bonds and out of more risky investment options.

Bank rates market recap for February 8, 2016:

CD interest rates:
Composite CD interest rate index 1.255 percent
3 month CD rates 0.451 percent
6 month CD rates 0.895 percent
1 year CD rates 1.259 percent
2 year CD rates 1.465 percent
5 year CD rates 2.207 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.040 percent

Mortgage rates:
30 year mortgage rates 3.684 percent
15 year mortgage rates 3.053 percent
20 year mortgage rates 3.525 percent
30 year jumbo mortgage rates 3.499 percent
30 year FHA mortgage rates 3.725 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.45 percent
One year Treasury rate 0.55 percent
Two year Treasury rate 0.74 percent
Five year Treasury rate 1.25 percent
Ten year Treasury rate 1.86 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 8, 2016 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.

CD Rates Pop while Mortgage Rates Drop

Interest rates have, by and large, moved much lower through the month of January with one notable exception that has materialized during the latter part of the month, the rates on high yield savings accounts and certificates of deposit.  As January of 2016 drew to a close, the highest yielding CD rates and bank savings rates moved markedly higher, bucking the trend that was established in mortgage rates and the bond market in general.

After market uncertainty reached out and took a firm hold of investors in the middle of December 2015, stock market volatility has jumped higher with a significant downside bias.  The stock market volatility and losses had moved money into the safety and security of fixed income bonds and assets.  The result of the money flows into the bond market has been rising bond prices and lower interest rates.

Evidence of the funds flow from stock to bonds can be seen in new money going into registered fixed income funds and the rates on Treasury securities.  Investor money going into exchange-traded funds was almost entirely headed into Treasury bond funds with these funds making up four of the top five spots among all ETFs in investor inflows in January.  During the last week of January, the benchmark ten year Treasury bond dipped below the 2.00% mark for the first time in 2016.  In fact, the ten year Treasury bond has not closed below 2.00% since October of last year.

The money flow pushed mortgage rates demonstrably lower by the close of January.  30 year mortgage rates available at the nation’s leading bank mortgage lenders dipped well below 4.00%.  The average rate on the most popular mortgage loan product, the 30 year loan, now stands at 3.788%, based on the most recent survey of bank rates conducted by SelectCDrates.com on February 1st, 2016.

Most all mortgage loan rates dropped along with the 30 year conventional home loan rate.  The average FHA mortgage rate fell to 3.753%.  Jumbo mortgage rates came in at an average cost of 3.670%.  Short and midterm home loan rates were also lower, the average 15 year term mortgage can be now be secured with an interest rate of 3.116%.

Some new offers on high yield savings accounts and bank CDs pushed these rates in the opposite direction.  The average yield on the SelectCDrates.com CD rate index climbed up to 1.255%.  Rate increases were seen across most maturities with the exception of the five year term certificates which experienced a modest dip in rates.  The best six month CD rates, one year CD rates, and two year CD rates all moved higher during the last week of January.

The top yielding savings accounts and bank money market accounts ticked up almost one basis point. One basis pints is equal to 1/100th of a percent.  The average rate on the top highest yielding savings accounts and money market accounts climbed up to 1.061%.

Bank rates market recap for February 1, 2016:

CD interest rates:
Composite CD interest rate index 1.255 percent
3 month CD rates 0.451 percent
6 month CD rates 0.895 percent
1 year CD rates 1.267 percent
2 year CD rates 1.456 percent
5 year CD rates 2.202 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.061 percent

Mortgage rates:
30 year mortgage rates 3.788 percent
15 year mortgage rates 3.116 percent
20 year mortgage rates 3.747 percent
30 year jumbo mortgage rates 3.670 percent
30 year FHA mortgage rates 3.753 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.43 percent
One year Treasury rate 0.47 percent
Two year Treasury rate 0.76 percent
Five year Treasury rate 1.33 percent
Ten year Treasury rate 1.94 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 1, 2016 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.

Blockbuster Jobs Report Fails to Push Interest Rates Higher

A much stronger than expected employment report for the month of December, released on January 8th, did nothing to put a fore under consumer interest rates to push these rates higher.  Savings rates and borrowing rates moved in the opposite direction of where we would expect them to move after a strong economic report like this is released.  Interest rates dipped across the board during the first week of the year with lower rates showing up on new mortgages and bank certificates of deposit, as well as U.S. Treasury bills, notes, and bonds.

The monthly jobs report is released on the first Friday of the month.  The last report, officially titled the employment situation summary, was released by the U.S. Bureau of Labor Statistics on January 8th, 2016.

The jobs report showed that total nonfarm payroll employment rose by 292,000 in December.  A number that far exceeded the average forecast of roughly, 200,000 new jobs.  Not only were the numbers for the current month higher than expected but, the change in total nonfarm payroll employment for October was revised from a gain of 298,000 to an increase of 307,000, and the change for November was revised from up from 211,000 to 252,000.

The monthly jobs data should have been a major positive surprise for the markets, indicating more strength in the economy than economists had originally expected.  Signs of strong growth, under normal circumstances, should push the stock market higher and force bond prices to fall resulting in higher interest rates.

Of course the opposite happened this time around, the stock market fell, continuing a market descent that had started before the end of year and interest rates followed along with bond prices edging higher.  Bond prices and interest rates have an inverse relationship, when bond prices rise, interest rates fall, and vice versa.

The underlying trouble in the markets forcing rates and stocks lower appears to be global economic chaos and confusion.  Trouble with economic growth and the financial state of affairs in China has brought out major selling in Chinese equities and has produced consternation along with equity routs in a number of European and South American markets.  As equity markets around the world are dragged lower, investors seek the safety found in fixed income assets.

One of the biggest targets for those available funds searching a safe haven are the reliable and secure fixed income assets in the U.S. market. Market uncertainty domestically and abroad over the years has often driven money into Treasury bonds and other safe and secure financial instruments.

Extra cash running around bidding up the available bonds, pushes their prices northbound and drives their interest rates downward.  The interest rates on the safest securities, such as Treasury bonds, cascades over to other similar accounts including mortgage rates, CD rates, and related products.

As a result of the global market craziness and stock losses, U.S. interest rates on mortgages and bank CDs have fallen through December and into January.  The average 30 year fixed rate mortgage has been brought down to 4.036% based on the most recent survey of bank rates conducted by SelectCDrates.com, a drop of five basis points for the week.  One basis point is equal to 1/100th of a percent.

The top bank CD rates, measured by the SelectCDrates.com CD rate index, drifted lower by 3/1000ths of a percent to start the year.  The average rate found on the best three month CDs, six month CDs, one year CDs, two year CDs, and five year CDs came in at 1.251%.  The long term accounts, five year certificates, were the biggest contributor to the drop in the averages.  Five year CD rates were down by just under three basis points.

Other bank rates also drifted lower to kick off the year albeit, with slightly less intensity.

Bank rates market recap for January 11, 2016:

CD interest rates:
Composite CD interest rate index 1.251 percent (down 0.003%)
3 month CD rates 0.436 percent (unchanged)
6 month CD rates 0.870 percent (unchanged)
1 year CD rates 1.262 percent (up 0.012%)
2 year CD rates 1.448 percent (unchanged)
5 year CD rates 2.264 percent (down 0.027%)

Money market and savings account rates:
Bank money market rates and savings account rates 1.053 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.036 percent (down 0.06%)
15 year mortgage rates 3.375 percent (down 0.074%)
20 year mortgage rates 3.822 percent (down 0.063%)
30 year jumbo mortgage rates 3.790 percent (down 0.098%)
30 year FHA mortgage rates 3.808 percent (down 0.032%)

Credit card rates:
Credit card rates for new credit card offers 13.89 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.45 percent (down 0.04%)
One year Treasury rate 0.64 percent (down 0.01%)
Two year Treasury rate 0.94 percent (down 0.12%)
Five year Treasury rate 1.57 percent (down 0.19%)
Ten year Treasury rate 2.13 percent (down 0.14%)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 8, 2016 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.

Market Turmoil Keeps Interest Rates in Check

Concerns over global market conditions have held interest rates in a very tight range at the end of December which is quite a divergence from the Feds rate increase and view that the U.S economy is poised for more growth.  Big cash hoards or large amounts of excess reserves have been one big factor holding bank savings rates at low levels while investor consternation over emerging market economies and politics have kept a lid on long term bond and mortgage rates.

As the first week of 2016 kicks off, bank CD rates have picked up slightly with rate increases surfacing on the long end of the rate curve.  The best five year CD rates, two year CD rates, and one year CD rates moved moderately higher during the last week of 2015 while the short term, three month and six month CD rates, were unchanged.  As a result of the longer term rates moving higher, the SelectCDrates.com CD rate index ticked up by 6/1000ths of a percent on the week to 1.254%.

The SelectCDrates.com CD rate index compares and measures the top ten best CD rates on three month term bank CDs, six month bank CDs, one year CD accounts, two year CDs, and five year certificate of deposit accounts.

Mortgage rates ended the month of December slightly less expensive for borrowers but, on average there were only small cost savings.  The popular, 30 year fixed rate mortgage ended the week at 4.096%.  The benchmark, 30 year mortgage rate was down 0.034% during the last week of the month.  30 year jumbo mortgage rates were a bit more expensive for those buying a larger home.  The average 30 year jumbo mortgage rate ended the week at 3.888%, up 0.04%.  FHA mortgage rates with a 30 year term were unchanged week over week with an average interest rate of 3.840%.

The top yielding savings accounts and money market accounts were left unchanged based on the current survey.  The average yield on the top performing bank savings accounts and money market accounts remained at 1.053%.

Treasury bills, notes and bonds displayed modest increases through the last week of December, pretty much matching the results of the top savings rates and average mortgage rates.  Three month bills held steady at 0.49%.  Six month rates added just one basis point to 0.65%.  The two year notes gained three basis points to 1.06%.  The fives were also up by three basis points while the ten year added two basis points.  The five year Treasury closed the week at 1.76% and the ten year bond closed at 2.27%.

The push and pull dynamics based on a strong U.S. economy and weak numbers overseas should continue to hold interest rates in a narrow range regardless of what the Federal Reserve may do in the near future.

Bank rates market recap for January 4, 2016:

CD interest rates:
Composite CD interest rate index 1.254 percent (up 0.005%)
3 month CD rates 0.436 percent (unchanged)
6 month CD rates 0.870 percent (unchanged)
1 year CD rates 1.250 percent (up 0.003%)
2 year CD rates 1.448 percent (up 0.021%)
5 year CD rates 2.264 percent (up 0.020%)

Money market and savings account rates:
Bank money market rates and savings account rates 1.053 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.096 percent (down 0.034%)
15 year mortgage rates 3.449 percent (up 0.008%)
20 year mortgage rates 3.885 percent (up 0.022%)
30 year jumbo mortgage rates 3.888 percent (up 0.040%)
30 year FHA mortgage rates 3.840 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.89 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.49 percent (unchanged)
One year Treasury rate 0.65 percent (up 0.01%)
Two year Treasury rate 1.06 percent (up 0.03%)
Five year Treasury rate 1.76 percent (up 0.03%)
Ten year Treasury rate 2.27 percent (up 0.02%)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 31, 2015 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.

Additional interest rate data on current mortgage rates, CD rates, credit card rates, and savings account rates for the week ending December 31, 2015 can be found at the following interest rate tables: 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, best interest checking accounts and best credit card rates.

Interest Rate Little Changed with Holiday Disruptions

Even with the recent Federal Reserve rate hike, the winter holidays have put a pause on any significant interest rate action on both the lending and savings side of the market.  Some of the lightest bond trading takes place during the last two weeks of December with the market closed for two full days, December 25 and January 1st, and much lighter volume taking place on the remaining active trading days.

With limited action in the bond markets, mortgage rates have no cue on which to move and unless some significant economic events arise, bank savings rates and CD rates have little incentive to move.  So, while most economists have called for higher rates after the Feds move, the market has done little to confirm the forecast, as of yet.

The reaming days in 2015 should have very little impact on rates with very little trading activity to motivate the markets and a limited amount of fundamentals data being released for traders to digest.

Leading up to the last days of the year, the best CD rates moved fractionally higher with the SelectCDrates.com CD rate index inching up to 1.249% from 1.243% in the previous week.

The SelectCDrates.com CD rate index surveys the top ten highest CD rates available nationally on three month term bank CD accounts, six month term bank CDs, one year CDs, two year, and five year maturing certificates.

One year CD rates, two year CD rates, and five year CD rates all moved higher on the week with the longer terms rising the most.  Three month CD rates and six month CD rates displayed no rate change in the most recent survey.

Bank money market rates and savings rates lost ground this past week.  This is the second consecutive week we have seen a decline in the top yielding money market account rates and savings account rates.  The average yield on the top ten accounts in this category dipped to 1.053% from 1.055% in the previous week.

Mortgage rates were also fractionally higher in the latest survey. 30 year mortgage rates were up by less than six basis points, one basis point equals 1/100th of a percent.

The 30 year mortgage edged up to an average rate of 4.124% from 4.066% in the prior week.  30 year jumbo loan rates moved up by an even smaller sum, climbing just over two basis points to 3.848%.  FHA rates almost matched the move in jumbos, closing the week exactly two basis points higher at 3.840%.

Bank rates market recap for December 28, 2015:

CD interest rates:
Composite CD interest rate index 1.249 percent (up 0.006%)
3 month CD rates 0.436 percent (unchanged)
6 month CD rates 0.870 percent (unchanged)
1 year CD rates 1.250 percent (up 0.003%)
2 year CD rates 1.427 percent (up 0.016%)
5 year CD rates 2.244 percent (up 0.01%)

Money market and savings account rates:
Bank money market rates and savings account rates 1.053 percent (down 0.002%)

Mortgage rates:
30 year mortgage rates 4.124 percent (up 0.058%)
15 year mortgage rates 3.457 percent (up 0.055%)
20 year mortgage rates 3.863 percent (up 0.05%)
30 year jumbo mortgage rates 3.848 percent (up 0.024%)
30 year FHA mortgage rates 3.840 percent (down 0.02%)

Credit card rates:
Credit card rates for new credit card offers 13.89 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.49 percent (up 0.02%)
One year Treasury rate 0.64 percent (down 0.03%)
Two year Treasury rate 1.03 percent (up 0.06%)
Five year Treasury rate 1.73 percent (up 0.06%)
Ten year Treasury rate 2.25 percent (up 0.06%)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 24, 2015 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.

Fed Rate Rise Has Almost No Impact on Savings and Lending Rates

The long awaited Fed move has now come and gone.  The Federal Reserve raised interest rates for the first time in almost a decade on December 16.  The Federal Reserve’s Open Market Committee (FOMC) finally pulled the trigger and raised the range for the fed funds rate by a quarter of a percentage point to between 0.25 percent and 0.50 percent.  The fed funds rate is the interest rate that banks charge other banks on overnight loans and is greatly influenced by actions taken by the FOMC.

Fed fund rate changes generally influence other short term interest rates on loans and savings products.  A rate hike by the Fed leads to rate hikes on mortgages, credit cards, business loans, savings accounts, bank CDs,  and a whole host of other interest bearing financial products.  Often though, the time period between a rate hike by the Fed and rate changes in the market place can be drawn out.  And, this is looking like one of these times.

After the announcement, midterm Treasury rates did advance with yields climbing by a few basis points on the two through five year term Treasury notes.  However, the week over week changes on Treasuries were notable due to their inaction.  One basis point is 0.01% or 1/100th of a percent.

Three month, six month and one Treasury rates declined slightly on the week.  The two year and five year notes made modest climbs, up by nine basis points on the two’s and 11 basis points on the five’s.  The ten year gained just six basis points during the week.

Interest rate inertia was even more noteworthy on bank savings products and loan products. The average rate on the best CD rates available nationally, measured by the SelectCDrates.com CD rate index, was unchanged on the week. Of the five maturities measured in the weekly index, only the six month rates displayed a rate change and climbed five basis points to end the week at 0.870%. The other four maturities saw no weekly change on the top performing accounts.

Bank money market rates and savings accounts rates lost ground this week.  Rates dipped modestly for new savers on these variable rate instruments.  The average rate on the top ten highest money market and savings rates fell to 1.055% from 1.060% at the start of the week.

Mortgage rates are now a little more costly for borrowers but the increase in costs, rates and points, was quite mild in light of the week’s events.  The average 30 year fixed rate mortgage coming from the nation’s leading bank mortgage lenders was up just over two basis points, moving up to 4.066% from 4.047% in the previous week.  Mortgage rate changes after the Fed decision will be almost undetectable for most borrowers.

FHA mortgage rates and jumbo mortgage rates climbed by amounts that were mostly in line with conforming rate changes.  The average jumbo mortgage rate moved up to 3.824% from 3.778%.  FHA rates barely budged with an increase to 3.820% from 3.813% the week earlier.

Bank rates market recap for December 21, 2015:

CD interest rates:
Composite CD interest rate index 1.243 percent (unchanged
3 month CD rates 0.436 percent (unchanged)
6 month CD rates 0.870 percent (up 0.05%)
1 year CD rates 1.250 percent (unchanged)
2 year CD rates 1.427 percent (unchanged)
5 year CD rates 2.234 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 1.055 percent (down 0.005%)

Mortgage rates:
30 year mortgage rates 4.066 percent (up 0.019%)
15 year mortgage rates 3.402 percent (up 0.039%)
20 year mortgage rates 3.813 percent (unchanged)
30 year jumbo mortgage rates 3.824 percent (down 0.046%)
30 year FHA mortgage rates 3.820 percent (down 0.007%)

Credit card rates:
Credit card rates for new credit card offers 13.89 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.47 percent (down 0.05%)
One year Treasury rate 0.67 percent (down 0.01%)
Two year Treasury rate 0.97 percent (up 0.09%)
Five year Treasury rate 1.67 percent (up 0.11%)
Ten year Treasury rate 2.19 percent (up 0.06%)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 18, 2015 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.

Long and Short Term Interest Rate Divergence in December

Rate divergence on the yield curve has returned once again to the market.  Short term rates have increased in yield while long term rates have dropped.  On the short term end, we have seen higher CD rates and short term Treasury rates.  On the longer end of the curve, fixed rate securities with terms of five years plus, we see lower interest rates on both mortgage loan products and long term Treasuries notes and bonds.

As of mid-December, the best bank CD rates have climbed to their highest levels of the year.  The average rate on the top bank CDs available nationally, measured by the SelectCDrates.com CD rate index, has moved up to 1.243%.  Rate increases in the past week popped up on promotions for the highest six month CD rates as well as those on the highest two year term certificates and five year term bank CDs.  Three month rates and one year rates were unchanged on the week.

Matching the move in CD rates, which are considered short or shorter tem fixed income accounts, was a jump in short term T-bill rates.  Six month Treasury rates ended the week with a yield of 0.52%, up three basis points on the week while one year Treasury rates climbed eight basis points to close out the week at 0.68%.  One basis point is equal to 1/100th of a percent.

In contrast to the rise in short term savings rates, long term mortgage rates declined slightly on the week.  The average 30 year mortgage coming from the nation’s leading bank mortgage lenders was cut back to 3.778%, a drop of approximately four basis points.  30 year FHA mortgage rates and 30 year jumbo rates were also lower on the week with the 30 year FHA rate dipping to 3.813% and 30 year jumbos sliding to 3.778%.

Long term Treasuries moved right along with mortgage rates, as one might expect.  The benchmark, 10 year Treasury rate gave up 15 basis points over the course of the week to close at 2.13%.  Other long term Treasuries were down as well, the five and seven year note was also cut by 15 basis points to end the week with a 1.56% and 1.91% yield, respectively.

The rise in short term rates is not terribly surprising with the December Fed meeting coming up and market expectations calling for announcement by the Fed that rates will rise via an increase in the fed funds rate target.  Long term rates generally rise right along with fed actions however, with economic news coming in slower in recent weeks perhaps the market expects the Fed to take a long pause following this coming move and slow growth generally leads to low inflation rates and interest rates.

Bank rates market recap for December 14, 2015:

CD interest rates:
Composite CD interest rate index 1.243 percent (up 0.008%)
3 month CD rates 0.436 percent (unchanged)
6 month CD rates 0.820 percent (up 0.02%)
1 year CD rates 1.250 percent (unchanged)
2 year CD rates 1.427 percent (up 0.003%)
5 year CD rates 2.234 percent (up 0.018%)

Money market and savings account rates:
Bank money market rates and savings account rates 1.060 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.047 percent (down 0.01%)
15 year mortgage rates 3.363 percent (down 0.001%)
20 year mortgage rates 3.838 percent (up 0.038%) 3.813
30 year jumbo mortgage rates 3.778 percent (down 0.037%)
30 year FHA mortgage rates 3.813 percent (down 0.02%)

Credit card rates:
Credit card rates for new credit card offers 13.89 percent (up 0.01%)

US Treasury rates:
Six month Treasury rate 0.52 percent (up 0.03%)
One year Treasury rate 0.68 percent (up 0.08%)
Two year Treasury rate 0.88 percent (down 0.08%)
Five year Treasury rate 1.56 percent (down 0.15%)
Ten year Treasury rate 2.13 percent (down 0.15%)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 11, 2015 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.

Additional interest rate data on current mortgage rates, CD rates, credit card rates, and savings account rates for the week ending December 11, 2015 can be found at the following interest rate tables: 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, best interest checking accounts and best credit card rates.

December Kicks Off with Higher Rates for Borrowers and Savers

Interest rates on savings accounts and loan accounts forged ahead during the first week of December.  The big impetus for the upward movement in rates was a European Central Bank (ECB) announcement that was delivered on Thursday and, to a lesser degree, the monthly jobs report that was released on Friday.

The ECB is the central bank in Europe which handles monetary affairs for Euro based countries and administers the monetary policy for the Eurozone similar to the Federal Reserve here at home.  There were big expectations regarding Thursday’s announcement in Europe, as well as in the U.S., with many market participants expecting Mario Draghi, the President of the European Central Bank, to break out the big guns and deliver another round of monetary easing.  By extending the ECB’s quantitative easing program, many traders and economists are hopeful it provide an opportunity to revive their economies in the Eurozone.

Unfortunately, the ECB did not deliver a big punch.  Quantitative easing will continue in Europe but not to the extent that the market apparently wanted.  Bonds sold off along with stocks and interest rates rose.  The news had a measurable impact on the U.S bond and interest rate market.  The ten year Treasury rate spiked 15 basis points that day, 0.15%, that day, the European markets were hurt far more with much larger sell offs however.

On Friday the monthly jobs report was released and the bond market retreated slightly, bringing interest rates back down by a hair.  The monthly report was close to market expectations but was a very strong report nonetheless.  The reaction to the strong jobs report was a bit surprising, these numbers are sure to solidify the Fed’s stance calling for a fed funds rate increase later this month.  With the strong report, short term rates ticked up a little more than longer term Treasury rates but did not have the impact one might expect with a data point that almost definitively put an end to the question of whether the Fed will or will not raise interest rates in December.

After the dust settled on the week’s news, interest rates ticked higher for most all consumer savings and lending products.  CD rates moved higher on longer term maturities pushing the SelectCDrates.com CD rate index up to 1.235%.  The best one year CD rates, two year CD rates, and five year CD rates available nationally all moved higher on the week.  The top three ninth CD rates and six month CD rates were left unchanged.

Mortgage rates were up only marginally for the week.  The average rate on the 30 year mortgage at the nation’s top bank mortgage lenders moved up to 4.057%.  30 year jumbo rates climbed to 3.815%.  FHA rates were mostly unchanged with the average rate in the current survey coming in at 3.833%.

Credit card rates were up by one basis point with the average rate on new consumer credit card offers climbing to 13.89%.  Bank money market rates and savings rates were unchanged on the week.  The average rate on the highest yielding money market accounts and savings accounts remained at 1.060%.

Bank rates market recap for December 7, 2015:

CD interest rates:
Composite CD interest rate index 1.235 percent (up 0.003%)
3 month CD rates 0.436 percent (unchanged)
6 month CD rates 0.850 percent (unchanged)
1 year CD rates 1.250 percent (unchanged)
2 year CD rates 1.424 percent (up 0.015%)
5 year CD rates 2.216 percent (up 0.012%)

Money market and savings account rates:
Bank money market rates and savings account rates 1.060 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.057 percent (up 0.006%)
15 year mortgage rates 3.364 percent (up 0.09%)
20 year mortgage rates 3.838 percent (up 0.038%)
30 year jumbo mortgage rates 3.815 percent (up 0.015%)
30 year FHA mortgage rates 3.833 percent (down 0.005%)

Credit card rates:
Credit card rates for new credit card offers 13.89 percent (up 0.01%)

US Treasury rates:
Six month Treasury rate 0.49 percent (up 0.11%)
One year Treasury rate 0.60 percent (up 0.10%)
Two year Treasury rate 0.96 percent (up 0.04%)
Five year Treasury rate 1.71 percent (up 0.07%)
Ten year Treasury rate 2.28 percent (up 0.06%)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 4, 2015 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.

Shortened Trading Week Keeps Interest Rates Mostly Stable

Bank rates and bond rates were little changed during the week of Thanksgiving.  Trading was quite slow during the week with markets closed on Thursday and volume extremely light on Friday.  In fact, even while the markets were opened for a shortened session on Friday, it turned out to be one of the slowest trading days of the year.

Since bank rates, including mortgage rates and CD rates, are highly dependent on the direction of the bond markets, liquidity considerations can impact markets more than any data or news that may be released.  And, of course, that was case this past week with very little movement in the interest rate markets as traders consolidated their positions during the short trading week.  Breaking news that Turkey had shot down a Russian jet early in the week caused stocks and bond yields to move lower but the reaction was limited and the markets seemed to ignore the crisis or potential crisis that may have unfolded.

With low trading volume and mostly ho hum economic news getting released, interest rates were little changed week over week.  The domestic bond market barely budged with rates moving by no more than six basis points across the yield curve. One basis points is the equivalent of 1/100th of a percent (0.01%).  This lack of action in the bond market led to little or no changes in bank savings and lending rates.

The biggest mover in the Treasury market was the five year Treasury note which gave up six basis points, moving from 1.70% at the start of the week to 1.64% at week’s end.  The ten year Treasury bond dipped by four basis points, closing the week with an interest rate of 2.22%.  The ten year spent the week with a yield that never deviated too far from 2.25%.

There was some divergence between short and long term rates through the week.  While long term Treasury rates were cut back slightly, short term rates moved a few ticks higher.  The six month Treasury rate bumped up to 0.38% at the close of the week from 0.35 percent at the start.  The one year Treasury gained one basis point, going up to 0.50% from 0.49%.

One significant data point in the short term Treasuries is the run up in the six month bill in November.  The six month Treasury bill saw a brief jump in mid-summer when it trading in the mid 20’s before dropping back down. November, is the first time in 2015 that the six month yield closed above 0.30% and it has stayed above that figure every day of the month since November 6th.

All of this inactivity held bank rates in a narrow range.  The best CD rates available across the country were unchanged for the week.  The top yields on six month bank CDs on up to the five year certificates showed no adjustment from the previous week.  The highest yielding bank money market account rates and savings account rates were also unaltered. Mortgage rates did climb slightly higher.  The benchmark, 30 year fixed rate mortgage at the nation’s leading bank mortgage lenders, moved up to 4.051% from 4.047%.  FHA mortgage rates were up by a similar amount, ending the week at 3.838%.  Jumbo 30 year mortgage rates showed a minor reduction, slipping to 3.790% from 3.803% in the week earlier.

Bank rates market recap for November 30, 2015:

CD interest rates:
Composite CD interest rate index 1.232 percent
3 month CD rates 0.436 percent
6 month CD rates 0.850 percent
1 year CD rates 1.250 percent
2 year CD rates 1.419 percent
5 year CD rates 2.204 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.060 percent

Mortgage rates:
30 year mortgage rates 4.051 percent
15 year mortgage rates 3.355 percent
20 year mortgage rates 3.800 percent
30 year jumbo mortgage rates 3.790 percent
30 year FHA mortgage rates 3.838 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.38 percent
One year Treasury rate 0.50 percent
Two year Treasury rate 0.92 percent
Five year Treasury rate 1.64 percent
Ten year Treasury rate 2.22 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 27, 2015 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.

Additional interest rate data on current mortgage rates, CD rates, credit card rates, and savings account rates for the week ending November 27, 2015 can be found at the following interest rate tables:  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, best interest checking accounts and best credit card rates.

Mortgage Rates and CD Rates Rise Despite Global Stress

Mortgage rates and CD rates moved a bit higher going into the shortened, Thanksgiving holiday week.  The rise in interest rates was relatively modest, with larger increases seen on the savings side via higher yields on bank certificates of deposit while the consumer borrowing side as measured by bank mortgage rates were elevated only slightly.  Rates have been stuck in a rather narrow range as a result of numerous conflicting data points.  Strong data coming from within our borders contrasted against weak data abroad.

Outside of the strong employment numbers in the U.S., turmoil and uncertainty around the globe has been the theme of the fourth quarter.  Troubles with the economy in China kicked off the concerns over global economic and political stability with a wave of conflicting data regarding the output in that nation.  Instability in the Middle East has been a recurring story of 2015 that has only been heightened in recent weeks and months.  Brazil, once one of the fastest growing major economies, is in recession and a number of other developing countries are also suffering because of falling commodity prices and weaker currencies.  The current economic environment in Europe is now up for grabs with multiple forces at work including a stubbornly slow growth rate post-recession, terrorism, and slower exports to China.

The U.S. economy, in the meantime, has shown remarkable resilience and the improving conditions over the past several months and has appeared to overcome the fairly problematic international market conditions.  Among the key economic indicators critical in determining the progress of the domestic economy and the course of interest rates have been the monthly employment reports, retail sales figures, housing data, and manufacturing production.

While the economy chugs along with minor hiccups, international developments have a great deal of significance on the future direction of domestic interest rates simply because they can impact the economic outlook in the U.S.  The Federal Reserve, which is the main catalyst for further upside movements in interest rates, has recently shown great deference regarding international events and the economic outlook.  International events may very well influence the Fed’s decision on raising interest rates once again when they meet in December.

Bank rates market recap for November 23, 2015:

CD interest rates:
Composite CD interest rate index 1.232 percent
3 month CD rates 0.436 percent
6 month CD rates 0.850 percent
1 year CD rates 1.250 percent
2 year CD rates 1.419 percent
5 year CD rates 2.204 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.060 percent

Mortgage rates:
30 year mortgage rates 4.047 percent
15 year mortgage rates 3.330 percent
20 year mortgage rates 3.800 percent
30 year jumbo mortgage rates 3.803 percent
30 year FHA mortgage rates 3.825 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.31 percent 0.35
One year Treasury rate 0.50 percent 0.49
Two year Treasury rate 0.86 percent 0.93
Five year Treasury rate 1.67 percent 1.70
Ten year Treasury rate 2.28 percent 2.26

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 20, 2015 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.

Savings and Lending Rates Mostly Steady

Economic news and unfortunate world events held interest rates in check this past week.  Interest rates were only slightly higher by the close of the second week of November after the week’s events.  Veterans Day, terrorist attacks in France, and some generally unimpressive economic news in the U.S. acted as an anchor on interest rates after they made a big bounce higher at the onset of the month.

After the strong employment report was released during the first week of the month and the Fed continued to telegraph an interest rate hike before the close of 2015, a rising rate environment looked like a sure thing going into the final weeks of 2015.  But, the dips in bond prices and their rising rates were collared rather quickly as the stock market tumbled throughout the week over disappointing economic news, with rates getting further tempered after the news of terrorist attacks were reported on Friday.

Disappointing economic news released during the week included data showing consumers spent less than expected in October and wholesale price pressure remains subdued.  Retail sales increased by just 0.1 percent in October and the producer price index showed a decline for the month.  Plunging commodity prices have also played a significant role regarding negative investor sentiment and the prospects for economic growth here and abroad.

By the close of the week, the benchmark ten year Treasury bond had dropped by six basis points, slumping to 2.28% from 2.34% in the previous week.  The five year note gave back eight basis points to close at 1.67%.  The one year gained some ground, rising three basis points to close at 0.50%.  The six month bill was down by one basis point on the week, closing at 0.31%.

Mortgage rates climbed marginally over the course of the week with the conventional 30 year fixed rate coming in at a range of 3.875% to 4.125%.  Mortgage rates reached a 6 month low just last month shortly before the recent Fed speak and jobs data pushed loan rates higher.

The highest yielding CD rates showed no changes week over week.  Based on the most recent data in the SelectCDrates.com CD rate index, the average rate for the top CD rates available nationwide held at 1.228%.  The top rates available on bank money market rates and savings rates inched up a tad to 1.060% with the increase coming entirely from a rise in just one bank among the top ten performers in this savings category.

Bank rates market recap for November 16, 2015:

CD interest rates:
Composite CD interest rate index 1.228 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.249 percent
2 year CD rates 1.410 percent
5 year CD rates 2.199 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.060 percent

Mortgage rates:
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.31 percent
One year Treasury rate 0.50 percent
Two year Treasury rate 0.86 percent
Five year Treasury rate 1.67 percent
Ten year Treasury rate 2.28 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 13, 2015 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.

Additional interest rate data on current mortgage rates, CD rates, credit card rates, and savings account rates for the week ending November 13, 2015 can be found at the following interest rate tables: 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, best interest checking accounts and best credit card rates.

 

 

Interest Rates Move Higher Again in November

Interest rates were nudged gradually higher last week after Fed Chair Janet Yellen gave testimony to Congress on November 4th.  The testimony was before the Committee on Financial Services regarding the Federal Reserve’s policies on regulation and supervision of financial institutions but the testimony was peppered with comments about the possibility of Fed rate increase before year’s end during the question and answer portion of the testimony. 

The comments about a potential increase in the Fed Funds rate caught the market a little by surprise which may have been heightened by the fact that the comments were made during a testimony regarding bank regulation.

Interest rates then went from getting a gentle nudge to a full fledged shove to the upside on Friday, two days after the Fed Chair’s testimony, when the monthly jobs report was released.   The remarkably strong jobs report put a scare into the bond market driving bond prices quite a bit lower and moving interest rates higher. 

The jobs report showed total nonfarm payroll employment increasing by 271,000 in October, well above market expectations.  Equally important, the average hourly earnings for all employees on private nonfarm payrolls also showed a measurable increase in the report; the lack of wage growth in the monthly numbers up to this point has been a thorn for the Fed throughout the year as the economy has slowly expanded.  The unexpectedly strong jobs numbers following the Fed’s comments on Wednesday confirmed the market’s suspicions that a December Fed rate hike is virtually assured and interest rates moved on this conviction.

Rates were especially active on the short end of the Treasury yield curve but, all bond rates moved higher after the report.  The one year Treasury rate moved up ten basis points for the week with half of that increase coming on Friday following the jobs report.  The five year Treasury note jumped by 15 basis on the week and again, about half of the gain came on Friday.  The ten year was up by 14 basis points with somewhat surprising considering longer rates generally move by larger absolute numbers when the yield curve shifts higher. 

The rise in interest rates hit mortgage rates hard which increased from 0.25% to 0.375% on the 30 year loan over the course of the week.  Certificate of deposit rates were slightly higher with the average rate on the best CD rates available nationally rising by a few thousandths of a percent to 1.228%.  The top money market rates and savings rates were slightly lower on the week and credit card rates showed no change.

Bank rates market recap for November 9, 2015:

CD interest rates:
Composite CD interest rate index 1.228 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.249 percent
2 year CD rates 1.410 percent 
5 year CD rates 2.199 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.055 percent

Mortgage rates: 
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.32 percent
One year Treasury rate 0.47 percent
Two year Treasury rate 0.90 percent
Five year Treasury rate 1.73 percent
Ten year Treasury rate 2.34 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 6, 2015 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.

Market Rates Up

Interest rates moved appreciably higher at the tail end of the month of October.  After staying level or trending lower through most of the month, interest rates made a rather noticeable upside move during the last two business days of the month with increases in short, medium, and long term bond rates. 

Rates moved higher almost entirely based on the Federal Reserve statement released on Thursday.  In fact, for those who watch the bond markets you would have seen an increase in the ten year Treasury bond of ten basis points or 0.10% immediately following the statement release on Thursday afternoon.

The press release on October 28th had little new information in it with the exception of some minor difference in the Fed’s wording over future rate adjustments.  The Fed line that got the market’s attention was, “In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation.”  The focus for the market was the reference to the next meeting.  Market prognosticators had assumed the Fed would not raise rates until 2016 and this statement puts a rate increase in 2015 back on the table.

Our position originally called for the Fed increasing rates before year end.  In our view, the current statement actually puts this position into question.  Based on the Fed statement, they will consider a rate increase based on progress on employment and inflation.  It is highly unlikely inflation rates will change measurably in such a short period of time and while the economy is moving forward, the growth has slowed and it seems equally likely that there will be sufficient new data between now and the next Fed meeting in December to draw the conclusion that significant progress in the economy has taken place.  One out for the Fed is how they phrase economic progress as being either, realized or expected. 

The upward movement in rates that do materialize at week’s end has not moved all the way through the consumer market with the exception of mortgage rates.  Bank CD rates, money market rates, car loan rates, and credit card rate showed almost no change through the last week of the month.  Mortgage rates ticked up at the end of the week with average rate showing an increase of 1/8th to ¼ of a percent on the benchmark 30 year fixed rate mortgage.

Bank rates market recap for November 2, 2015:

CD interest rates:
Composite CD interest rate index 1.222 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.234 percent
2 year CD rates 1.410 percent 
5 year CD rates 2.185 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.064 percent

Mortgage rates: 
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.23 percent
One year Treasury rate 0.34 percent
Two year Treasury rate 0.75 percent
Five year Treasury rate 1.52 percent
Ten year Treasury rate 2.16 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 30, 2015 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.

Interest Rates Move Sideways as Stocks Leap

Consumer lending and saving rates were little changed going into the last week of October.  Even while the equity markets appeared to be finding their footing and displayed three consecutive weeks of gains, interest rates barely budged.  It is more common to see a different scenario unfold when money moves into stocks and other riskier asset classes and out of interest rates sensitive securities.  The funds flow into stocks and out of fixed income assets pushes the p[ prices on bonds lower and moves interest rates higher. 

Interest rates and interest rate sensitive investment classes will most certainly take their cue from different sources but, the recent dip in interest rates over the summer was based heavily on weak economic data that also drove equity prices and commodities appreciably lower. 

The jump in stock prices in October was dependent, to a great extent, to the gains of commodity related businesses as well as technology companies.  These stock categories took the brunt of the losses during the heavy selling in August which matched the time period when interest rates drifted lower.  The S&P 500 is now up by approximately 8.0 percent in October, on track for the best month since 2011.

The reversal of fortunes, maybe a bit of an exaggeration, in the stock prices has not brought about the same reversal in lending and savings rates.  During the month of October, as the stock market leaped ahead interest rates mostly ran in place.  The ten year U.S. Treasury bond kicked off the month with a yield of 2.05 percent, after reaching a high of 2.12 percent in mid-October, the current rate on the ten year stands at just 2.09 percent.  Most of the other Treasury maturities displayed the same tight trading range with just mild upside moves during the month.

Mortgage rates, CD rates, car loan rates, and bank savings rates held their ground through the month considering the volatile market conditions in other aspects of the investment world.  The best CD rates available nationally, as measured by the SelectCDrates.com CD rate index, were unchanged during the third week of October as were the top savings and money market rates.  Mortgage rates popped slightly higher with gains of roughly 1/8th to ¼ of a percent on the benchmark, 30 year mortgage at the nation’s leading bank mortgage lenders.  Car loan rates declined slightly and credit card rates were, once again, stuck in the mud.

Bank rates market recap for October 26, 2015:

CD interest rates:
Composite CD interest rate index 1.220 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.240 percent
2 year CD rates 1.410 percent 
5 year CD rates 2.168 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.064 percent

Mortgage rates: 
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.13 percent
One year Treasury rate 0.24 percent
Two year Treasury rate 0.66 percent
Five year Treasury rate 1.43 percent
Ten year Treasury rate 2.09 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 23, 2015 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.  

More detailed interest rate data on current mortgage rates, CD rates, credit card rates, and savings account rates for the week ending October 23, 2015 can be found at the following interest rate tables: 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, best interest checking accounts and best credit card rates.

Interest Rates Continue Downward Bias

Interest rates continue to hover near the low range for the second half of the year.  In mid October, mortgage rates continue to hold comfortably below 4.00%.  The ten year Treasury bond is just above 2.00% closing at 2.04% on October 16th.  Credit card rates are in a perpetual holding pattern at just under 14.00% moving by fewer than five basis points throughout the year.  The top savings account rates available nationally were unchanged this past week and CD rates which have held their own during the recent slide in interest rates of the third and fourth quarter, took a bit of a step lower over the course of the previous week.

The best CD rates available nationally, measured by the SelectCDrates.com CD rate index, dipped by 0.011% for the week pushing the average rate down to 1.220%.  The SelectCDrates.com CD rate index compares and measures the top ten best CD rates on three month term bank CDs, six month bank CDs, one year CD accounts, two year CDs, and five year certificate of deposit accounts.

The financial markets dipped in the third quarter with both stocks and interest rates moving lower in reaction to gloomy economic news coming from overseas.  The U.S. economy has actually held up quite well with the exception of the latest monthly jobs report which was rather disappointing.  Even with the disappointing jobs numbers, the employment picture appears better than the report indicated.  A casual observation of jobs opening shows more businesses looking for workers now than in anytime over the past five years.  Mind you, this is a casual observation. 

The path to lower interest rates in the second half of the year was kicked off by the weak data overseas but was then propelled by the Feds decision to hold the current level of low rates and further propelled by the surprising low numbers found in the monthly jobs report.

European growth is questionable but not likely to slide into a recession.  Emerging markets have bigger problems but will impact the stock market more than the bond market.  And, the Fed’s commentary on the state of the market was not terribly bleak.  Actually, the Fed’s press releases indicated the economy is doing quite well.  The Fed’s concerns focused on the overseas market, especially China, and the low rate of inflation. 

Per the Fed’s minutes released this month, “Although U.S. economic data releases generally met market expectations, domestic financial conditions tightened modestly as concerns about prospects for global economic growth, centered on China, prompted an increase in financial market volatility and a deterioration in risk sentiment during the intermeeting period.”

What was notable about all the data points is that the Fed did not provide any disparaging news on any sector of the U.S. domestic economy.  Based on this information, forecasting lower rates in the future may be an unrealistic assumption.

Bank rates market recap for October 19, 2015:

CD interest rates:
Composite CD interest rate index 1.220 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.242 percent
2 year CD rates 1.409 percent 
5 year CD rates 2.167 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.064 percent

Mortgage rates: 
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.23 percent
Two year Treasury rate 0.61 percent
Five year Treasury rate 1.36 percent
Ten year Treasury rate 2.04 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 16, 2015 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.

Interest Rates Quiet But Up Slightly

Rates moved up by just a hair ahead of the extended three day weekend in October.  Mortgage rates, Treasury rates, CD rates, and money market rates all moved higher on the week leading up to the Columbus Day holiday weekend.  While interest rates were higher across a wide spectrum of lending and savings products, the move to the upside was quite muted.

Interest rates are still fluctuating at a very low level following the Fed announcement not to raise rates in late September and the very weak monthly jobs report released in early October.  With the small uptick in rates, the ten year Treasury bond is about 13 basis points off its low point reached immediately following the gloomy jobs report and below the average for the first nine months of the year. 

The drop in bond prices and subsequent rise in rates pushed the cost of home loans modestly higher however; the average conventional 30 year fixed rate mortgage remains under four percent. 

CD rates moved to the upside by an almost indiscernible amount for the week.  Of the five maturities measured in the SelectCDrates.com CD rate index, only one term showed an increase while the other four were unchanged.  The average rate on the top ten highest five year certificates closed out the week up 3/1000ths of a percent to 2.175 percent.

Money market account rates and savings account rates squeezed out their second consecutive weekly gain.  The average rate on the top yielding bank money market accounts and savings account ratcheted up by just under one basis point to 1.064 percent.

In view of all of the economic and geopolitical uncertainty surrounding the U.S. economy and markets, it is quite surprising there has not been more volatility in the bond markets and interest rates. 

China has already displayed a markedly slower economy as has most large developing economies such as Brazil and other South American nations.  Confidence in the German economic engine is starting to crack.  And now, Russia is engaged or, more fully engaged, in the Middle East with an air bombing campaign and ship based missile attacks in Syria.  Rather surprising the markets are not showing a lot more volatility including stocks, bonds and commodities.

Bank rates market recap for October 12, 2015:

CD interest rates:
Composite CD interest rate index 1.221 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.242 percent
2 year CD rates 1.410 percent 
5 year CD rates 2.175 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.064 percent

Mortgage rates: 
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.28 percent
Two year Treasury rate 0.65 percent
Five year Treasury rate 1.41 percent
Ten year Treasury rate 2.12 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 9, 2015 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.

More detailed interest rate data on current mortgage rates, CD rates, credit card rates, and savings account rates for the week ending October 9, 2015 can be found at: 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, best interest checking accounts and best credit card rates.

Pathetic Monthly Jobs Report Drives Rates Down

Interest rates had been moving to the downside at a moderate pace after the Fed decided not to raise the targeted range for the Fed Funds Rate on September 17th.  Rates picked up the pace, moving dramatically lower after the monthly jobs report was released on October 2nd. 

The monthly jobs number reported by the U.S. Bureau of Labor Statistics showed an increase of just 142,000 new jobs for the month of September, well below expectations of around 200,000 new job formations.  In addition, many economists had expected revisions to previous months to be higher than originally reported only to find these figures were revised even lower.  Employment gains in July and August were revised by 59,000 less than previously reported.  Total nonfarm payroll employment for August was revised from a gain of 173,000 new jobs to just 136,000 while July was revised from a gain of 245,000 down to 223,000.

The negative news in the report continued with lower than expected earnings gains along with the number of hours in the average work week.  Average hourly earnings for all private nonfarm payrolls in September came in at $25.09, a decline of $0.01.  This modest downward step followed a very positive $0.01 gain in the month of August.  The average workweek for all private nonfarm employees declined by 0.1 hours to 34.5 hours in September.  All around, a pretty dismal report and one that put real pressure on interest rates.

Treasury rates dropped across the board after the jobs report as did mortgage rates.  Certificate of deposit rates were only modestly lower, credit card rates held their own, and with the change to the upside by one key player among the top performing money market accounts, banks savings account rates and money market account rates moved slightly higher.

Ten year Treasury bond rates dipped below 2.00% by week’s end, as of the time of this publication the long term Treasury rates have rebounded modestly and are hovering just above 2.00% at around 2.03%.  The five year Treasury closed out the week down 14 basis points to 1.29%.  The one year slipped by a stunning ten basis points to end the week at 0.25%.

30 year mortgage rates available at the nation’s largest bank mortgage lenders dropped down to an average cost of 3.817%.  30 year FHA rates fell below 3.75% to an average rate of 3.713%.  Jumbo loans with a 30 year term followed suit, declining to 3.633%.  Short term mortgage rates were also lower from the ten year term on up to the 20 year term.

The average rate on high yielding CD accounts lost some of the gains seen in the previous week with the average rate on the SelectCDrates.com CD rate index moving down to 1.221% from 1.225% in the previous week.  The loss in yield was entirely brought about by a drop in the five year maturities which dipped to 2.172%.

Money market account rates and savings rates climbed to 1.055% after just two banks raised their variable rate accounts and pushed the average higher.  Credit card rates remained stuck in the mud at 13.88%, a recurring issue of 2015.

The lesson for the month of September, the Fed knows more than you do.  Or, as Marty Zweig would say, “Don’t fight the Fed”.

Bank rates market recap for October 5, 2015:

CD interest rates:
Composite CD interest rate index 1.221 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.242 percent
2 year CD rates 1.410 percent 
5 year CD rates 2.172 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.055 percent

Mortgage rates: 
30 year mortgage rates 3.817 percent
15 year mortgage rates 3.074 percent
20 year mortgage rates 3.609 percent
30 year jumbo mortgage rates 3.633 percent
30 year FHA mortgage rates 3.713 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.06 percent
One year Treasury rate 0.25 percent
Two year Treasury rate 0.58 percent
Five year Treasury rate 1.29 percent
Ten year Treasury rate 1.99 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 2, 2015 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.

Interest Rates Stay in Narrow Range

Interest rates have been stuck in a narrow range even with the Fed rate hike debate pushing and pulling on the market.  Each time rates have made a push towards the upside, Fed comments or economic anxiety emanating from outside the U.S. has applied downward pressure and brought rates right back down again.

Economic anxiety has been good news thus far for borrowers.  Mortgage rates and auto loan rates continue to hover at very attractive levels.  Savers have, unfortunately, taken it on the chin for the most part.  CD rates have climbed slightly higher in the third quarter but, generally not enough to make fixed income investors break out into a sing and dance. 

There is a little good news for CD investors this past week.  Competition among the highest yielding bank CDs has heated up, driving mid term maturities modestly higher.  The average rate on the top ten highest bank CD rates jumped up one basis point or 0.01% to an average yield of 1.242%.  Two year CD rates were also boosted by one basis point pushing the average interest rate up to 1.410%.  Increases in midterm accounts are often a sign that lending activity by these institutions are on the rise which contrasts with the picture that is being painted by the dismal activity in the stock market.

The positive prospects seen in the U.S markets has certainly been countered by recent global economic and financial developments that have put some fear in the markets restraining any upward pressure on interest rates.  Many economists believe the information and data coming from overseas will have only a small impact on U.S. economic growth however, part of the Fed Chair’s speech regarding the Federal Reserves’ position on holding rates steady for now cited a bearish global outlook and weak inflation as reasons to put a rate increase on hold. 

Conflicting economic data appears to be bountiful going into the fourth quarter.  The U.S. housing markets has continued to form a strong base with 2015 turning into a solid year for existing and new home sales.  Car sales are well above expectations.  And, even job growth has turned in a very good performance for the year with the notable exception of missing wage increases.  Potential negative impacts from lower oil prices, a stronger dollar, and weakening growth internationally remains a big counter balance to any good news. 

Bank rates market recap for September 28, 2015:

CD interest rates:
Composite CD interest rate index 1.225 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.242 percent
2 year CD rates 1.410 percent 
5 year CD rates 2.191 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.015 percent

Mortgage rates: 
30 year mortgage rates 3.946 percent
15 year mortgage rates 3.250 percent
20 year mortgage rates 3.756 percent
30 year jumbo mortgage rates 3.790 percent
30 year FHA mortgage rates 3.783 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.35 percent
Two year Treasury rate 0.70 percent
Five year Treasury rate 1.43 percent
Ten year Treasury rate 2.17 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 25, 2015 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.

Interest Rates Lower After Fed Refuses to Increase Fed Funds Rate

This past Thursday (September 17), the Federal Reserve made its long awaited announcement regarding the Fed Funds rate and continued accommodative monetary policy.  The bond market advanced and rates dropped as soon as the announcement was released that the Fed would be leaving the Fed Funds rate unchanged.

Long term rates dropped as did short term interest rate as the market digested the information coming from the Fed.  The market moving news from the Fed may not have been so much the unchanged Fed Funds rate but the reasons given for holding off on a rate increase.

Concerns expressed by Fed Chair, Janet Yellen, over the fragile state of the global economy was the big take away from the Fed’s decision.  The Fed painted a picture of a bearish global state of affairs and weak inflation.  A weaker economic outlook, as a framed by the Fed commentary, tends to put downward pressure on long interest rates while the continued low Fed Funds rate puts downward pressure on short term rates.

Longer term rates like the 10 year Treasury and the rates on long term mortgage bonds moved lower immediately after the Fed announcement.  Short term bonds and Treasury rates were even more dramatically impacted relative to longer term securities. 

Following the Fed, mortgage lenders lowered the rate on the 30 year fixed rate loan to 3.875% by Friday with some lenders going as low as 3.75%.  The ten year Treasury bond yield dropped to 2.13% at the close of Friday after hitting a high of 2.28% during the week.  Most short term bank rates were unaltered for the week, however, short term Treasury made dramatic reversals. 

The six month T-bill closed out the week at a meager yield of 0.10%.  The six month Treasury was at 0.26% just two days earlier.  The one year Treasury made a similar decline during the week, falling to 0.35% from an high of 0.47% reached prior to the Fed’s decision.

The best bank CD rates actually climbed slightly for the week.  These were the only rates in the weekly bank rate survey conducted by SelectCDrates.com to show an increase week over week.  The SelectCDrates.com CD rate index moved up to 1.225% from 1.223% in the previous week.  The index of the highest yielding bank CDs was lifted by increases in short term rates, both the six month term certificates as well as the one year certificates moved higher for the week.

The top bank money market account rates and savings account rates were unchanged at 1.015%.  Credit card rates were also unaltered with an average cost to consumers of 13.88%.

Bank rates market recap for September 21, 2015:

CD interest rates:
Composite CD interest rate index 1.225 percent
3 month CD rates 0.436 percent
6 month CD rates 0.845 percent
1 year CD rates 1.232 percent
2 year CD rates 1.400 percent 
5 year CD rates 2.212 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.015 percent

Mortgage rates: 
30 year mortgage rates 3.946 percent
15 year mortgage rates 3.250 percent
20 year mortgage rates 3.756 percent
30 year jumbo mortgage rates 3.790 percent
30 year FHA mortgage rates 3.783 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.10 percent
One year Treasury rate 0.35 percent
Two year Treasury rate 0.69 percent
Five year Treasury rate 1.45 percent
Ten year Treasury rate 2.13 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 18, 2015 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 September 18, 2015 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, best interest checking accounts and best credit card rates.

Interest Rates Stable as Stocks Remain Volatile

The overload of volatility in the stock market has done very little to disrupt the bond market and interest rates.  Increased volatility, and boy has there been increased volatility, in the stock market often leads to some kind of reaction in the bond market with the usual outcome being a flight to quality leading to lower interest rates. 

While it is true, the initial shakiness in the stock market pushed bond prices higher and interest rates lower, as the days of August and September moved along, interest rates regained their footing and forged ahead ignoring the wild swings found in stocks.  Bond markets were mostly weaker throughout the holiday shortened week, both in the U.S. and overseas.  The losses in the bond market moved interest rates moderately higher though, rates remained within a narrow range awaiting the big news on coming with this week’s Fed meeting.

Evidence of the extended sideways range in interest rates could be seen in the long term, ten year Treasury bond.  10 year yields started the month of September at 2.17% and closed out Friday (September 11) at 2.18%.  The one year Treasury kicked off September at 0.39% and also closed just one basis point higher on the 11th at 0.40%.

Mortgage rates have been mostly holding steady near 4.00% waiting for Thursday’s announcement from the Fed on whether or not the target on the fed funds rate will be lifted by .25% or another delay will be announced while the Fed continues to gather economic data.

CD rates managed to move marginally higher.  The SelectCDrates.com CD rate index climbed to 1.223% from 1.221% in the previous week.  The top bank savings account rates and money market account rates also squeezed out a small gain.  The top ten highest yielding savings account had an average rate of 1.015% compared to 1.020% in the prior week.

The SelectCDrates.com CD rate index surveys and evaluates the top ten best CD rates on three month term bank CD accounts, six month term bank CD accounts, one year CD accounts, two year, and five year maturing CD accounts.

Credit card rates bucked the trend with the average rate across all credit card categories dropping to 13.88% from 13.89%.  The rate drop in new credit card offers was the first in several weeks but was driven by changes in just a few credit cards from among the dozens that are evaluated in the weekly survey.  The vast majority of the popular credit cards promoted were, once again, unaltered from the previous survey.

The big news comes this week when the Fed decides to move on with a hike in the fed funds rate or to hold steady yet again.  Our bet is the Fed sees data that is strong enough in the U.S. to support a rate hike.  The U.S economy does appear to be slowing but an artificially low fed funds rate, which is the current position, is not going to help the economy while a small rise simply brings rates back to a more conventional state of affairs.

Bank rates market recap for September 14, 2015:

CD interest rates:
Composite CD interest rate index 1.223 percent
3 month CD rates 0.446 percent 0.436
6 month CD rates 0.830 percent 0.840
1 year CD rates 1.228 percent
2 year CD rates 1.400 percent 
5 year CD rates 2.212 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.015 percent

Mortgage rates: 
30 year mortgage rates 3.946 percent
15 year mortgage rates 3.250 percent
20 year mortgage rates 3.756 percent
30 year jumbo mortgage rates 3.790 percent
30 year FHA mortgage rates 3.783 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.25 percent
One year Treasury rate 0.40 percent
Two year Treasury rate 0.71 percent
Five year Treasury rate 1.52 percent
Ten year Treasury rate 2.20 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 11, 2015 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 September 11, 2015 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, best interest checking accounts and best credit card rates.

Interest Rates Bounce Back and are Destined to Head Higher

August has been a volatile month for a number of investment classes including securities in the fixed income market.  Interest rates had been fairly stable through the summer after jumping higher in late May but that all changed in August.  August has been a different, odd, unusual, or just plain volatile period for stocks, commodities, interest rates and other asset classes.  The ten year Treasury bond kicked off the month of August with a yield of 2.20%.  The 10 year bond climbed slightly to 2.28% in the first week of the month, dipped as low 2.01%, and ended this past Friday almost where it started at 2.19%.

The volatility impacted the mortgage market with long term mortgage rates gyrating the alter half of the month.  30 year mortgage rates fluctuation by as much as .375% during the month with some lenders changing rates by over ½ of a percent at times.  30 year rates, fortunately, remain low with average rate running at or just under 4.00%.

Savings rates were hardly impacted by the volatility in the bond markets.  Historically, savings rates react slowly to downward movements in interest rates and will even remain sticky as rates climb unless a discernible and sustainable uptrend in rates is identified.  The month of August was no exception and followed the historical norm.  Throughput the month of August, there was very little change in the top CD rates, saving rates, and money market rates available nationally.

The best CD rates, measured by the SelectCDrates.com CD rate index, ended the week at 1.217%.  The index is off by just 4/1000ths of a percent from the prior week.  The SelectCDrates.com CD rate index surveys and evaluates the top ten best CD rates on three month term bank CD accounts, six month term bank CD accounts, one year CD accounts, two year, and five year maturing CD accounts.

The highest yielding savings accounts and money market accounts moved in the opposite direction of CD rates.  The best savings account rates available nationally moved up by 4/1000ths of a percent to an average yield of 1.02%.

Credit card rates held firm throughout the month of August.  The average rate for rate for new credit card offers remained at 13.89%.  Fewer new credit cards have entered the market in recent months and with no change to the Prime Rate, credit card rates have fluctuated very little.
 
Ignoring the recent volatility, the trend for higher interest rates in the coming months remains in place.  While the Fed has put on a number of different faces when it comes to the timing of their first rate increase since the great recession, the uptick in short and medium term rates seems to be pricing in higher rates.  Yes, the market can be wrong but, it is more common for the market to lead the Fed. 

The market may react with large price swings when the Fed does move but it is not unusual for interest rates to move higher or lower not in anticipation of rate moves by the Fed but as a market reaction to the supply and demand for loans and the outlook for inflation in the future.

Bank rates market recap for August 31, 2015:

CD interest rates:
Composite CD interest rate index 1.221 percent
3 month CD rates 0.446 percent
6 month CD rates 0.830 percent
1 year CD rates 1.228 percent
2 year CD rates 1.395 percent 
5 year CD rates 2.187 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.020 percent

Mortgage rates: 
30 year mortgage rates 3.946 percent
15 year mortgage rates 3.250 percent
20 year mortgage rates 3.756 percent
30 year jumbo mortgage rates 3.790 percent
30 year FHA mortgage rates 3.783 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.25 percent
One year Treasury rate 0.38 percent
Two year Treasury rate 0.72 percent
Five year Treasury rate 1.52 percent
Ten year Treasury rate 2.19 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 28, 2015 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 28, 2015 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, best interest checking accounts and best credit card rates.

Interest Rates Fall as Fear Grips the Market

Fear and uncertainty is driving down interest rates bringing some good news to new borrowers but not so good news for those with money invested in the markets.  The economic troubles in emerging markets and the selloff in China is casting doubt about the strength of the US economy.

Fear and uncertainty in the markets has pushed down mortgage rates and bond yields but has yet to spill over into bank savings rates including money market rates and CD rates.  Bank savings rates often lag the market especially when changes to interest rates in the very liquid, Treasury and mortgage bond markets, are swift.

The recent downdraft in rates has picked up steam during the latter half of the third week in August as market participants have been digesting the magnitude of the economic slowdown in China and the actions to stabilize, or failed actions, the markets in China.  In addition to the troubles in China, a number of emerging markets showing significantly slower economic activity including Brazil and smaller Asian nations.

The fear of how these economies will impact the U.S. economy has led to big time liquidation or selling in stocks and commodities.  As result of the liquidation ion these investment classes, money flows into bonds, which in turn leads to lower rates

As a result of the flow of funds into fixed income markets, particularly Treasury bonds and mortgage backed bonds, the average conventional 30 year fixed rate mortgage available at the nations’ leading bank mortgage lenders dipped under 4.0% to 3.946%.  The current mortgage rates are at the lowest level seen in the least 3 months.

Treasury rates drifted measurably lower on the long end of the curve through the week.  The ten year Treasury closed the week at 2.05%, down 15 basis points for the week.  The five year Treasury dropped by 17 basis points to close at 1.44%.  Shorter term accounts were a little stickier with the one year Treasury ending the week down five basis points to 0.36% and the six month T-bill rate giving up four basis points to 0.21%.

Bank CD rates and money market rates showed no impact, as of yet, from the run out of riskier investments and into the fixed income market.  The average rate on the SelectCDrates.com CD rate index closed the week at 1.221% or just .001% higher than the previous week.  The SelectCDrates.com CD rate index measures the top ten best CD rates on three month term CD accounts, six month term accounts, one year, two year, and five year maturing CD accounts.

The top yielding bank money market accounts and savings accounts were unchanged week over week with the average yield holding at 1.016%.

It is highly unlikely that the trouble brewing in foreign markets will simmer down in the coming weeks.  The underlying economic problems in emerging markets are not going being cured with simple government intervention and foreign exchange buying.  That conclusion may lead to more selling in the U.S. stock and commodity markets but will probably not have any significant impact on the economy overall and while rates may bounce up and down, the trend is for mildly higher rates through the remainder of the year.

Bank rates market recap for August 24, 2015:

CD interest rates:
Composite CD interest rate index 1.221 percent
3 month CD rates 0.446 percent
6 month CD rates 0.830 percent
1 year CD rates 1.228 percent
2 year CD rates 1.395 percent 
5 year CD rates 2.207 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.016 percent

Mortgage rates: 
30 year mortgage rates 3.946 percent
15 year mortgage rates 3.250 percent
20 year mortgage rates 3.756 percent
30 year jumbo mortgage rates 3.790 percent
30 year FHA mortgage rates 3.783 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.21 percent
One year Treasury rate 0.36 percent
Two year Treasury rate 0.64 percent
Five year Treasury rate 1.50 percent
Ten year Treasury rate 2.05 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 21, 2015 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.

Fed Rate Increase Gets Closer, China Jumps in Front, and Interest Rates Hold

Bank savings and lending rates were largely unchanged going into the last full week of August.  After China moved to devalue its currency at the onset of the week, markets calmed down and interest rates made a mostly sideways move.  Bank CD rates, car loan rates, credit card rates, and mortgage rates changed very little week over week based on the most recent survey of bank rates conducted by SelectCDrates.com.

The currency repricing by China initially scared the bond market pushing rates lower in addition to driving a little more fear into the stock market which continued a multi-week downtrend.  But cooler heads prevailed in the fixed income markets as seen by the action in the ten year Treasury bond which moved from 2.24% on Monday down to 2.14% by Wednesday and finally rebounding back to 2.20% at the close of Friday. 

More importantly, short term Treasury rates moved higher week over week, with both the six month T-bill and one year reaching their highs for the year.  The six month Treasury rate closed the week at 0.25%.  While the rate is still historically low, the six month Treasury has not crossed the 0.20% threshold throughout the year until the month of August.  The one year ended the week at 0.41% breaking through the 0.40% level for the first time this year this month. 

To put the rate moves in perspective, the ten year ended last week at 2.20% after starting the year at 2.12% or a mild climb of eight basis points in almost eight months.  The six month started the year at 0.11% and ended at 0.25%, and increase of almost 15 basis points and the one year climbed from 0.25% in January to 0.41% on Friday, a jump of 16 basis points.

For all those who believe the Fed is not going to raise rates in September, you’re probably wrong.  The increase in short term rates which are where money flows during times of increased in fear and uncertainty seems to indicate the market already has a Fed rate hike priced in.   Investors and financial pundits are just ignoring the data.

As for the bank rate data for the week; mortgage lenders continue to offer conventional 30yr fixed rate loans in a range of 3.875-4.125%, almost no change from the prior week.  The average rate for the best CD rates available national barely budged at 1.220% with mild increase found on the one year term CD accounts and five year accounts.  Bank savings and money market rates were entirely unaltered at 1.016% and credit card rates held steady at 13.89%.

Bank rates market recap for August 17, 2015:

CD interest rates:
Composite CD interest rate index 1.220 percent
3 month CD rates 0.446 percent
6 month CD rates 0.830 percent
1 year CD rates 1.227 percent
2 year CD rates 1.390 percent 
5 year CD rates 2.207 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.016 percent

Mortgage rates: 
30 year mortgage rates 4.043 percent
15 year mortgage rates 3.325 percent
20 year mortgage rates 3.819 percent
30 year jumbo mortgage rates 3.920 percent
30 year FHA mortgage rates 3.820 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.25 percent
One year Treasury rate 0.41 percent
Two year Treasury rate 0.73 percent
Five year Treasury rate 1.61 percent
Ten year Treasury rate 2.20 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 14, 2015 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.

Rate Divergence Continues

Savings rates have continued to creep higher while borrowing rates slip slightly lower based on the most recent survey of bank rates conducted by SelectCDrates.com.  This theme has been in place for the past few weeks with modest increases seen in bank CD rates and savings rate as mortgage rates have dropped and car loan rates have held their own.

Mortgage rates have pulled back to very desirable levels this summer as have longer term Treasury bond rates.  The average 30 year mortgage rate in the current SelectCDrates.com bank rate survey was 4.043%, pretty much the low point of the summer.  FHA rates have slumped below 4.00% and 30 year jumbo mortgage rates are not far behind with average cost of 3.920%.

The ten year Treasury rate has made followed, or led, the mortgage market action downward.  The ten year T-bond ended the week at 2.18%, its lowest point since May of this year. 

The recent pull back in bond yields has been precipitated by concerns over world economies, predominantly Asia, as opposed to concerns over the strength of the U.S. economy which seems fairly sound.  The strength in the U.S. economy is acting as the support for bank savings rates as banking profits are up and lending activity is more vigorous. 

Banks in some regions are finally seeing the need to aggressively price their savings products to attract new money.  Note – savings rates, CD rates and money market rates are mostly unchanged at the big national banks as these behemoths still have obscene sums of depositor’s dough to play with.

More important rate data that came at the end of the week, which may very well send a wrench into the current yield curve and bank rate market, was the action in short term Treasury rates.  Six month Treasury rates and one year Treasury rates ended the week at 0.23% and 0.38%, respectively.  We identified the drop in long rates as seen with lower mortgage rates and Treasury bonds, but short term Treasuries did not follow this path. 

The closing rates for the three and six month Treasuries were the highest closing yields for these securities for the year.  Long rates retracting, short rates increasing.  Digest that data!

Bank rates market recap for August 10, 2015:

CD interest rates:
Composite CD interest rate index 1.218 percent
3 month CD rates 0.446 percent
6 month CD rates 0.830 percent
1 year CD rates 1.223 percent
2 year CD rates 1.390 percent 
5 year CD rates 2.203 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.016 percent

Mortgage rates: 
30 year mortgage rates 4.043 percent
15 year mortgage rates 3.325 percent
20 year mortgage rates 3.819 percent
30 year jumbo mortgage rates 3.920 percent
30 year FHA mortgage rates 3.820 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.23 percent
One year Treasury rate 0.38 percent
Two year Treasury rate 0.73 percent
Five year Treasury rate 1.59 percent
Ten year Treasury rate 2.18 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 7, 2015 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.

Rates Split as July Comes to a Close

Interest rates were split this past week as overseas markets are once again vexing our domestic market.  Even with a pending Fed rate increase on the horizon, Treasury rates and mortgage rates have moved lower during the month of July.  As many loan rates ticked lower or, at least stabilized in the case of car loan rates and credit card rates, CD rates and savings rates were elevated slightly as July comes to a close. 

With the U.S. economy seemingly improving, expectations of a Fed rate increase have increased with most economists forecasting an increase in rates before year’s end.  In anticipation of the pending Fed action, bond rates have risen pushing Treasury rates and mortgage rates higher.  The ten year Treasury had jumped to near 2.50% by the start of July and the 30 year fixed rate mortgage had climbed to 4.20%.  Based on the most recent of bank rates conducted by SelectCDrates.com, the average 30 year home loan rate has slipped back down to just over 4.00% and the ten year Treasury has drifted back to 2.27%.

In contrast to the downward action seen with long term interest rates, shorter loan rates and savings rates have held up rather well.  Car loan rates and credit card rates have been mostly unchanged through July.  The average rate on the best car loan rates has hovered right around 2.50%, more information on auto rates can be found at our sister publication Selectautorates.com.  Credit card rates continue to hold at just under 14.00% but, watch out if the Fed pulls the trigger and increases the fed funds rate causing a corresponding bump in the prime rate for the first time in years (the vast majority of credit card rates are variable rates set to a margin above the prime rate).

The highest yielding CD rates managed to gain ground through July.  The average rate for the top yielding bank CDs moved up to 1.215%.  The top yielding bank certificates are measured by the SelectCDrates.com CD rate index which surveys the top ten best CD rates on three month term CD accounts, six month term accounts, one year, two year, and five year maturing CD accounts.

The best bank money market account rates and savings account rates also saw some movement to the upside in July.  The highest yielding money market accounts have now crossed the 1.00% mark with the average interest rate on the top ten bank savings and money market accounts coming in at 1.016%.

The accepted consensus for a Fed rate increase is now being counterweighted by uncertainties in China, Brazil and smaller European nations.  The weakness in some of the world’s largest economies is certainly going to impact the US corporate profits and output but may not change the course of the Fed with slowly rising interest rates coming back to the market.

Bank rates market recap for July 27, 2015:

CD interest rates:
Composite CD interest rate index 1.215 percent
3 month CD rates 0.426 percent
6 month CD rates 0.830 percent
1 year CD rates 1.218 percent
2 year CD rates 1.390 percent 
5 year CD rates 2.209 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.016 percent

Mortgage rates: 
30 year mortgage rates 4.074 percent
15 year mortgage rates 3.330 percent
20 year mortgage rates 3.858 percent
30 year jumbo mortgage rates 3.953 percent
30 year FHA mortgage rates 3.845 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.14 percent
One year Treasury rate 0.32 percent
Two year Treasury rate 0.70 percent
Five year Treasury rate 1.64 percent
Ten year Treasury rate 2.27 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 24, 2015 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 July 24, 2015 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, best interest checking accounts and best credit card rates.

Interest Rates Reach New Highs for the Year across the Board

Interest rates on bank loans and savings products have jumped to the highest levels for the year going into the second week of June.  The ten year Treasury bond, a good barometer for the interest rate market, is coming very close to reaching 2.50 percent.  The long bond hit the 2.50 level last during the month of September in 2014.  While the market is all abuzz about rising interest rates, these numbers should be put in perspective, 2014 started with the ten year yield at precisely 3.00%.

For now, rates are certainly at their peaks for the year.  Almost all Treasury maturities are measurably higher with the exception of the very short term maturities.  The six month T-bills have barely moved, ended the week of June 5th at 0.09%.  The one year Treasury rate is up modestly to close the week at 0.27%.  Mid and long term maturities were up a lot more with the ten year climbing over 20 basis points in one week to close at 2.41% and the five year jumping a like amount to close at 1.75%.  One basis point is equal to 0.01%.

Mortgage rates, CD rates, and short term savings rates all jumped on the week.  The SelectCDrates.com CD rate index moved up to 1.182% by week’s end, the highest point for 2015.  Three month CD rates were little changed as were the one year maturities but the average bank rate on the top six month CDs, two year CDs and five years forged ahead.  Six month certificates climbed to 0.795% on the week.  The best two year CD rates moved up to 1.360% and the five year term CD accounts reached 2.147%.

30 year mortgage rates are now solidly above the four percent threshold.  The average 30 year conforming loan has a rate of 4.178%.  Jumbo rates trailed the conforming loan amounts slightly with an average cost of 4.060%.  FHA loans with a 30 year term are just holding under four percent with an average rate of 3.905%.

Money market account rates and savings accounts rates ticked a bit higher.  The average rate of return on these savings instruments moved up to 0.987%.

More jobs overall, stronger than expected private payrolls, revisions higher to the prior month’s numbers, and higher wage gains were responsible for a great deal of last week’s rate gains.  While Greece is still causing a great deal of consternation in the global market, there is less uncertainty in most global financial markets.  Japan is seeing new growth, Europe with the exception of Greece is moving forward, and stimulus in China is stimulating…investors. 

Positive economic data points such as those outlined generally lead to lower bond prices and rising loan rates.  And though inflation has remained tame so far, inflation and employment numbers are two economic indicators the Fed hones in on as a guide to changing monetary policy and the timing of a hike in short-term interest rates.

Bank rates market recap for June 8th, 2015:

CD interest rates:
Composite CD interest rate index 1.182 percent
3 month CD rates 0.431 percent
6 month CD rates 0.795 percent
1 year CD rates 1.178 percent
2 year CD rates 1.360 percent 
5 year CD rates 2.147 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.987 percent

Mortgage rates: 
30 year mortgage rates 4.178 percent
15 year mortgage rates 3.402 percent
20 year mortgage rates 4.000 percent
30 year jumbo mortgage rates 4.060 percent
30 year FHA mortgage rates 3.905 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.08 percent
One year Treasury rate 0.29 percent
Two year Treasury rate 0.73 percent
Five year Treasury rate 1.75 percent
Ten year Treasury rate 2.41 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 5th, 2015 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.

Home Buyers Beware, Economy is Picking Up and Mortgage Rates are Rising

The U.S. economy is picking up steam and a healthier economy is leading to more home sales and higher interest rates.  Just look at the latest jobs data to see how the economy is improving.  With more spending power in the hands of more families, and the inventory for housing showing little change, home prices to be heading higher. 

More sales and real estate transactions will put increased pressure on loan demand to match the housing demand.  Just like the supply and demand strain results in upward pressure on housing prices, greater demand on home loans generally leads to increased costs displayed in the form of higher interest rates.

Additional factors will have an even greater impact on home loan rates.  An increase in employment not only means the economy is strengthening but the Federal Reserve is more likely to continue tightening monetary policy.  Tighter monetary policy by the Fed is going to result in a rate hike, maybe even more than one rate hike.  The prospect of a tight Fed policy is already putting pressure on mortgage rates.  And mortgage rates will likely continue their upward march through the year as the U.S economy strengthens and the Fed normalizes interest rate policies to match and expanding economy.

The top five bank mortgage lenders in the U.S. have already ratcheted up their rates quite bit in the last 30 days as mortgage bond prices have dropped in anticipation of rising interest rates this year.  The average 30 year fixed rate home loan at the nation’s top five mortgage lenders increased to 4.150% with an average APR of 4.223%.  These are the highest rates seen on the 30 year conforming loan all year. 

New home buyers and existing home owners who have been on the sidelines while considering buying or refinancing should start taking action soon to capitalize on the rates that are available as well as avoiding the potential of rising home prices as housing demand expands.  Prospective home buyers should always shop sensibly for their new home but the potential for a hotter market brings greater importance to this notion.  And sensible home shopping has to carry over to mortgage shopping in order to secure a competitive loan rate with low costs even though interest rates can be extremely hard to predict.

The top five mortgage lenders polled to establish the average 30 year mortgage rate included Chase, Bank of America, US Bank, Citibank, and Wells Fargo.  The mortgage rates were obtained by these home loan lenders on the close of business June 5th, 2015 and are based on an average loan amount of $250,000.00 for single family home purchase with a minimum 20% down payment.

Rates Drop on Most Bank Products to Kick off the Month of April

Mortgage rates made a nice dip in the first week of April, credit card companies keep sticking it to the consumer with elevated rates, and the top CD rates and money market rates continue to hold steady.  That’s the summary on bank rates for the first week of April.

Mixed economic data is once again the catalyst for interest rate movements in April.  Rates meandered slightly higher as the winter months came to a close with Fed comments over the past two weeks laying a foundation for a rate increase by the Fed as early as September of this year.  Then, week economic report after week economic report hits the markets culminating with the terrible jobs report released on April 3rd and interest rates pulled back with the ten year Treasury bond falling solidly below 2.00 percent once again.

The impact on the rate, movement can best be exemplified with the actions of the benchmark, ten year Treasury bond.  In March, the ten year Treasury reached a high point of 2.24 percent.  On Friday, the ten year ended the day with rate of 1.85 percent.  A fairly large spread in 30 days especially, when the rates move is to the downside.

Mortgage rates moved almost as much as the long term Treasuries.  The average 30 year mortgage rate in the SelectCDrates.com bank rate survey ended the week at 3.684 percent.  30 year jumbo rates dipped just below the conforming loans with an average rate of 3.675 percent.  FHA rates took the biggest dip among the 30 year loan products, slipping to 3.543 percent.

CD rates showed very little change overall, with the SelectCDrates.com CD rate index remaining at 1.171 percent.  The SelectCDrates.com CD rate index is a composite measure of the top ten best CD rates across several maturities including three month term CDs, six month CDs, one year CDs, two year, and five year certificates. 

The highest yielding three month CD rates showed change in the latest survey at 0.431 percent.  Six month CD rates lost some ground dropping to an average yield of 0.750 percent.  One year CD accounts saw a notable gain on the week with average rate advancing to 1.183 percent.  Two year bank CDs also made some gains with the average interest rate climbing to 1.346 percent.  The long term, five year certificates got a haircut, losing a few basis points to an average rate of 2.144 percent.

The top yielding money market accounts and savings accounts displayed no change in the current survey.  The average rate for the top ten best savings account rates and money market rates was held at 0.980 percent.

Credit card rates were also unaffected by the market moves.  The average rate on new credit card offers for consumers remained at 13.88 percent.

Bank rates market recap for April 6, 2015:

CD interest rates:
Composite CD interest rate index 1.171 percent
3 month CD rates 0.431 percent
6 month CD rates 0.750 percent
1 year CD rates 1.183 percent
2 year CD rates 1.346 percent 
5 year CD rates 2.144 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.980 percent

Mortgage rates: 
30 year mortgage rates 3.684 percent
15 year mortgage rates 3.021 percent
20 year mortgage rates 3.548 percent
30 year jumbo mortgage rates 3.675 percent
30 year FHA mortgage rates 3.543 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.10 percent
One year Treasury rate 0.21 percent
Two year Treasury rate 0.49 percent
Five year Treasury rate 1.26 percent
Ten year Treasury rate 1.85 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 3rd, 2015 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.

Interest Rates Start Settling Down in Mid March

Bank rates dropped backed down during the second week of March after rising with some vigor in the previous week following the release of the monthly jobs report.  The better than expected jobs growth numbers presented in the report by the government on Friday put a bit of shock into the interest rate market as many participants took the strong job figures as sign the Fed will consider raising interest rates in June of this year.

Despite strong jobs numbers, continuing economic reports have shown a less than robust economy.  The weak data came in the form of retail sales and housing construction.  These data points along with European monetary easing, European quantitative easing has definitely benefited bonds here in the US along with those in Europe, is providing a ceiling for interest rates and some pressure pushes rate back down.

These push and pull forces impacting interest rates from consumer credit card users to business borrowers are par for the course.  In fact, the Fed has stated in recent months that they still need to see further improvement in the market before moving rates higher meaning more up and down days and weeks are in front of us.

After reaching the highest level for the year at 2.24 percent on Friday, immediately the employment report release, the ten year Treasury bond drifted back down to 2.13 by the close of business on the thirteenth.  The five year Treasury made a similar move, dipping to 1.50 percent this past Friday after hitting 1.70 percent in the prior week.

Most borrowers will see the improving rate picture when shop for a new home loan.  Mortgage rates improved across a broad spectrum of home financing products throughout the week.

CD rates skipped the memo about lower bank rates and forged higher.  The SelectCDrtaes.com CD rate index skipped up to 1.171 percent with higher interest rates seen on mostly long term maturities with some action on the one year as well.  The SelectCDrates.com CD rate index is a composite measure of the top ten best CD rates across several maturities including three month term CDs, six month CDs, one year CDs, two year, and five year certificates. 

For the week, the average rate on the best one year bank CDs, two year CDs, and five year certificates all moved to the upside.

Money market rates and savings account rates also bucked the downside move with rates on the top yielding accounts moving up on the week.  The average rate on the top ten highest bank money market accounts and savings accounts made a minor increase to 0.980 percent.

Bank rates market recap for March 16, 2015:

CD interest rates:
Composite CD interest rate index 1.171 percent
3 month CD rates 0.431 percent
6 month CD rates 0.755 percent
1 year CD rates 1.171 percent
2 year CD rates 1.321 percent 
5 year CD rates 2.177 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.980 percent

Mortgage rates: 
30 year mortgage rates 3.986 percent
15 year mortgage rates 3.288 percent
20 year mortgage rates 3.769 percent
30 year jumbo mortgage rates 3.938 percent
30 year FHA mortgage rates 3.763 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.11 percent
One year Treasury rate 0.24 percent
Two year Treasury rate 0.68 percent
Five year Treasury rate 1.60 percent
Ten year Treasury rate 2.13 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 13, 2015 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.

Interest Rates Climbing Higher at Onset of March

Bank rates were higher for the first full week of March.  Interest rates made most of their gains during the tail end of the week when rates shot higher on March 6th thanks to a stronger than expected monthly employment report.

The ten year Treasury bond and five year Treasury note, both added on 13 basis points to their respective yields on Friday after the release of the U.S. Bureau of Labor Statistics monthly report.  The release showed that total nonfarm payroll employment increased by 295,000 in February, a number much larger than expected by the market.

Bank rates and mortgage rates are dictated primarily by bond market trading, and traders went into selling mode after the jobs data was digested.  The increasing number of strong jobs reports is leading traders to believe the Fed is going to raise short term interest rates in the early, second half of this year.

Of course, the jobs report is a significant data point that moves the market but it is not the only one.  Economic releases tied to manufacturing are showing a slowing pace of growth due to the strong dollar which continues to get stronger.  Housing data has also been less than robust with slowing numbers that may or may not be attributed to the weather. 

And while the troubles in the European Union (EU) and Greece have dropped out of focus this week, they will certainly come back to the front pages as the Greek debt crisis has not been resolved and the ECB is charging ahead with full scale monetary easing.

The first week of March ended up being a bad week for borrowers as mortgage rates climbed higher and good week for savers as CD rates also moved to the upside. 

Bank rates market recap for March 9, 2015:

CD interest rates:
Composite CD interest rate index 1.165 percent
3 month CD rates 0.431 percent
6 month CD rates 0.755 percent
1 year CD rates 1.161 percent
2 year CD rates 1.315 percent 
5 year CD rates 2.165 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.977 percent

Mortgage rates: 
30 year mortgage rates 3.986 percent
15 year mortgage rates 3.288 percent
20 year mortgage rates 3.769 percent
30 year jumbo mortgage rates 3.938 percent
30 year FHA mortgage rates 3.763 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.08 percent
One year Treasury rate 0.27 percent
Two year Treasury rate 0.73 percent
Five year Treasury rate 1.70 percent
Ten year Treasury rate 2.24 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 6, 2015 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.

Interest Rates Dip to End the Month of February

Economic data coming in slightly worse than forecast has pushed interest rates modestly lower for the last week of February.  CD rates and mortgage rates both moved lower on the week with credit card rates and money market rates holding steady. 

Data that had an impact on the market included GDP results for the fourth quarter which was scaled back from the previous release, weekly jobless claims that came in higher than expected, and existing and pending home sales for January came in below projections.  The Federal Reserve chairwoman also spoke to congress during the week, but this was mostly uneventful with little insight provided over when the Fed may increase interest rates.

The data released and digested by the markets over the course of the week did cause the ground to rumble in the bond market.  Bond price gains and the subsequent inters rate reductions were somewhat limited.  However, both treasuries and mortgage backed securities saw broad gains by the last trading day of the month.

The benchmark 10 year note dropped in yield from 2.13 percent at the onset of the week to 2.00 percent on Friday.  The five year T-note slipped to 1.50 percent from 1.61 percent and the one year Treasury security showed little movement, closing at 0.22 percent after starting out at 0.23 percent.

This is just one week’s worth of data and market activity.  Market watchers and investors will be reviewing the next set of meaningful data points and events that will influence the market going forward and the next event may be a big one – the monthly jobs report is due out this Friday.

Bank rates market recap for February 28, 2015:

CD interest rates:
Composite CD interest rate index 1.160 percent
3 month CD rates 0.431 percent
6 month CD rates 0.755 percent
1 year CD rates 1.159 percent
2 year CD rates 1.301 percent 
5 year CD rates 2.155 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.977 percent

Mortgage rates: 
30 year mortgage rates 3.944 percent
15 year mortgage rates 3.253 percent
20 year mortgage rates 3.724 percent
30 year jumbo mortgage rates 3.888 percent
30 year FHA mortgage rates 3.745 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.22 percent
Two year Treasury rate 0.63 percent
Five year Treasury rate 1.50 percent
Ten year Treasury rate 2.00 percent 2

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 28, 2015 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.

Bank Rates Move Higher from Mortgage Rates to CD Rates

Bank CD rates, mortgage rates and credit card rates were elevated for the week ending February 20, 2015 based on the most recent bank rate survey conducted by SelectCDrates.com.  Despite the attention grabbing headline, the interest rate increases for the week were not all that pronounced although they were rather all-encompassing.

As a quick measure of interest rate changes for the week, rate found on US Treasuries act as a good yardstick.  During the week, the ten year Treasury bond increased from 2.02 percent to 2.13 percent.  The two year Treasury note was ratcheted up by eight basis points on the week, increasing to 1.61 percent from 1.53 percent.  The one year Treasury was unchanged at 0.23 percent.  Almost all of the rate changes in the Treasury market took place on Tuesday, after the market was closed for Martin Luther King Day, with the remainder of the week remaining quite uneventful.

Drama over a debt deal or debt forgiveness in Europe took up most of the headlines regarding the interest rate market.  The Greek debt hubbub shared the spotlight with Fed members hinting about the position the Fed will take regarding future rate increases as well as the release of the Fed minutes from the previous FOMC (Federal Open Market Committee) meeting.  Unfortunately, the Fed insight was not very insightful.

The jump in rates on Tuesday pushed mortgage rates up to the high point for the year.  30 year mortgage rates closed out the week just shy of four percent.  The average rate at the nation’s largest bank mortgage lenders increased to 3.944 percent.  All mortgage loan products measured in the SelectCDrates.com survey move up on the week with the 30 year jumbo mortgage rate climbing to 3.88 percent and the average 30 year FHA mortgage rate increasing to 3.745 percent.

On the savings side of the bank ledger, the SelectCDrates.com CD rate index increased by almost one basis point during the week.  The SelectCDrates.com CD rate index is a composite measure of the top ten best CD rates across several maturities including three month term CDs, six month CDs, one year CDs, two year, and five year certificates.  The CD rate index moved up to 1.172 percent. 

Short term CD rates were mostly unchanged on the week with the three month rates and six month rates holding firm.  One year, two year and five year certificate all displayed higher yields by week’s end.

Credit card rates inched up by just one basis point in the most recent survey.  Rate changes were extremely light with only a few credit card rate changes causes the index to bump up.  The average rate on new credit card offers climbed to 13.89 percent, the first rate increase in the credit card market this year.

Bank rates market recap for February 23rd, 2015:

CD interest rates:
Composite CD interest rate index 1.172 percent
3 month CD rates 0.426 percent
6 month CD rates 0.782 percent
1 year CD rates 1.164 percent
2 year CD rates 1.311 percent 
5 year CD rates 2.178 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.977 percent

Mortgage rates: 
30 year mortgage rates 3.944 percent
15 year mortgage rates 3.253 percent
20 year mortgage rates 3.724 percent
30 year jumbo mortgage rates 3.888 percent
30 year FHA mortgage rates 3.745 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.23 percent
Two year Treasury rate 0.67 percent
Five year Treasury rate 1.61 percent
Ten year Treasury rate 2.135 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 20, 2015 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.

Bank Rates Drop Friday, Approach High for the Year

The jobs report did it.  A stronger than expected jobs report pushed interest rates higher on Friday unwinding the bulk of the rate of reductions seen thus far in 2015.  The big data was not really the jobs gain the economy experienced in January but the upward revision the Bureau of Labor Statistics reported for the previous two months.

The strong jobs report for January combined with the previous months revision raised the expectations that there will be a Fed rate hike sooner than expected.  While this is often the commentary of loud mouthed economists, whether the Fed raises rates this year or next year is not the driving force behind interest rates. 

One need only look at the recent drop in interest rates over the past three months to see that the Fed may influence rates but is far from the only force pushing and pulling on consumer lending and savings rates.  If the Fed drives interest rates, how do economists explain rates dropping so precipitously in the last quarter of 2014 and the start of 2015 when the Fed was on the sidelines?  And, not only are the Fed sitting on the sidelines but it was in the fourth quarter of 2014 when the Fed ending the big monetary stimulus program that was the allegedly the cause of low interest rates.

The catalyst for rates is simply strong economic growth and inflation expectations.  Economic growth leads to pricing pressure or higher costs and greater loan demand.  Both, higher costs or inflation and increased demand for lending pushes interest rates higher.  Of course, one data point on the economy does make a trend.  The jobs report was a fairly significant report this time since the current and previous revisions were all quite strong.  Strong jobs

There are, however, opposing forces that are working to keep interest rates down.  The oil sector is slow and is putting downside pressure on economic growth, foreign economies are very slow which hurts international demand, and a strong dollar makes imports cheap and international sales that originate from the U.S. slow.  The strong dollar leads to cheap imports which will keep inflation in check, the strong dollar also makes our international sales less competitive which impedes the profits and production of big companies such as Caterpillar, GE, and other multinationals.

The recent increase may also be looked at as a small blip relative to the large reduction that has taken place recently.  The ten year Treasury did jump over 20 basis points this past week but is still below the yield seen at the start of the year.  Likewise, mortgage rates are up measurably on the week but have not passed the rates and costs of early January.

Bank rates market recap for February 9th, 2015:

CD interest rates:
Composite CD interest rate index 1.164 percent
3 month CD rates 0.426 percent
6 month CD rates 0.782 percent
1 year CD rates 1.150 percent
2 year CD rates 1.309 percent 
5 year CD rates 2.155 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.977 percent

Mortgage rates: 
30 year mortgage rates 3.8082 percent
15 year mortgage rates 3.176 percent
20 year mortgage rates 3.642 percent
30 year jumbo mortgage rates 3.875 percent
30 year FHA mortgage rates 3.675 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.26 percent
Two year Treasury rate 0.65 percent
Five year Treasury rate 1.48 percent
Ten year Treasury rate 1.95 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 6th, 2015 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.

Odd Divergence in Bank Rates

Most bank rates continued to decline through the close of January however, the best CD rates available at the nation’s banks showed a noticeable gain during the last week of the month.  If this scenario were to progress, it would most certainly be a win-win for the average consumer with higher savings rates and lower borrowing costs.  Then again, the likelihood of this kind of divergence between savings rates and lending rates continuing with any amount of vigor is highly unlikely.

The new round of monetary stimulus getting underway in Europe, the only real monetary stimulus policy of the ECB, is the big catalyst driving rates lower.  Low inflation and a cloud over continued growth in the U.S. is certainly helping to keep a cap on rates but the U.S. economy is the one bright spot among world economies and if outside pressures coming from low rates in Europe were not pushing U.S. rates lower, it would be hard to reckon how or why interest rates have dropped by so much.

Even though economic growth in the U.S. is not moving like a firework, some sort of play on Katy Perry lyrics (sorry), the Fed has terminated their asset purchase program that was the biggest stimulus program ever conducted by the Federal Reserve and a rate hike by the Fed is the key topic of conversation among Fed watchers and macro economists.  These factors would normally push rates higher or, at a minimum, put a floor under interest rates.  Not happening.  Rates, with the exception of bank CD rates, keep moving south.

For the last week of January, Treasury rates and mortgage rates dipped lower.  The ten year Treasury rate closed out January at a remarkable, 1.68 percent. 

Money market and savings rates at the close of January were little changed and credit card rates were stuck in the mud.  The top yielding CD rates jumped with increases in the best three month CD rates, six month CD rates, one year CD rates and two year CD rates.  Only the five year term maturities were held in check on the week.

Bank rates market recap for February 2nd, 2015:

CD interest rates:
Composite CD interest rate index 1.170 percent 
3 month CD rates 0.426 percent 
6 month CD rates 0.779 percent 
1 year CD rates 1.141 percent 
2 year CD rates 1.308 percent  
5 year CD rates 2.195 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.993 percent

Mortgage rates:  
30 year mortgage rates 3.732 percent 
15 year mortgage rates 3.159 percent 
20 year mortgage rates 3.569 percent
30 year jumbo mortgage rates 3.813 percent
30 year FHA mortgage rates 3.565 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.18 percent
Two year Treasury rate 0.47 percent
Five year Treasury rate 1.18 percent
Ten year Treasury rate 1.68 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 30th, 2015 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.

Interest Rates Continue to Slide

Mortgage rates, CD rates and Treasury rates all moved lower going into the final days of January.  The rate changes seen in bank savings and lending rates for the week ending January 23rd were relatively mild compared to the rate reductions experienced in the opening weeks of the year.  Slumping rates are good news for new borrowers and not so good news for savers and fixed income investors.  Fortunately for savers, CD rates were relatively unscathed this past week and money market rates were unchanged.

European bond markets and a new round of monetary stimulus by the ECB has been the big catalyst prodding US rates lower.  As rates are stabilizing at an extremely low level, a new concern over a slowing US economy is starting to surface.  Corporate profits are getting squeezed by the strong dollar and oil profits are getting eviscerated by lower crude prices.  In addition, US retail sales in December did not warrant a year end celebration and the preliminary figures came in well under expectations.

All in all, no underlying factors are surfacing that would spoil the low interest rate environment for borrowers and the dismal situation for savers.

Mortgage lender rates did improve through the week but only modestly.  The average rate on popular, 30 year fixed rate mortgage coming from the nation’s leading mortgage lenders was 3.732 percent based on the most recent survey conducted on January 23, 2015.  30 year jumbo loan rates and FHA rates were also down fractionally for the week with the average jumbo rate coming in at 3.813 percent and the average FHA rate ended the week at 3.565 percent.

The average rate on the top bank CDs available nationally were cut by less than one basis point or 1/100th of one percent.  The average rate in the SelectCDrates.com CD rate index closed out the week at 1.155 percent which is just 2/1000ths of a percent off of the average rate in the prior week.

The highest yielding bank money market account rates and savings account rates were unchanged over the course of the week.  The top money market and savings rate held at 0.993 percent.

Credit card rates were also held in check.  Interest rates on credit cards remained unchanged for the third consecutive week with very few rate changes occurring among the major credit card issuers and no new credit cards entering the market.  The average for new credit card offers remained at 13.89 percent.

Bank rates market recap for January 26h, 2015:

CD interest rates:
Composite CD interest rate index 1.155 percent
3 month CD rates 0.406 percent
6 month CD rates 0.749 percent
1 year CD rates 1.131 percent
2 year CD rates 1.295 percent 
5 year CD rates 2.195 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.993 percent

Mortgage rates: 
30 year mortgage rates 3.732 percent
15 year mortgage rates 3.159 percent
20 year mortgage rates 3.569 percent
30 year jumbo mortgage rates 3.813 percent
30 year FHA mortgage rates 3.565 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.17 percent
Two year Treasury rate 0.52 percent
Five year Treasury rate 1.33 percent
Ten year Treasury rate 1.81 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 23rd, 2015 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.

Mortgage Rates and CD Rates Sink Lower in Mid January

The European economic morass and fears of deflation have helped fuel a bond market rally in the U.S from the end of 2014 into 2015.  The U.S bond market gains in recent weeks have been steered almost entirely by global events.  The protracted bond market rally has pushed interest rates lower across a wide swath of bank savings and lending products. 

In contrast to the uncertainty in Europe over economic growth, deflation, and interest rates, the U.S economy has shown steady economic growth, job gains, and a more hands off approach by the monetary authority or Federal Reserve.  Based on the economic data and position of the Federal Reserve, most economists are or were expecting a rate increase by the Fed in the second half of this year.  An interesting prediction as interest rates keeps falling.

By mid January, the money moving into the bond market has pushed mortgage rates, Treasury rates, and long term CD rates lower.  10 year Treasury rates have settled well below 2.00 percent, closing at 1.83 percent on Friday.  30 year mortgage rates are now comfortably below 4.00 percent with the average 30 year conforming rate hovering at just over 3.75 percent. 

Short term CD rates showed very little impact from the drive to lower bank rates but, long term, certificates experienced a mild hair cut.  The average rate on the top ten best five year CD rates available nationally slipped to 2.205 percent.  Surpassingly, the top yielding CD rates have held up quite well in light of the rate reduction seen in the rest of the market.

Bank money market account rates and savings rates have held up even better than CD rates with the best accounts showing a mild gain over the past week.  The average yield found on the top ten highest savings accounts and money market accounts ticked up to 0.993 percent at the close of the week.

Credit card rates continued to be stuck in the mud with very little competitive pressure surfacing among the top credit card issuers in the nation.  The average rate on new credit card offers held once again at 13.89 percent.

Bank rates market recap for January 19th, 2015.

CD interest rates:
Composite CD interest rate index 1.157 percent
3 month CD rates 0.407 percent
6 month CD rates 0.749 percent
1 year CD rates 1.131 percent
2 year CD rates 1.295 percent 
5 year CD rates 2.205 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.993 percent

Mortgage rates: 
30 year mortgage rates 3.871 percent
15 year mortgage rates 3.274 percent
20 year mortgage rates 3.677 percent
30 year jumbo mortgage rates 3.888 percent
30 year FHA mortgage rates 3.700 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.17 percent
Two year Treasury rate 0.49 percent
Five year Treasury rate 1.22 percent
Ten year Treasury rate 1.83 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 16, 2015 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 January 16, 2015 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, best interest checking accounts and best credit card rates.

Interest Rates Take a Dip to Start 2015

Mortgage rates moved lower, Treasury rates tumbled, and CD rates slipped by a fraction as we enter the New Year.  Troubles in Europe appear to be the biggest catalyst for the drop in interest rates.  A slow economic environment across the pond combined with political instability in Greece is bringing fresh dollars into safe and secure securities once again.  The beneficiary of that flight to safety is US Treasuries and similar fixed income accounts.

As of Monday morning, the ten year Treasury rate has dropped below 2.10 percent.  To put this number in perspective, the ten year opened 2014 at 3.00 percent even.  Simply stunning numbers.

Not all rates have been impacted as powerfully as the ten year term Treasury.  The ten year is taking the biggest flow of new funds, reinforcing the flight the safety theory.  (The flight to safety theory is further reinforced with the drop in Euro which stands at a nine year low against the dollar this morning)

In fact, all through December and into January now, CD rates have held their somewhat, high ground.  The average rate for the top ten highest bank CDs in the SelectCDrates.com bank rate survey has started off 2015 with a yield of 1.171 percent. 

At the onset of 2014, the SelectCDrates.com CD rate index stood at 1.069 percent or just over ten basis points lower than where it is today.  Interesting phenomenon in an environment of sliding interest rates and inflation expectations.

The SelectCDrates.com CD rate index is a composite measure of the top ten best CD rates across several maturities including three month term CDs, six month CDs, one year CDs, two year, and five year certificates.

Much of the gain in the CD rates for 2014 came on the long end of the curve.  The best five year CD rates started2014 at 1.988 percent and have since climbed to 2.220 percent today.

Mortgage rates were not far behind the ten year Treasury going into 2015.  In the most recent survey of bank rates conducted at the close of business on January 2nd, 2015 the average 30 year mortgage rate coming from the nation’s largest bank mortgage lenders was 3.871 percent.  The average rate is a few basis points lower than it was in the prior week and at this time last year, the average 30 year fixed rate conforming loan was roughly 90 basis points higher at 4.704 percent.

Bank savings and money market rates were unchanged for the last week of 2014 and into 2015.  The average rate on the top ten highest savings and money market accounts came in at 0.984 percent. 

Bank rates market recap for January 5th, 2015.

CD interest rates:
Composite CD interest rate index 1.171 percent
3 month CD rates 0.406 percent
6 month CD rates 0.749 percent
1 year CD rates 1.141 percent
2 year CD rates 1.340 percent
5 year CD rates 2.220 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.984 percent

Mortgage rates: 
30 year mortgage rates 3.871 percent
15 year mortgage rates 3.274 percent
20 year mortgage rates 3.677 percent
30 year jumbo mortgage rates 3.888 percent
30 year FHA mortgage rates 3.700 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.11 percent
One year Treasury rate 0.25 percent
Two year Treasury rate 0.66 percent
Five year Treasury rate 1.61 percent
Ten year Treasury rate 2.12 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 2, 2015 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.

Rates Inch Higher Across the Board as 2014 Comes to a Close

Interest rates increased slightly during the shortened holiday week.  Volume was very light for bonds as traders were enjoying the holiday and not the trading floor, but there was enough action to move longer term rates modestly higher.  Short term interest rates were not impacted and displayed little movement on the week.  The minor drop in bond prices and corresponding rise in interest rates affected mortgage rates, long term CD rates, and even some money market rates.

The rise in long term rates while short term rates held steady resulted in the Treasury yield curve (i.e. the difference between short-term yields and long-term yields) widened during the week.  One year Treasury yields remained unchanged for the week at 0.26 percent while ten year yields rose from 2.17 percent at the start of the week to 2.25 percent at week’s end.  Financial fortune tellers hone in on these situation.

Rising rates and an increase in the slope of the yield curve is generally correlated with improving economic conditions.  Good news for the economy has been seen in falling inflation expectations especially as oil prices have dipped to new lows, better than average employment growth, expanding consumer spending, and Fed optimism regarding the economy and labor market.  In fact, the Federal Reserve continues to hold down short term interest rates through monetary policy even in the absence of the bond buying program or quantitative easing put in place by the prior Fed Chairman which ended in October.

All the attention on oil prices is noteworthy as it can provide a nice shot in the arm to the economy and have a transitory affect on inflation but oil price changes have little impact on future interest rates

The downside of this rosy economic picture for borrowers is the potential for rising long term interest rates in 2015.  The upside, savers will finally see rising savings rates and CD rates.  An expanding economy is also good for the unemployed and underemployed as the labor market tightens up.

As we continue to read the tea leaves, we can sit tight for awhile.  In the near-term, mortgage rates, CD rates and savings account rates don’t appear to be on the brink of a fast break out in any direction.

Bank rates market recap for December 29, 2014.

CD interest rates:
Composite CD interest rate index 1.171 percent
3 month CD rates 0.406 percent
6 month CD rates 0.749 percent
1 year CD rates 1.141 percent
2 year CD rates 1.340 percent
5 year CD rates 2.221 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.984 percent

Mortgage rates: 
30 year mortgage rates 3.986 percent
15 year mortgage rates 3.373 percent
20 year mortgage rates 3.761 percent
30 year jumbo mortgage rates 3.963 percent
30 year FHA mortgage rates 3.763 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.10 percent
One year Treasury rate 0.26 percent
Two year Treasury rate 0.73 percent
Five year Treasury rate 1.75 percent
Ten year Treasury rate 2.25 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 29, 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.

Mortgage Rates Low, CD Rates Off, Money Markets Up and Credit Cards Don’t Care

Interest rates were lower for most fixed income accounts during the second week of December.  Loan rates continued to improve and are currently at very attractive levels across many consumer loan products from mortgage loans to car loans.  Treasury rates were also lower through mid December with some very significant moves in the long term Treasury bonds.  Not all rates however were seen falling throughout the week.  The top money market and savings rates moved higher while credit card rates simply stayed put.

Mortgage rates were down slightly during the week putting the average rate just above the record lows of early 2013.  The average 30 year fixed rate mortgage continued to move down staying just under the four percent mark.  The average 30 year rate coming from the nation’s largest bank mortgage lenders was 3.915 percent based on the most recent bank rate survey conducted by SelectCDrates.com.  30 year jumbo loan rates were pulled down as well with the average rate on these larger loan amounts coming in at 3.863 percent.  FHA rates were little changed with an average cost of 3.700 percent.

The top CD rates were little changed with only a slight move to the downside.  The best CD rates had been diverging from the overall market in recent weeks and had slowly tiptoed higher while the trend in the fixed income market had been for rates to move to the downside.  The average rate on the top yielding CDs available nationally slipped to 1.169 percent.  The average CD rate is measured by the SelectCDrates.com which surveys the top ten best CD rates across several maturities including three month term CDs, six month CDs, one year CDs, two year, and five year certificates.

Money market and savings account rates bucked the downward trend and moved to the upside.  The top money market rates saw increased competitive pressures which pushed interest rates higher however; these types of bank accounts are all adjustable rate accounts, not fixed rates.  The average rate on the top ten highest bank money market and savings accounts was lifted to an average yield of 0.977 percent.

Credit card rates sat out the action and were once again unchanged on the week.  Credit cards continue to be a profitable business segment for financial institutions with sticky rates holding at elevated levels for consumers while the costs of funds for these institutions continuing to drop.  The average rate across all consumer credit card offers has remained at 13.89 percent.

Treasury rates also dipped down on the week with stronger moves in long term Treasuries or those with terms over two years and smaller changes in the short term securities.  Ten year rates closed out Friday with a rate of 2.10 percent, the lowest close for the year.  The five year moved down to 1.53 percent which is off of the low point of the year reached in October when the five year hit 1.37 percent.  The one year was fairly inactive, ending the week at 0.19 percent.  The current one year rate is actually ten basis points off the low of the year.  The one year Treasury has dipped down to 0.09 percent multiple times in 2014.

Bank rates market recap for December 15, 2014.

CD interest rates:
Composite CD interest rate index 1.169 percent
3 month CD rates 0.406 percent
6 month CD rates 0.749 percent
1 year CD rates 1.141 percent
2 year CD rates 1.336 percent
5 year CD rates 2.212 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.977 percent

Mortgage rates: 
30 year mortgage rates 3.915 percent
15 year mortgage rates 3.309 percent
20 year mortgage rates 3.677 percent
30 year jumbo mortgage rates 3.863 percent
30 year FHA mortgage rates 3.700 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.09 percent
One year Treasury rate 0.19 percent
Two year Treasury rate 0.56 percent
Five year Treasury rate 1.53 percent
Ten year Treasury rate 2.10 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 15, 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.

Mortgage Rates at 2014 Lows as CD Rates Reach New Highs

Mortgage rates and Treasury rate have continued to dip lower to start off December while the top CD rates in the nation have moved higher.  Today’s mortgage rates are at the lowest level in 2014 and through most of 2013.  The divergence between the low mortgage rates and higher CD rate appears to be the result of an expanding economy.  While this theory may not be widely accepted, there is no denying the drop in mortgage rates, Treasury rates and other consumer lending rates in 2014 even while the CD rates have managed to climb higher through the fourth quarter of the year.

The best five year CD rates that were available nationwide at the end of 2013 had, on average, a yield that did not quite touch 2.00 percent.  Of the ten highest five year CDs in December of 2013, five had interest rates at or above 2.00 percent.  At the onset of December of 2014 in the most recent bank rate survey conducted by SelectCDrates.com, all ten bank CDs with the highest five year term yields were above 2.00 percent with an average rate of 2.213 percent.

Two year CD rates have shown a similar rise this year.  The average rate found on the top ten best two year CDs is at 1.356 percent as of the first week of December 2014.  When 2013 came to a close, the average rate found on the top two year certificates was 1.158 percent.  This data shows the highest two year and five year bank CDs have climbed by approximately 20 basis points or 0.20 percent this year.  This occurrence is taking place as Treasury rates and mortgage rates have moved lower.

During the time that CD rates exhibited a modest yet solid increase, mortgage rates have absolutely plummeted.  Over the last 2-3 years, mortgage rates have bounced around near record low costs.  And the final quarter of 2014 is showing no signs of changing that trend.  On the last week of December 2013, the average 30 year fixed rate mortgage available at the nation’s largest bank mortgage lenders had an average cost of 4.704 percent.  As of the most recent survey of bank rates conducted by SelectCDrates.com, the average 30 year mortgage rate stood at 3.972 percent.

Car loan rates have followed the trend of mortgage rates in the second half of the year and have mostly pushed lower.  Credit card rates have not followed the downward trend found in other consumer loan products and have held at relatively high rates throughout the year.  Money market account and savings account rates have gyrated quite a bit in light of both, the downward move in consumer loan rates and the upward move in bank CD rates.  In the average interest rate on the top ten highest yielding money market and savings accounts came in at 0.970 percent.  The interest rate on the top money market and savings accounts at the end of 2013 was 0.871 percent.

With the economy continuing to strengthen at slow but commitment pace combined with low wage growth and depressed commodity prices, interest rates are not likely to make any measurable changes in the coming weeks.

Bank rates market recap with the weekly change in interest rates offered for December 1, 2014.

CD interest rates:
Composite CD interest rate index 1.172 percent
3 month CD rates 0.406 percent
6 month CD rates 0.742 percent
1 year CD rates 1.142 percent
2 year CD rates 1.356 percent
5 year CD rates 2.213 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.970 percent

Mortgage rates: 
30 year mortgage rates 3.972 percent
15 year mortgage rates 3.284 percent
20 year mortgage rates 3.697 percent
30 year jumbo mortgage rates 3.875 percent
30 year FHA mortgage rates 3.700 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.13 percent
Two year Treasury rate 0.47 percent
Five year Treasury rate 1.49 percent
Ten year Treasury rate 2.18 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 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 December 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, best interest checking accounts and best credit card rates.

Interest Rates On Hold for Borrowers and Savers

A strong stock market, a solid monthly jobs report, and concerns over the Fed and inflation have failed to move interest rates higher.  CD rates, Treasury rates, and mortgage rates were little changed going into the second week of November.  A tight trading range in the interest rate market is nothing new but, the lack of any significant rate changes comes on the heels of another monthly jobs report with employment growth north of 200,000.

Since the first of October, the benchmark 10 year Treasury note and mortgage bonds have stayed in tight trading range.  With these key bonds holding steady, other bank rates that are priced based on these securities or price sensitive to the securities held steady as well.  Despite all the economic news, interest rates trading mostly sideways all week.

The average 30 year mortgage rate coming from the nation’s leading bank mortgage lenders started off the second week of November at 4.099 percent, little changed from the previous weekly bank rate survey.  30 year jumbo mortgage rates were fractionally lower at 4.000 percent.  FHA mortgage rates skirted below 4.00 percent for the week with an average rate of 3.788 percent.

CD rates were pretty much left intact over the course of the week.  Savers may be disappointed with rates of return on the average CD however; the top CD rates have pushed higher over the past couple of months in spite of the drop in mortgage rates and Treasury rates.  The average CD rate on the highest yielding CDs available nationwide was 1.158 percent.  The average rate is based on the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs available in all 50 states.

Bank money market rates and savings account rates dipped ever so slightly this past week with an average interest rate of 0.947 percent.

Credit card rates reversed course and skipped higher during the current survey.  The rate increase on consumer credit cards was very modest, rising by just one basis point or .01 percent.  The average rate on new consumer credit card offers ended the week at 13.89 percent.

Bank rates market recap with the weekly change in interest rates offered for November 10th, 2014.

CD interest rates:
Composite CD interest rate index 1.158 percent 
3 month CD rates 0.406 percent 
6 month CD rates 0.732 percent 
1 year CD rates 1.124 percent 
2 year CD rates 1.300 percent 
5 year CD rates 2.228 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.947 percent

Mortgage rates:  
30 year mortgage rates 4.099 percent 
15 year mortgage rates 3.411 percent 
20 year mortgage rates 3.878 percent
30 year jumbo mortgage rates 4.000 percent
30 year FHA mortgage rates 3.788 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.06 percent
One year Treasury rate 0.12 percent
Two year Treasury rate 0.51 percent
Five year Treasury rate 1.60 percent
Ten year Treasury rate 2.32 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 10, 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.

Big Bank CD Rates Continue to be Dismal

The SelectCDrates.com weekly survey of banks CD rates is raising a red flag when it comes to big bank certificates of deposit.   The data released shows big banks continue to offer rates of return that fall well behind the top bank CD rates in the nation.  The dismal yields at the mega banks are not only falling well behind the best CD rates available but are lagging behind the rates and returns offered at most community banks and local institutions as well. 

Herd mentality among the major financial institutions in the U.S. is not the source of the low interest rates at the nation’s largest banks.  Although, after the last economic crisis one could argue that the mega banks are incapable of either independent or sensible business behavior.  A low rate environment spurred by the Fed combined with bank balance sheets that are cash heavy are mostly to blame for the current dismal CD yields.

Due to the actions of the Federal Reserve, interest rates for savings and lending have plummeted at all banks, not just the large banks.  The Fed’s monetary easing programs that have included a massive bond buying plan and an effort to keep low interest rates on the Fed Funds rate, the interest rates charged for overnight loans between banking institutions, has pushed interest rates to near zero for short term, safe and secure securities.  The drop in CD rates at the nation’s largest banks is also the result of economic conditions. 

Competitive CD interest rates are just not part of the banking formula for growth nor does it need to be.   With the economy remaining sluggish, big banks have stock piles of cash that is available for future loan growth and they do not have to lure in new customers with high interest rates.  Attracting new depositors via high interest rates is an unprofitable and unnecessary policy for most banks, especially at the big banks that have substantially larger balance sheets. 

Rising CD rates will start to become more widespread at larger banks when the economy really picks up steam.  Incremental increase in US output will certainly push interest rates higher as loan demand increases and inflation expectations rise however, with the oversized cash cushion at the nation’s largest banks, incremental increases in economic production will have little impact on their need to raise savings rates or CD rates.  Rate increases are more likely to surface at smaller banks that are seeing pockets of strong loan demand and are will aim to attract new customers and new money to support and expand loan growth.

To see just how bad the CD rates are at the big banks, the data below compares the average CD rates at the top five largest banks with the national average CD rates presented by the FDIC and the best CD rates available based on the current survey produced by SelectCDrates.com.

FDIC weekly national rates for CDs:
(rates updated Nov 3rd, 2014)

6 month CD rate 0.12%
1 year CD rate 0.20%
2 year CD rate 0.34%
5 year CD rate 0.78%

SelectCDrates.com best CD rates available nationally by term:
(average rate for the top ten highest CD rates by term, updated Nov 3rd, 2014)

6 month CD rate 0.74%
1 year CD rate 1.12%
2 year CD rate 1.30%
5 year CD rate 2.22%

Chase Bank CD Rates:

6 month CD rate 0.02%
1 year CD rate 0.02%
2 year CD rate 0.25%
5 year CD rate 0.55%

Bank of America CD Rates:

6 month CD rate 0.03%
1 year CD rate 0.05%
2 year CD rate 0.10%
5 year CD rate 0.15%

Wells Fargo CD Rates:

6 month CD rate 0.01%
1 year CD rate 0.05%
26 month CD rate 0.20%
4 year CD rate 0.41%

Citibank CD Rates:

6 month CD rate 0.10%
1 year CD rate 0.20%
2 year CD rate 0.25%
5 year CD rate 0.50%

US Bank CD Rates:

6 month CD rate 0.05%
1 year CD rate 0.10%
2 year CD rate 0.20%
59 month CD rate 1.50%

The Annual Percentage Yields (APYs) listed are effective for 11/03/2014 and are subject to change without notice.  Bank CD rates may vary by region and may also require a banking relationship.  

To view the rates offered by the largest U.S. banks a complete list can be found at Chase CD rates, Bank of America CD rates, Citibank CD rates, Wells Fargo CD rates and US Bank CD rates.  More information on the best CD rates available by term can be found at the following rate tables: 6 month CD rates, 1 year CD rates, 2 year CD rates, and 5 year CD rates.

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Bank Lending Rates Tumble, Savings Rates Inexplicably Rise

Unrest and fear around the globe has caused jitters in world markets pushing interest rates lower.  As fear and uncertainty rises, investors often flock to the safety and security of highly rated fixed income investments such as Treasury notes and bonds as well as mortgage backed bonds.  This past week, along with the previous week, was no exception with the Ebola virus scare growing, Isis continuing to wage war throughout the Middle East, Russia and Ukraine still feuding, protests growing in Hong Kong, and European growth rates as well as growth in China coming into question.

Commodity prices have taken a licking, equity prices have dipped and money has moved into Treasuries, pushing Treasury rates much lower.  The ten year Treasury bond has fallen to 2.31 percent on Friday, a new low for 2014.  Bond buying spilled into the mortgage market with the average 30 year mortgage rate dropping down to 4.089 percent.  That’s a hair over four percent for 30 year debt.  Jumbo rates, FHA mortgage rates, and shorter term home loan rates followed right along with significantly lower costs at week’s end.

There is an expression in Chicago, vote early and vote often.  If the financial soothsayers are right and interest rates are going to move higher in 2015 and beyond, the expression has to be altered to, borrow early and borrow often.  Rising interest rates helps lift hard asset prices such as housing and the low fixed interest rate payments on new mortgages are a borrower’s best friend when rates rise along with wages and the general level of consumer prices.

A further benefit to consumers this week was the savings side of the interest rate equation.  As mortgage rates and Treasury rates have tumbled, bank CD rates kept moving on up.  Competition among the top CD issuers started heating up in September and while the rest of the interest rate market is going south, CD rates have advances higher.  The average yield for the top CD rates available nationally has climbed up to 1.164 percent.

The average yield is measured by the SelectCDrates.com CD rate index which gauges the best CD rates available nationally on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.

The best one year CD rates are now solidly over one percent with an average rate of return of 1.103 percent.  The average rate on the top ten highest five year CDs now yields 2.244 percent.  This past week, the only maturity to show a decline was the three month CD rates which slipped to 0.409 percent.

Money market rates and savings account rates managed to move higher as well this past week.  The average interest rate found on the top bank money market accounts and savings accounts climbed to 0.944 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending October 13, 2014.  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 for October 13, 2014

CD interest rates:
Composite CD interest rate index 1.164 percent
3 month CD rates 0.409 percent
6 month CD rates 0.782 percent
1 year CD rates 1.108 percent
2 year CD rates 1.291 percent
5 year CD rates 2.231 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.944 percent

Mortgage rates:
30 year mortgage rates 4.089 percent
15 year mortgage rates 3.374 percent
20 year mortgage rates 3.828 percent
30 year jumbo mortgage rates 3.988 percent
30 year FHA mortgage rates 3.800 percent

Credit card rates:
Credit card rates for new credit card offers 13.87 percent

US Treasury rates:
Six month Treasury rate 0.04 percent
One year Treasury rate 0.10 percent
Two year Treasury rate 0.45 percent
Five year Treasury rate 1.55 percent
Ten year Treasury rate 2.31 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 10, 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.

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week of October 13, 2012 can be found at the following rate tables: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 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, best interest checking accounts and best credit card rates.

Bank Rates Settle Down with the Notable Exception of CD Rates

As September comes to a close, bank rates are pulling back slightly from the brief run up mid-month.  A lot of the pull back and rate changes are based on the lead provided by the Treasury market.  Mid-term and long term Treasury rates jumped right after the first week of the month but pared their gains (in yield, not price) by almost half as the last few days of the month comes along.

Short term Treasury rates were especially nonplussed by the rate action from day one this month with ultra-short Treasury rates, three and six month maturities, actually ended lower on September 26 from where they started the month of September and one year Treasury rates bumping just one basis point higher.

Mortgage rates managed to settle back quite a bit as the month has moved along.  The average rate on the benchmark 30 year mortgage dropped back down to 4.274 percent.  FHA rates closed out only a tad above the four percent mark with an average cost of 4.005 percent.  The average jumbo mortgage rate got a little stuck on the climb higher and has remained slightly elevated; the average rate on the 30 year jumbo mortgage loans was 4.180 on September 26th.

Credit card rates followed along and moved lower by one basis point.  The average rate on new consumer credit cards is now at 13.87 percent.

Money market and savings account rates also move lower.  The rate reduction on these bank products was more due to competition among the top performers than market pressures.  The average rate on the top ten highest bank money market rates and savings rates ended the week at 0.937 percent.

CD rates completely bucked the trend and made yet another move to the upside.  The average rate on the best CD rates available in the nation climbed to 1.166 percent.  The average CD rate is calculated using the SelectCDrates.com CD rate index which measures the top ten best CD rates on the three month term bank CDs, six month term CDs, one year CDs, two year and five year bank CDs that are available nationally.

CD rates have been heating up for a few weeks now and show no signs of letting up.  The best CD rates available nationally have increased across the board with mid and long term maturities increasing the most.  The average rate on the best five year CD rates has been bumped up to 2.244 percent.  The best one year CD rates are well above one percent now with the average rates among the top ten highest one year bank CDs moving up to 1.103 percent.

World markets continue to play a pivotal role in shaping US interest rates.  Monetary action in Asia and Europe has shown some impact on pushing interest rates lower even while US economic news has been bright, which would normally drove rates in the opposite direction.  Of course, we cannot ignore the Fed, the historic monetary easing program designed to stimulate the economy under Ben Bernanke’s leadership at the Fed is due to come to a close next month and as of yet, the markets have shown no measurable reaction.  Stay tuned.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 26, 2014.  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 for September 26, 2014

CD interest rates:
Composite CD interest rate index 1.166 percent
3 month CD rates 0.414 percent
6 month CD rates 0.782 percent
1 year CD rates 1.103 percent
2 year CD rates 1.286 percent
5 year CD rates 2.244 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.937 percent

Mortgage rates:
30 year mortgage rates 4.274 percent
15 year mortgage rates 3.517 percent
20 year mortgage rates 4.075 percent
30 year jumbo mortgage rates 4.180 percent
30 year FHA mortgage rates 4.005 percent

Credit card rates:
Credit card rates for new credit card offers 13.87 percent

US Treasury rates:
Six month Treasury rate 0.02 percent
One year Treasury rate 0.11 percent
Two year Treasury rate 0.59 percent
Five year Treasury rate 1.80 percent
Ten year Treasury rate 2.54 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 26, 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.

Bank Mortgage Rates and CD Rates Breaking Out

The last piece of significant economic news moving inters rates was the lackluster jobs report released on September 5th, 2014.  Since the release, long term interest rates of done nothing but move higher apparently without provocation.  Now, relative to where the market is historically, the interest rate changes are not earth shattering but, we are starting to see bank CD rates and mortgage rates move out of the comfy trading range they have settled in since the second quarter of 2014.

This past week, mortgage rates leaped higher by almost 14 basis points.  This is the largest increase since early summer.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage rate at the nation’s largest bank mortgage lenders ended the week at 4.320 percent.  30 year jumbo mortgages saw a slightly greater rate increase, moving up to 4.225 percent on the week or a rise of almost 17 basis points.  FHA rates followed with an increase of just over ten basis points to 4.038 percent.

CD rates did move nearly as much mortgage rates or Treasury rates this week.  CD rates have been leading the market higher however, as summer has started to come to a close.  This past week was somewhat muted relative to the previous week’s advances with the average rate on the best bank CD rates available nationally climbing by just 2/1000ths of a percent to an average rate of 1.144 percent.

The average CD rate is calculated using the SelectCDrates.com CD rate index which measures the top ten best CD rates on the three month term bank CDs, six month term CDs, one year CDs, two year and five year bank CDs that are available nationally.

Of the five maturities used to calculate the CD rate index, only the six month and two year CD rates moved higher.  The average rate on the top ten six month CDs popped up to 0.742 percent while the average rate on the two year certificates moved up to 1.272 percent.

Treasury rates made a statement regarding the changing outlook for interest rates as long term rates rose significantly more versus short term rates.  The change ion long term rates over short term rates results in a steepening yield curve which is indication of higher rates into the future.

Over the course of the week, six month Treasury rates were unchanged at 0.05 percent, one year rates increased by one basis point to 0.11 percent, two year Treasury rates were up by six basis points to 0.58 percent, five year Treasuries jumped by 14 basis points to 1.83 percent, and the ten year Treasury ended the week up 16 basis points to close at 2.62 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 15, 2014.  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 for September 15, 2014

CD interest rates:
Composite CD interest rate index 1.144 percent (up .002 percent)
3 month CD rates 0.395 percent (unchanged)
6 month CD rates 0.742 percent (up .005 percent)
1 year CD rates 1.095 percent (unchanged)
2 year CD rates 1.272 percent (up .007 percent)
5 year CD rates 2.216 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.955 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.320 percent (up .137 percent)
15 year mortgage rates 3.519 percent (up .117 percent)
20 year mortgage rates 4.088 percent (up .188 percent)
30 year jumbo mortgage rates 4.225 percent (up .167 percent)
30 year FHA mortgage rates 4.038 percent (up .105 percent)

Credit card rates:
Credit card rates for new credit card offers 13.88 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (unchanged)
One year Treasury rate 0.11 percent (up .01 percent)
Two year Treasury rate 0.58 percent (up .06 percent)
Five year Treasury rate 1.83 percent (up .14 percent)
Ten year Treasury rate 2.62 percent (up .16 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 15, 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.

CD Rates and Mortgage Rates Move Higher Sept 8, 2014

Interest rates made a moderate move to the upside after the first week of September was laid to rest.  While the rate increase was moderate for mortgage loan products, the CD rate increases for the week were notable.  What is even more startling was the rate increases took place during a week or news and data that would have normally driven rates lower.

Data and news report for the week was fairly substantial yet, garnered very little attention by the news and the interest rate markets.  Friday saw the release of the monthly jobs report which generally pushes interest rate one way or another when the numbers do not match expectations.  The number for the jobs gains in August certainly did not match expectations.  Job growth was reported at 142,000 which was well below the expectations of 200,000 to 225,000.  Unusually low numbers is a sign of a weak economy and puts pressure on the Fed to maintain a position of easing and low rates longer than anticipated.

The other big news for interest rates and bonds was the European Central Bank (ECB) announcement to provide more stimulus to the European Union.  The European Central Bank cut all its main interest rates and announced they will be undertaking a program similar the Fed’s quantitative easing program by buying private bonds and assets.  The actions were somewhat expected but the combined ECB proclamation and the poor employment report would generally lead to lower rates, not higher rates.

Rates for home loans followed Treasury rates and ticked up by just a few basis points this past week.  The average 30 year fixed rate mortgage loan increased to by just over two basis points to 4.183 percent.  The ten year Treasury bond was a bit higher, climbing by 11 basis points to 2.46 percent.  One basis point is equal to 1/100th of a percent.

CD rates were also higher on the week but the increase was much more pronounced relative the low levels CD and savings rates have been holding at through the year.  The average CD rate measured by the SelectCDrates.com CD rate index moved up by 1.8 basis points to 1.142 percent.

The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally.

Rather sizeable increases were seen in the one year, two year, and five year CD maturities.  The best one year CD rates available nationally rose to 1.095 percent from 1.070 percent in the week earlier.  A substantial move in the CD rate market.  Two year certificates saw an increase from 1.239 percent to 1.265 percent over the course of the week.  The five year rates jumped by four basis points to end the week with an average yield of 2.216 percent.  As a rule, banks raise these rates when they are competing for new depositors and searching for fresh money to expand business.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 8, 2014.  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 for September 8, 2014

CD interest rates:
Composite CD interest rate index 1.142 percent (up .018 percent)
3 month CD rates 0.395 percent (down .001 percent)
6 month CD rates 0.737 percent (unchanged)
1 year CD rates 1.095 percent (up .025 percent)
2 year CD rates 1.265 percent (up .026 percent)
5 year CD rates 2.216 percent (up .04 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.955 percent (down .001 percent)

Mortgage rates:
30 year mortgage rates 4.183 percent (up .019 percent)
15 year mortgage rates 3.402 percent (up .024 percent)
20 year mortgage rates 3.900 percent (up .034 percent)
30 year jumbo mortgage rates 4.058 percent (unchanged)
30 year FHA mortgage rates 3.933 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.88 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 0.52 percent (up .04 percent)
Five year Treasury rate 1.69 percent (up .06 percent)
Ten year Treasury rate 2.46 percent (up .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 8, 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.

Best of Both Worlds Again for Borrowers and Savers

Mortgage rates were driven lower once again with the average 30 year mortgage rate shedding just over two basis points to 4.164%.  One basis point is the equivalent of 1/100th of a percent.  Not much of change but mortgage rates continue to cling to the lowest levels seen so far this year.  While borrowing costs for new home buyers and those wanting to refinance dipped, savings rates moved higher.  This past week, both bank savings accounts rates and bank certificate of deposit rates crawled higher.

The average rate earned on the best CD rates available nationwide edged up to 1.124% from 1.120% in the previous week.  Midterm CD rates led the way with both, one year CD rates and two year CD rates, advancing higher. 

The average rate on the highest yielding CDs available is based on the SelectCDrates.com CD rate index which measures the best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally. 

Bank savings rates and money market account rates also marched higher on the week.  The average interest rate on these bank savings products ended the week at 0.956% after starting out the week at 0.947%.

Ignoring the divergence between bank savings rates and lending rates, it has been difficult to find the cause for the sharp drop in bond rates this summer.  Not because rates should be moving higher but, the precise cause is mystifying.  The U.S. economy is still showing signs of moderate growth, which may very well explain rising savings rates and CD rates, only to be countered by slow economic growth overseas and substantial global destabilization. 

Interest rates could easily move lower as funds flow into the US bond market since Putin is not backing off advances into the Ukraine and more than one Middle East nation is being torn apart.  Add to this, lower growth in Europe and concerns over the outlook for the economies in Asia and a low interest rate future looks certain.  But, you cannot ignore the strength in the U.S. economy.  Loan demand is higher, bank profits are through the roof, jobs are…getting better, and production is doing well.  All factors that move interest rates and inflation north bound.

We’ll leave this subject for brighter minds to debate.

Bank Rates Market Recap with the Weekly Change in Interest Rates Offered for September 1, 2014.

CD interest rates:
Composite CD interest rate index 1.124 percent (up .004 percent) 
3 month CD rates 0.396 percent (unchanged)
6 month CD rates 0.737 percent (unchanged)
1 year CD rates 1.070 percent (up .013 percent) 
2 year CD rates 1.239 percent (up .005 percent) 
5 year CD rates 2.176 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.956 percent (up .009 percent)

Mortgage rates:  
30 year mortgage rates 4.164 percent (down .024 percent) 
15 year mortgage rates 3.378 percent (down .008 percent) 
20 year mortgage rates 3.866 percent (down .065 percent)
30 year jumbo mortgage rates 4.078 percent (unchanged)
30 year FHA mortgage rates 3.933 percent (down .037 percent)

Credit card rates:
Credit card rates for new credit card offers 13.88 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
One year Treasury rate 0.09 percent (down .01 percent)
Two year Treasury rate 0.48 percent (down .05 percent)
Five year Treasury rate 1.63 percent (down .05 percent)
Ten year Treasury rate 2.35 percent (down .05 percent)

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

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending September 1, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

Interest Rates Mixed For Borrowers and Savers

Weaker than expected economic data coming from foreign markets along with continued tensions in the Middle East and Ukraine continue to put downward pressure on most interest rates.  The benchmark, ten year US Treasury bond settled right at 2.40% at week’s end, the very low point of the trading range this year.  It was only a short time ago at the onset of 2014 that the ten year Treasuries were flirting with 3.00%.  And while interest rates have moved lower and consumers seem to be getting accustomed to these numbers, the Fed has continued to cut back on monetary easing and the employment situation continues to improve albeit, very slowly.

Countering the impact of world markets and geopolitical events, economic activity and expansion in the US market has been sufficient enough to prop up some bank savings rates as lending activity for businesses and consumers has shown slow but consistent growth.  Loan demand and increased banking activity has pushed bank CD rates a smidge higher and held savings and money market interest rates unchanged during this low rate cycle.

As the peak home buying season starts coming to a close, mortgage rates were once again downcast giving new home loan borrowers more time to refinance at historically low rates or obtain greater buying power with lower monthly mortgage payments.  Average 30 year home mortgage rates, jumbo mortgage rates, and FHA mortgage rates were all lower over the course of the week.

CD rates were not exactly shooting towards the sky this week but, the interest rates offered on the best bank certificates of deposit offered nationally crawled marginally higher.  CD rates ticked up on the long end of the curve with the best two year CD rates and five year CD rates providing higher yields as the week drew to a close.  Bank CD rates for shorter term maturities were, unfortunately, mixed this past week.

The average consumer credit card rate did not change during the current bank interest rate survey.  For the third week in a row, the average rate on new credit card offers was held in place at 13.88 percent.

Average rates for bank savings accounts and money market accounts remained stuck in neutral this week, based on the SelectCDrates.com latest survey of interest rates.  The yield earned on bank savings and money market accounts was unchanged at 0.947 percent.

Bank Rates Market Recap with the Weekly Change in Interest Rates Offered for August 25, 2014.

CD interest rates:
Composite CD interest rate index 1.120 percent
3 month CD rates 0.396 percent
6 month CD rates 0.737 percent
1 year CD rates 1.057 percent
2 year CD rates 1.234 percent
5 year CD rates 2.176 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.947 percent

Mortgage rates:
30 year mortgage rates 4.188 percent
15 year mortgage rates 3.386 percent
20 year mortgage rates 3.931 percent
30 year jumbo mortgage rates 4.078 percent
30 year FHA mortgage rates 3.970 percent

Credit card rates:
Credit card rates for new credit card offers 13.88 percent

US Treasury rates:
Six month Treasury rate 0.06 percent
One year Treasury rate 0.10 percent
Two year Treasury rate 0.53 percent
Five year Treasury rate 1.68 percent
Ten year Treasury rate 2.40 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 25, 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 25, 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.

Interest Rates Retreat for Borrowers and Pick up for Savers

Heading into mid-August and odd bank rate behavior continues.  Political turmoil has pushed most interest rates lower including those tied to Treasury notes and bonds as well as those for mortgage borrowers.  Interest rates have dropped across the board however with rates on bank savings accounts and certificate of deposit accounts moving higher.

Geopolitical turmoil has become fairly wide spread this summer with tension in the Mideast rising in Iraq and Israel and Russian intervention in Ukraine expanding.  The fallout from theses hot spots has been nervous investors placing increasingly larger amounts of capital in the safety and security of US fixed income securities specifically, US Treasury bonds and mortgage bonds.

Concerns over political shenanigans in the far corners of the world have also disrupted the solid run in the stock market with rather large dips taking place before weeks end.  Interestingly, the uncertainty has not significantly impacted the commodities market with oil falling slightly, gold running in place, and other major commodities moving very little.

All in all, a good week for mortgage borrowers, consumers shopping for new car loans and savers investing in bank savings accounts and CD accounts.

Bank Rates Market Recap with the Weekly Change in Interest Rates Offered for August 8, 2014

CD interest rates:
Composite CD interest rate index 1.119 percent (up .001 percent)

3 month CD rates 0.405 percent (up .003 percent)
6 month CD rates 0.747 percent (unchanged)
1 year CD rates 1.057 percent (unchanged)
2 year CD rates 1.227 percent (unchanged)
5 year CD rates 2.161 percent (up .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.947 percent (up .018 percent)

Mortgage rates:
30 year mortgage rates 4.215 percent (down .047 percent)
15 year mortgage rates 3.388 percent (down .022 percent)
20 year mortgage rates 3.956 percent (down .091 percent)
30 year jumbo mortgage rates 4.103 percent (down .062 percent)
30 year FHA mortgage rates 3.970 percent (down .068 percent)

Credit card rates:
Credit card rates for new credit card offers 13.88 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (unchanged)
One year Treasury rate 0.10 percent (down .03 percent)
Two year Treasury rate 0.45 percent (down .02 percent)
Five year Treasury rate 1.62 percent (down .05 percent)
Ten year Treasury rate 2.44 percent (down .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 8, 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 8, 2014 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

Bank Rates Tip Toe Higher to Start off the Month of August

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)

Mortgage rates: 
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.

Interest Rates Seesaw Through the Week

Bank savings and lending rates were mixed for the week ending July 25, 2014.  The top bank CD rates were next to unchanged over the course of the week, Treasury rates were slightly higher on the short end of the curve and lower on the long end of the curve, and mortgage rates closed out the week fractionally higher.

Economic news for the week was somewhat limited with the markets focused more on geopolitical events including the Israeli incursion into Gaza and the Ukraine/Malaysian airliner fiasco.  These events have held interest rates low even as many market forecasters are expecting the Fed to increase rates sooner rather later.  The changing view for long term, higher interest rates is based on stronger employment numbers, substantial earnings growth for big businesses, and inflation figures that are beginning to heat up.

However, the interest rate markets are influenced by several factors, some that do not originate domestically.  Inflation is certainly one of the biggest factors impacting interest rates but the rising inflation figures are only in their infancy and globalization along with excess production capacity worldwide does a lot to keep a lid on rising costs.  The European markets play a significant role on any sustained interest rate changes in the US market and their slow growth continues to tug our rates lower.  The week housing market, a very significant segment of the US economy, is not moving forward and may be contracting with less activity from new home buyers and consumers which has been partially offset and supplemented by expanding investor activity once again.

Mortgage rates moved higher over the course of the week with most of the increase taking place towards the tail end of the week.  Along with most interest rates and interest rate sensitive securities, mortgage rates have held in very narrow range throughout the year and this week’s rise would be barely noticeable by most new home loan borrowers.  The 30 year fixed rate mortgage available at the nation’s largest bank mortgage lenders moved up by 3.1 basis points to an average rate of 4.211%.  One basis point is the equivalent of 1/100th of a percent.

Bank CD rates moved slightly, ever so slightly higher, on the week.  The average rate on the top certificates of deposits available nationally increased by just 1/1000ths of a percent.  The average CD rate in the SelectCDrates.com CD rate index inched up to 1.112% from 1.111% in the previous week.

Credit card rates were unchanged on the week.  Credit card companies have become very complacent with new marketing efforts regarding credit card costs and rates and have focused on added benefits such as credit card rewards and add on customer service and security measures.  The average interest rate on new consumer credit cards continued to hold at 13.87% for the week.

Money market rates and savings account rates moved higher on the week.  The average rate on the top ten highest money market accounts and saving accounts available nationally ticked up by 7/1000ths of a percent which pushed the average yield to 0.904% from 0.897% in the prior week.

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 July 25, 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 July 25, 2014

CD interest rates:
Composite CD interest rate index 1.112 percent (up .001 percent) 
3 month CD rates 0.402 percent (unchanged)  
6 month CD rates 0.747 percent (unchanged) 
1 year CD rates 1.048 percent (down .003 percent)  
2 year CD rates 1.207 percent (up .009 percent) 
5 year CD rates 2.156 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.904 percent (up .007 percent)

Mortgage rates:  
30 year mortgage rates 4.211 percent (up .031 percent)  
15 year mortgage rates 3.385 percent (down .037 percent)  
20 year mortgage rates 4.088 percent (up .088 percent)
30 year jumbo mortgage rates 4.090 percent (down .025 percent) 
30 year FHA mortgage rates 3.988 percent (up .018 percent)

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

US Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.11 percent (up .01 percent)
Two year Treasury rate 0.53 percent (up .02 percent)
Five year Treasury rate 1.69 percent (unchanged) 
Ten year Treasury rate 2.48 percent (down .02 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 25, 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. 

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 25, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

Bank Rates Mostly Lower after a Week of Rising Geopolitical Tensions

The missile strike on a Malaysian airliner in Ukraine and the invasion of Gaza by the Israeli military sent a jolt through the financial markets this past week.  Geopolitical tensions impacted the interest rate markets and the stock markets as one might expect the events unfolded along the Ukraine – Russian border and the Middle East.  The immediate impact to the markets included a quick drop in interest rates and the stock market. 

While the world events brought a cautionary tone to the markets, the impact was relatively short lived and brought only modest changes to the U.S. financial markets.  During the week, the S&P 500 made its biggest one day drop in three months.  The news also pushed the benchmark 10 year US Treasury bond to the bottom of its recent trading range at 2.47%.  By Friday, the stock market had rebounded to where it was prior to the tragedies and the bond markets had made a moderate bounce back up with only slight interest rate reductions by week’s end. 

The relatively modest and short term impact on the markets is likely a result of market analysis regarding the chance of escalating tensions as opposed to the actual severity of the current state of affairs.  The problems in Gaza and the Russia’s intervention in Ukraine are certainly significant problems resulting in 100’s of deaths but, the market appears to view these events as unlikely to escalate further or spread to neighboring regions.

What now seems lost on the interest rate markets was testimony by Fed Chair Janet Yellen just two days prior to the devastating events in the Middle East and Eastern Europe.  Fed Chair Janet Yellen provided her semi-annual testimony to the Senate Banking Committee on Wednesday during which she emphasized that uncertainty over the economic outlook remains the first and foremost concerns of the Fed as it formulates interest rate policies and monetary intervention. 

However, the Chairwoman added, “If the labor market continues to improve more quickly than anticipated by the Federal Open Market Committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned,”.

For more results on the impact worlds events and Fed testimony had on bank rates and the interest rate markets, please review the data summaries which the attached table presented below. 

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 July 18, 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 July 18, 2014

CD interest rates:
Composite CD interest rate index 1.111 percent (down .004 percent)
3 month CD rates 0.402 percent (unchanged) 
6 month CD rates 0.747 percent (unchanged)
1 year CD rates 1.051 percent (down .011 percent) 
2 year CD rates 1.198 percent (down .01 percent) 
5 year CD rates 2.156 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.897 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.180 percent (down .016 percent) 
15 year mortgage rates 3.348 percent (down .001 percent) 
20 year mortgage rates 3.920 percent (down .033 percent)
30 year jumbo mortgage rates 4.115 percent (up .025 percent) 
30 year FHA mortgage rates 3.970 percent (unchanged)

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

US Treasury rates:
Six month Treasury rate 0.02 percent (down .02 percent)
One year Treasury rate 0.10 percent (down .01 percent)
Two year Treasury rate 0.51 percent (up .03 percent)
Five year Treasury rate 1.69 percent (up .04 percent) 
Ten year Treasury rate 2.50 percent (down .03 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 18, 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 July 18, 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.

Treasury Rates and Mortgage Rates Dip as Credit Card Rates and CD Rates Hold

Interest rates dipped back down again erasing the bump in rates that followed the monthly jobs report.  The unexpectedly strong employment report on July 3rd had taken the market by surprise and brought out the calls for higher interest rates to hit the markets sooner rather than later.  The call for higher rates was immediately drowned out as interest rates were pulled right back down again throughout the week ending July 11.  The rise in interest rates that occurred during the week of the monthly jobs report release was wiped and then some, with mortgage rates and Treasury rates dropping below the rates that were present at the onset of the month.

Most all bank rates took place in the mini rate drop experienced during the week of July 7th to the 11th with the exception of CD rates which, once again, managed to squeeze out a small gain for the week.  The average CD rate found on the best CD rates available nationally increased by 1/1000th of a percent.  The SelectCDrates.com CD rate index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs, and five year CDs that are available in all 50 states.  The CD rate index crawled higher this week to 1.115% from 1.114% in the prior week.

The increase in CD rates was driven by small bumps in the one year and two year maturities.  The average rate on the highest one year CD rates increased to 1.062% from 1.060% while the average rate for two year term bank CDs increased to 1.208% from 1.207% in the previous week.  Three month CD rates, six month CD rates, and five year CD rates were all unchanged for the week.

Mortgage rates were noticeable lower on the week.  The average 30 year fixed rate home loan coming from the nation’s largest bank mortgage lenders dropped by seven basis points or 0.07%.  The current rate for 30 year fixed rate mortgage in the SelectCDrates.com survey stands at 4.196%.  Jumbo mortgage rates for 30 year term loans slid lower by more than 13 basis points pushing the average jumbo mortgage rate down to 4.090%.  FHA rates danced below four percent once again this past week.  The average 30 year FHA mortgage rate ended the week at 3.970%, down six basis points from the week earlier.

Money market account rates and savings account rates were unchanged week over week as were the rates offered on new consumer credit cards.  The average rate found on the top savings and money market accounts available nationally held at 0.897%.  The average rate offered on new credit cards was unmoved at 13.87%.  Both of these rates are variable rate bank products on the opposite sides of the ledger, one being a savings product and the other a loan product.  Variable rate bank savings and lending instruments have been relatively stable throughout the year.

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 July 11, 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 July 11, 2014

CD interest rates:
Composite CD interest rate index 1.115 percent (up .001 percent) 
3 month CD rates 0.402 percent (unchanged)  
6 month CD rates 0.747 percent (unchanged) 
1 year CD rates 1.062 percent (up .002 percent)  
2 year CD rates 1.208 percent (up .001 percent)  
5 year CD rates 2.156 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.897 percent (unchanged)

Mortgage rates:  
30 year mortgage rates 4.196 percent (down .073 percent)  
15 year mortgage rates 3.349 percent (down .07 percent)  
20 year mortgage rates 3.953 percent (down .129 percent)
30 year jumbo mortgage rates 4.090 percent (down .135 percent) 
30 year FHA mortgage rates 3.970 percent (down .06 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 0.48 percent (down .04 percent)
Five year Treasury rate 1.65 percent (down .09 percent) 
Ten year Treasury rate 2.53 percent (down .12 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 11, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 11, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

Monthly Jobs Report Pushes Bank Rates Higher

A better than expected monthly jobs report pushed bank rates higher going into the Independence Day holiday weekend.  The monthly jobs report which is released on the first Friday of the month (with the exception of holidays) is often a big catalyst for bank rates in one direction or the other.  Surprise figures can be especially powerful at moving the markets and this past week was no exception.

The consensus estimate on job creations for the month of June was roughly 215,000 new jobs.  The release on Thursday from the Labor Department showed an increase of new jobs in June of 288,000.  The surprisingly strong job numbers pushed bond prices lower and interest rates higher.  There are number of reasons why the report leads to a rise in interest rates following a strong employment gain.

This month’s jobs report marks the best sequential run of monthly job creations in the past few years.  Increased job creations is a sign of an improving an economy with greater demand and production.  The increased demand will often push wages and prices higher leading to higher inflation rates, a key component of nominal interest rates.  An expanding economy will also lead to increased loan demand and higher interest rates for new loans.  Furthermore, with the Federal Reserve steering interest rates lower over the past few years due to a weak economic climate, the strong report should push the Fed towards a less accommodating monetary policy leading to rising interest rates driven by the Fed sooner than was anticipated.

The other side of the story is that interest rates really did not move with the force one might have expected after the jobs numbers were released.  Considering the fairly substantial surprise in the report combined with some upward revisions to previous reports, interest rates did not shoot through the roof.  The increase in savings rates and loan rates was hardly enough to break through the top of the recent rate range that has been in place for several weeks.

The benchmark, ten year Treasury rate was lifted by 11 basis points over the course of the holiday shortened week.  The ten year increased to 2.65% from 2.54% in the week earlier.  The five year was impacted a little more relative to its term.  The five year Treasury rate was up by ten basis points pushing the rate to 1.74% from 1.64% in the previous week.  Two year Treasuries moved higher by seven basis points to 0.52%.

Mortgage rates were whacked slightly more than Treasury rates this past week.  The average 30 year mortgage rate in the weekly SelectCDrates.com bank rate survey was ratcheted up by just under 12 basis points to 4.269%.  30 year jumbo mortgage rates rose by a hair more than the conforming 30 year loans.  The average jumbo mortgage rate increased to 4.225%, a rise of 12.5 basis points over the prior week.  FHA mortgage rates followed with an increase of almost ten basis points which pushed the average rate past 4.00% once again.  The average 30 year FHA rate ended the week at 4.030%.

CD rates were understandably slow to react to the rate changes.  The best CD rates available nationally made only slight increases week over week.  The average CD rate measured by the SelectCDrates.com CD rate index increased by just 3/1000ths of a percent.  The CD rate index closed out the week at 1.114%.  The index measures the highest CD rates available nationally across several different maturities including three month CDs, six month CDs, one year CDs, two year CDs, and five year CDs.

The best three month CD rates and one year CD rates were unchanged in the week at 0.402% and 1.060%, respectively.  The best six month CD rates available nationally increased by one basis point to 0.747%.  Two year CD rates were boosted by 5/1000ths of a percent to 1.207%.  The five year term certificates saw an uptick of 4/1000ths of a percent to an average yield of 2.156%.

The best money market account rates and savings account rates saw no change over the week.  The average rate for savings and money market accounts remained at 0.897%.

There were some minor changes in credit card rates offered by the major issuers however the rate changes did not move the needle for the average consumer credit card rates across all categories of credit card types.  The average credit card interest rate on new cards offered held at 13.87%, a number that has not changed by very much throughout the year.

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 July 3, 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 July 3, 2014

CD interest rates:
Composite CD interest rate index 1.114 percent (up .003 percent)
3 month CD rates 0.402 percent (unchanged) 
6 month CD rates 0.747 percent (up .01 percent)
1 year CD rates 1.060 percent (unchanged) 
2 year CD rates 1.207 percent (up .005 percent) 
5 year CD rates 2.156 percent (up .004 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.897 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.269 percent (up .117 percent) 
15 year mortgage rates 3.419 percent (up .139 percent) 
20 year mortgage rates 4.082 percent (up .149 percent)
30 year jumbo mortgage rates 4.225 percent (up .125 percent) 
30 year FHA mortgage rates 4.030 percent (up .097 percent)

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

US Treasury rates:
Six month Treasury rate 0.06 percent (unchanged)
One year Treasury rate 0.11 percent (up .01 percent)
Two year Treasury rate 0.52 percent (up .07 percent)
Five year Treasury rate 1.74 percent (up .10 percent) 
Ten year Treasury rate 2.65 percent (up .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 3, 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 July 3, 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.

 

 

Mortgage Rates Drop, CD Rates Hold, and Money Market rates Rise to End June

As we head into a holiday shortened week, key bank lending rates have headed lower and savings rates have moved slightly higher.  Bank rates have remained in a very narrow range throughout the month of June even though the rate landscape appears to be at an inflection point.

The Federal Reserve has held their position regarding the $10 billion per meeting reduction in the Fed’s massive and somewhat controversial bond buying program, inflation has displayed some signs of moving higher on the consumer and wholesale level, and employment growth appears to be gaining momentum as seen in the most recent monthly jobs report and weekly unemployment claims.

These actions and signals should lead to higher interest rates but, this line has been heard numerous times before only to see interest rates remain at or near their current depressed levels.  An early monthly jobs report due out on Thursday of this week may be the final signal showing an expanding economy that moves interest rates higher or, we may very well see a report that hits the sweet spot of moderate growth that fails to move the interest rate barometer one way or another.

For the week ending June 27, mortgage rates were lower for all popular loan programs.  The average 30 year mortgage rate moved lower by almost ten basis points to close the week at 4.152%.  30 year FHA mortgage rates were cheaper by five basis points bringing the average FHA loan rate down to 3.933%.  Jumbo mortgage rates were also less costly over the course of the week with the average rate on these larger loan amounts dipping to 4.100%, a reduction of 8.3 basis points.  One basis point is equal to 1/100th of a percent.

CD rates overall, managed to pull off a gain for the week but, if you didn’t have your jewelers loupe on hand you would miss the gain.  The average CD rate measured by the SelectCDrates.com CD rate index gained 1/1000th of a percent on the week to end the week at 1.111%.

The SelectCDrates.com CD rate index measures the best CD rates available nationally on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs. 

The top three month CD rates displayed a modest gain, increasing to 0.402% from 0.397% in the previous week.  The best six month CD rates and one year CD rates showed no change in the average yield.  Two year CD rate slipped on the week with the average rate dropping by 1/1000ths of a percent to 1.202%.  Five year certificates of deposit were also unaltered on the week with the average yield holding at 2.152%.

The best savings account rates and money account rates available nationally made a noticeable gain this week.  The average interest rate earned on these variable rate savings products jumped to 0.897% from 0.896% in the week earlier.  As variable rate products, the account performances can be volatile as banks offer high yielding account to the market for short term promotions only to reduce the rates at a later date once their mission of drawing in new accounts and dollars is accomplished.

Consumer credit card rates remained sticky.  The average rate on new credit card offers remained at 13.87%.  Credit card rates have been running in place all year long with the occasional card issuer making slight increases in new products only to be offset with slight rate drops shortly thereafter leaving rates mostly unchanged from one month to the next.

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 27, 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 27, 2014

CD interest rates:
Composite CD interest rate index 1.111 percent (up .001 percent) 
3 month CD rates 0.402 percent (up .005 percent)  
6 month CD rates 0.737 percent (unchanged) 
1 year CD rates 1.060 percent (unchanged)  
2 year CD rates 1.202 percent (down .001 percent)  
5 year CD rates 2.152 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.897 percent (up .01 percent)

Mortgage rates:  
30 year mortgage rates 4.152 percent (down .093 percent)  
15 year mortgage rates 3.280 percent (down .112 percent)  
20 year mortgage rates 3.933 percent (down .155 percent)
30 year jumbo mortgage rates 4.100 percent (down .083 percent) 
30 year FHA mortgage rates 3.933 percent (down .05 percent)

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

US Treasury rates:
Six month Treasury rate 0.06 percent (up .02 percent)
One year Treasury rate 0.10 percent (up .01 percent)
Two year Treasury rate 0.45 percent (down .05 percent)
Five year Treasury rate 1.64 percent (down .07 percent) 
Ten year Treasury rate 2.54 percent (down .09 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 27, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 27, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

Bank Rates Slightly Better All Around Going into Final Days of June

Interest rates refused to march in unison last week with a number of interest yielding products moving in opposite directions.  Short term Treasury rates moved lower as long term Treasury rates were pushed higher.  Bank CD rates experienced higher yields as mortgage rates became cheaper.  Better yields and lower costs, a good week for most consumers.

Action by the Federal Reserve and chaos in the Middle East were the catalyst for the market action in fixed income assets.  Trouble brewing in Iraq brought some money into the safety and security of bonds which helped push mortgage bond prices higher and interest rates in the consumer mortgage market lower.  Fears of rising inflation and the continuing actions by the Fed to slow down the pace of monetary easing has countered the flight to quality brought on by the instability in the Mid East which pushed CD rates higher.

Mortgage rates were modestly lower across the board.  The 30 year fixed rate home loan saw a rate decrease of almost four basis points or .04%.  The average 30 year fixed rate mortgage available at the nation’s largest bank mortgage lenders ended the week at 4.245%.  30 year jumbo mortgage rates were down by roughly three basis points to close the week at 4.183%.  FHA mortgage rates with a 30 year term were only marginally lower on the week but the rate cut was enough to drop the average 30 year FHA loan rate back below four percent to 3.983%.

Bank CD account yields were up on the week.  The average rate on the top bank CDs measured by the SelectCDrates.com CD rate index increased by 2/1000ths of a percent to 1.110%.  The top three month CD rates available nationally were lifted by 2/1000ths of a percent to 0.397%.  Six month CD rates were unchanged at 0.737%.  The average rate on the highest one year CDs available climbed by one basis point to 0.737%.  Two year yields were unaltered week over week and five year CD rates just barely squeaked out a small gain to end the week at 2.152% after starting out at 2.151%.

Variable rate bank products showed almost no change week over week.  Bank money market rates and savings accounts rates were unchanged as were consumer credit card rates.  The highest money market and savings account rates held at 0.887%.  The average rate on new consumer credit cards was unaltered at 13.87%.

Six month Treasury rates were cut back rather substantially from there already ultra low yield of 0.07% at the start of the week to end the week at 0.04%.  One year Treasury rates made a similar move, falling from 0.11% to 0.09%.  Long term maturities moved in the opposite direction with the five year Treasury note increasing to 1.71% from 1.70% and the ten year Treasury bond rising to 2.63% from 2.60%.

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 20, 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 20, 2014

CD interest rates:
Composite CD interest rate index 1.110 percent (up .002 percent)
3 month CD rates 0.397 percent (up .002 percent) 
6 month CD rates 0.737 percent (unchanged)
1 year CD rates 1.060 percent (up .01 percent) 
2 year CD rates 1.203 percent (unchanged) 
5 year CD rates 2.152 percent (up .001 percent) 

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

Mortgage rates: 
30 year mortgage rates 4.245 percent (down .036 percent) 
15 year mortgage rates 3.392 percent (down .048 percent) 
20 year mortgage rates 4.088 percent (down .005 percent)
30 year jumbo mortgage rates 4.183 percent (down .027 percent) 
30 year FHA mortgage rates 3.983 percent (down .017 percent)

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

US Treasury rates:
Six month Treasury rate 0.04 percent (down .03 percent)
One year Treasury rate 0.09 percent (down .02 percent)
Two year Treasury rate 0.50 percent (up .05 percent)
Five year Treasury rate 1.71 percent (up .01 percent) 
Ten year Treasury rate 2.63 percent (up .03 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 20, 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 20, 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.

Bank Rates Rise in Mid June

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.

Mortgage Rates Bounce Higher and CD Rates Slump Lower

Bank rate news for the week was mixed with the big news centering on the European Central Bank’s (ECB) announcement to add liquidity to European markets and the U.S. monthly jobs report getting released on Friday showing good, but not great, growth in job creation.  More or less, conflicting data for interest rates.  Added liquidity generally pushes interest rates lower and job growth reflects an expanding economy which should lead to higher interest rates. 

The outcome in the interest rate markets was mostly higher rates with Treasury rates, mortgage rates, and bank lending rates moving higher while CD rates worked against the flow and moved lower for the week.  One week of data and interest rate analysis hardly makes a trend and this week would be especially hard to analyze since interest rates had moved measurable lower leading up to the ECB announcement while long term CD rates had been climbing ever so slightly.  Add to that, the jobs report was good but did not indicate a robust employment market on especially robust economic activity.

However, with economic activity showing some growth and inflation popping up slightly, it is hard to see how interest rates can stay this low for much longer.  But, this is clearly against the current consensus view.  While most economists had called for higher interest rates at the start of the year, the outlook has changed as the market has refused to play along with the prognosticators earlier forecasts with interest rates falling through most of 2014.  Now with rates down, economists expect a low rate environment to stay in place throughout the year.  Just wait, the consensus view is sure to change like the weather.

Bank interest rates showed mixed results in the most recent survey of bank rates conducted by SelectCDrates.com for the week ending June 6th, 2014.  Mortgage rates increased on the week but, contrary to many headlines, the increase was rather tame.  The average 30 year fixed rate mortgage available at the nation’s largest bank mortgage lenders was up by just 7.4 basis points or 0.074%.  30 year mortgage rates moved up to 4.221% from 4.147% in the prior week.

30 year FHA mortgage rates and jumbo mortgage rates were also up on the week.  FHA rates climbed by three basis points to 3.938% while 30 year jumbo mortgage rates increased by slightly more than seven basis points to 4.160%.

CD rates were down fractionally on the week.  The average CD rate measured by the SelectCDrates.com CD rate index was down by 4/1000ths of a percent, sliding to 1.106% from 1.110% in the previous week.  The SelectCDrates.com CD rate index measures the best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally. 

The different CD maturities making up the CD rate index did not all move in unison this past week.  Three month CD rates and five year CD rates displayed a rate reduction for the week, six month CD rates and two year CD rates were unchanged week over week, and the best one year CD rates showed a modest rate increase.

Credit card rates ticked higher, on average.  Consumer credit card rates have shown close to no volatility or rate movement in almost a year.  This week’s changes do not deviate from that trend since the rate increase was by just one basis point.  The one bp uptick pushed the average interact rate on new consumer credit card offers up to 13.87% from 13.86% from the week earlier.

Bank money mark account rates and savings account rates showed no change on the week.  The leading bank rates in this savings category were entirely unaltered form the previous weekly survey.  The average money market rate and savings rate remained 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 6, 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 6, 2014

CD interest rates:
Composite CD interest rate index 1.106 percent (up .004 percent) 
3 month CD rates 0.392 percent (down .004 percent)  
6 month CD rates 0.737 percent (unchanged) 
1 year CD rates 1.060 percent (up .004 percent)  
2 year CD rates 1.192 percent (unchanged)  
5 year CD rates 2.151 percent (down .017 percent) 

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

Mortgage rates:  
30 year mortgage rates, 4.221 percent (up .074 percent)  
15 year mortgage rates 3.359 percent (up .041 percent)  
20 year mortgage rates 3.970 percent (up .054 percent)
30 year jumbo mortgage rates 4.160 percent (up .073 percent) 
30 year FHA mortgage rates 3.938 percent (up .03 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.06 percent (unchanged)
One year Treasury rate 0.11 percent (up .01 percent)
Two year Treasury rate 0.41 percent (up .04 percent)
Five year Treasury rate 1.66 percent (up .12 percent) 
Ten year Treasury rate 2.60 percent (up .12 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 6, 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.

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 6, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

Not Even the Prospects for Peace or Economic Growth can Lift Interest Rates

The Ukrainian crisis has moved off of center stage, employment is slowly improving, the Fed continues to cut back on monetary easing, and interest rates continue to move lower.  It was yet another week of lower mortgage rates and Treasury rates in the face of news that should be pushing interest rates higher to some degree.  And, even though the Fed tells us inflation is in check, consumers that have reviewed their heating bills, electric bills, and grocery bills are singing, perhaps even screaming, a different tune.  Rising inflation is often the single biggest catalyst for rising rates.

While the world appears to be back in production mode, interest rates showed no sign of moving higher with the exception of some high yielding bank CDs and money market accounts.  As the last week of May came to a close, long term Treasury rates moved lower along with mortgage rates.  The ten year Treasury ended the week at 2.48%, a loss of six basis points on the week and 15 basis points for the month.  30 year fixed rate conforming mortgage loans closed out the week with an average rate of 4.147%, down almost five basis points for the week and 19 basis points from the start of the month.  One basis point is equal to 1/00th of a percent.

The top CD rates available nationally was mostly unchanged on the week.  The recent survey of bank rates conducted by SelectCDrates.com showed some increases however, these figures were distorted slightly by the rates offered by GE Capital Bank and its related entity Synchrony Bank.  GE Capital Bank and Synchrony Bank are related entities that offer slightly different terms under the same umbrella organization.  Both, Synchrony and GE Bank have some of the highest CD rates and savings account rates on the top ten bank rate lists.

Overall, CD rates were up just fractionally with the SelectCDrates.com CD rate index rising from 1.102% to 1.110%.  Minor increases were seen in almost all maturities.  The best one year CD rates experienced the largest gains on the week with the average one CD rate increasing by 1.5 basis points to 1.056%.  Five year CD rates showed the next best gains on the week with an increase of 1.3 basis points.  The increase pushed the average five year CD rate up to 2.168% by week’s end.

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 30, 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 30, 2014

CD interest rates:
Composite CD interest rate index 1.110 percent (up .008 percent)
3 month CD rates 0.396 percent (up .004 percent) 
6 month CD rates 0.737 percent (up .005 percent)
1 year CD rates 1.056 percent (up .015 percent) 
2 year CD rates 1.192 percent (up .005 percent) 
5 year CD rates 2.168 percent (up .012 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (up .003 percent)

Mortgage rates: 
30 year mortgage rates 4.147 percent (down .048 percent) 
15 year mortgage rates 3.318 percent (down .013 percent) 
20 year mortgage rates 3.916 percent (down .014 percent)
30 year jumbo mortgage rates 4.087 percent (up .013 percent) 
30 year FHA mortgage rates 3.908 percent (down .055 percent)

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

US Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.10 percent (unchanged)
Two year Treasury rate 0.37 percent (unchanged)
Five year Treasury rate 1.54 percent (down .01 percent) 
Ten year Treasury rate 2.48 percent (down .06 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 30, 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 30, 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.

Bank Rates Stay Flat Through Memorial Day Weekend

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.

Lending and Savings Rates Go Their Separate Ways

Bank interest rates and bond rates drifted measurably lower this past week with the exception of bank CD rates.  Lower rates have materialized throughout most interest rate sensitive products even as the Fed has stayed the course on their reduction in monetary easing by cutting $10 billion in bond buying per meeting.  Economic news has definitely been mixed with stronger than expected payroll and unemployment claims figures yet soft retail sales and housing figures giving little motivation for interest rates to react in either direction.

We are half way into May and mortgage rates continue to fight the forecasts presented by economic prognosticators with rates dropping yet again.  Mortgage rates are now well past their low points of 2014 and are sitting at the best levels since October 2013.  And while most of the interest rate market was retreating, certificate of deposit rates squeezed out yet another marginal increase in the average yield

As the cruel U.S. winter has finally passed by, the focus for the markets was returning to the economic data coming out to determine where interest rates and economic activity would go from here.  The recent move in interest rates to the downside does not appear to validate that thought, data is not terribly weak which would usually drive rates lower and many economists believe that the economy will have increased growth through the year albeit, at a fairly tepid pace.

The bank rate results this week produced some interesting results with CD rates and mortgage rates moving in opposite directions.  Higher CD rates are generally the result of competition among banks for depositor funds yet bank loan growth has been growing only marginally in the past year making the push for higher rates a bit curious.  Mortgage rates move rapidly in conjunction with activity in the bond market and bonds this week were being purchased at higher prices pushing the interest rates on the bonds lower including the rates on Treasury bonds and mortgage bonds. 

The average rate on the top yielding CDs available nationally increased by one basis point or 1/100th of a percent over the past week based on the current survey of bank rates conducted by SelectCDrates.com.  There was a barbell type shift in CD interest rates to the upside with short term, three month CD rates moving higher along with long term, five year CD rates.  The average CD rate measured in the SelectCDrates.com bank rate survey is based on a basket of the highest yielding bank CDs available nationally across a wide spectrum of CD terms or maturities.  The CD rate index bumped up to 1.103% this week from 1.093 in the previous week.

Mortgage rates went in the opposite direction in relation to bank CD rates.  The average 30 year mortgage rate coming from the top bank mortgage lenders in the nation was cut by 13 basis points over the week.  The average 30 year mortgage rate ended the week at 4.211% after starting out at 4.341%.  30 year FHA mortgage rates fell by slightly less than the 30 year conforming loan rates but the rate dip put the average FHA loan rate below 4.00% for the first time this year.  The average 30 year FHA rate closed the week at 3.950%.

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 16, 2014

CD interest rates:
Composite CD interest rate index 1.103 percent (up .01 percent) 
3 month CD rates 0.396 percent (up .012 percent)  
6 month CD rates 0.732 percent (unchanged) 
1 year CD rates 1.033 percent (down .002 percent)  
2 year CD rates 1.187 percent (unchanged) 
5 year CD rates2.165 percent (up .002 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.879 percent (down .008 percent)

Mortgage rates:  
30 year mortgage rates 4.211 percent (down .13 percent)  
15 year mortgage rates 3.394 percent (down .095 percent)  
20 year mortgage rates 3.945 percent (down .121 percent)
30 year jumbo mortgage rates 4.099 percent (down .126 percent) 
30 year FHA mortgage rates 3.950 percent (down .075 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 0.09 percent (down .02 percent)
Two year Treasury rate 0.38 percent (down .04 percent)
Five year Treasury rate 1.56 percent (down .11 percent) 
Ten year Treasury rate 2.52 percent (down .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 16, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending May 16, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Healthy Employment Report Fails to Push Bank Rates Higher

A monthly jobs report with 288,000 new jobs is good news for the economy.  Good news for the economy means higher demand for goods, upward pressure on prices, increased loan demand, and higher interest rates.  Well….most of the time anyway. 

The monthly payroll report released on May 2nd was quite a bit stronger than expected.  The market was expecting a fairly robust monthly report to make up for bad winter weather of just over 200,000 jobs and the market was certainly surprised to see almost 300,000 new jobs for the month of April with added positive revisions added to the previous two months.  Good news for the economy, should be bad news for interest rates (i.e. higher rates – which assumes you are on the borrowing side).

The strong employment numbers further solidifies the position held by the Fed to reduce monetary easing throughout the year.  A reduction in monetary easing, not to be confused with tightening, should be another signal that interest rates will move higher in the….near future.

The one overhang in the market is the tension in Ukraine.  Ukraine is sure to be a problem for the coming months.  Russia is not stepping away from a confrontation in their backyard if only to destabilize the region to amuse themselves while western Europe and the U.S. spend money on holding the nation together and fret about what to do next.  It is rather remarkable that there is only one notable overhang bothering the fixed income market rather than the usual issues such as Fed uncertainty, inflation scares, political stupidity, and international economies that step closer and then back away from financial armageddon.

Of course, interest rates did not move higher and were mostly lower on the week.  By the close of the week, mortgage rates and Treasury rates were trimmed slightly from where they were at the start of week.  Credit card rates and bank money market rates were unchanged from the previous week.  Bank CD rates were also mostly unchanged with the exception of long term certificates of deposit which increased moderately.

The top bank CD rates with three month, six month, and one year terms displayed no change from the prior week.  The highest two year and five year CD rates available bumped up a couple of basis points.  The average two year CD rate, measured by the top ten highest rates available nationally, increased by almost one basis point to 1.187% while the average five year CD rate climbed by almost three basis points to 2.163%.

Mortgage rates were lower by across the spectrum of popular fixed rate loan products although the rate reductions were relatively mild.  The average 30 year fixed rate mortgage was reduced by almost six basis points this past week which brought the average 30 year rate to 4.341%.  30 year FHA loan rates were down by a near identical sum, pushing the average rate down to 4.025%.  Jumbo rates were close to unchanged on the week, slipping by just under two basis points to 4.225%.

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 2, 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 2, 2014

CD interest rates:
Composite CD interest rate index 1.093 percent (up .003 percent)
3 month CD rates 0.384 percent (unchanged) 
6 month CD rates 0.732 percent (unchanged)
1 year CD rates 1.035 percent (unchanged) 
2 year CD rates 1.187 percent (up .009 percent) 
5 year CD rates 2.163 percent (up .029 percent) 

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

Mortgage rates: 
30 year mortgage rates 4.341 percent (down .055 percent) 
15 year mortgage rates 3.489 percent (down .048 percent) 
20 year mortgage rates 4.066 percent (down .043 percent)
30 year jumbo mortgage rates 4.225 percent (down .013 percent) 
30 year FHA mortgage rates 4.025 percent (down .063 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 (up .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.42 percent (down .01 percent)
Five year Treasury rate 1.67 percent (down .05 percent) 
Ten year Treasury rate 2.60 percent (down .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 2, 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 2, 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.

Changing Economy Causes Market Divergence between CD Rates and Mortgage Rates

The jury may still be deliberating on whether the U.S. economy is in full blown expansion mode or stuck in stasis but, the divergence between CD rates and mortgage rates paints a picture of an expanding economy.

This past week, interest rates were mostly lower across a wide spectrum of fixed income products.  Lower rates were churned out on mortgaged, mid and long term Treasury securities, and corporate bonds for the week ending April 25, 2014.  While rates moved lower on these fixed income instruments, bank CD rates ticked higher.  The significance of higher CD rates is not just the increased returns that will be enjoyed by savers but, it is a market signal that banks are increasing rates to attract depositors.

This may seem like common sense, but banks have kept their CD rates at ultra low levels over the past few years for two primary reasons.  One, interest rates and yields on competing products are also at ultra low levels as seen with the low returns found on money market accounts as well as short term Treasury bills and notes.  Second, banks have been awash in cash and are not in any particular need to attract new depositors with incentives like higher interest rates.  When banks cannot put their funds to work through other investments and loans, bringing in new customers with high yield CDs is a money losing proposition.

The increase in CD rates is seen as step towards banking competition in which the banks delivering the highest CD rates and returns are now competing and increasing rates to continue attracting new customers. 

Rate increases in the long end of the CD yield curve, predominantly five year CDs, is often a reflection on expectations of rising interest rates and inflation in the future.  When midterm CD rates start to rise, banking competition is usually the catalyst for the rate changes especially when the competing market products are not following suit as seen in the current environment with money market rates and Treasury rates.

This past week, the average rate found on the top ten highest bank CD rates ticked up 6/1000ths of a percent.  The average rate coming from the best CDs available nationally moved up to 1.035% from 1.029% from the previous week.  This is not much of jump; however the increase in rates takes place while short term Treasury rates have moved lower.

The top bank CD rates across several different maturities moved higher by 3/1000ths of a percent, measured by the SelectCDrates.com CD rate index.  The average CD rate found on the top term highest CD rates in the SelectCDrates.com CD rate index climbed to 1.093% from 1.090% last week.  Along with rate increases in the one year term certificates, five year CDs also climbed modestly higher as other maturities were unaltered.

The SelectCDrates.com CD rate index measures the top ten highest CD rates on three month CDs, six month CDs, one year CDs, two year CDs, and five year CDs that are available nationally. 

Meanwhile, mortgage rates followed the Treasury market.  The average 30 year mortgage rate available at the nation’s top bank mortgage lenders decreased by roughly six basis points pushing the average rate on this popular home loan product to 4.396% from 4.460% in the prior week. 

Jumbo mortgage rates were lower by almost as much as the 30 year conforming loan with the 30 year jumbo rate dipping just under five basis points to 4.238%.  FHA mortgage rates lagged slightly with a rate cut of less than three basis points which brought the average FHA home loan rate down to 4.088% at the close of the week.

The top credit card rates and savings accounts rates (money market account rates and savings account rates) were unchanged on the week.  The best credit card rates remained at 13.86% and the best savings and money market rates 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 most current survey is for the week ending April 25, 2014.  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 April 25, 2014

CD interest rates:
Composite CD interest rate index 1.093 percent (up .003 percent) 
3 month CD rates 0.384 percent (unchanged)  
6 month CD rates 0.732 percent (unchanged) 
1 year CD rates 1.035 percent (up .006 percent)  
2 year CD rates 1.178 percent (unchanged)  
5 year CD rates 2.134 percent (up .007 percent) 

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

Mortgage rates:  
30 year mortgage rates 4.396 percent (down .064 percent)  
15 year mortgage rates 3.537 percent (down .045 percent)  
20 year mortgage rates 4.109 percent (down .106 percent)
30 year jumbo mortgage rates 4.238 percent (down .045 percent) 
30 year FHA mortgage rates 4.088 percent (down .025 percent)

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

US Treasury rates:
Six month Treasury rate 0.04 percent (down .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.43 percent (unchanged)
Five year Treasury rate 1.72 percent (down .03 percent) 
Ten year Treasury rate 2.68 percent (down .05 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 25, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending April 25, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Market Stability Causes Rates to Rise

Bank rates moved higher this past week as the markets have gained stability and refocused on economic conditions and away from geopolitical risks.  Tensions in Ukraine have settled down, at least temporarily, and the bond and stock market spent the week digesting the economic data and business news that has hit the streets.

The economic data and business reports released during the Holiday shortened Good Friday were generally positive pushing the stock market higher and the bond market lower.  Lower bond prices results in higher interest rates.
 
Economic data continues to indicate an improving economy.  Upbeat financial results were reported from some major U.S. companies, including General Electric, Coca-Cola and Johnson & Johnson.  The economic data and earnings reports further confirms the position the Fed has on staying the course with regards to their $10 billion reduction in bond buying per meeting this year.  All in all it was a week of good news for the economy, good news for savings returns, and less than ideal news for new borrowers.

CD rates, measured by the SelectCDrates.com CD rate index, ticked up by 5/1000ths of a percent on the week.  The CD rate index measures the top ten highest CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally.  The CD rate index ended the week at 1.090% after starting out at 1.085%.  Although the yield increase in certificates wasn’t earth shattering, rate increases were seen in a number of maturities.  Six month CD rates, one year CD rates, and two year CD rates were all higher on the week.

Mortgage rates were also higher on the week with the popular 30 year conforming fixed rate home loan increasing over ten basis points.  The average 30 year fixed rate loan coming from the nation’s largest bank mortgage lenders moved up to 4.460% from 4.355% from the previous week.  Other mortgage terms followed the 30 year’s lead and increased by similar amounts.  The 30 year FHA rate was up by 7.3 basis points to 4.113% while 30 year jumbo mortgage rates moved up by almost 11 basis points to an average rate of 4.283%.

The top bank money market rates and savings account rates were unchanged on the week.  The average rate found on the top ten highest bank savings rates held at 0.887%.  The best credit card rates available to consumers were also unaltered this past week.  The average rate found on new credit card offers across a broad spectrum of credit card issuers and card types remained at 13.86%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending April 18, 2014.  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 April 18, 2014

CD interest rates:
Composite CD interest rate index 1.090 percent (up .005 percent)
3 month CD rates 0.384 percent (down .006 percent) 
6 month CD rates 0.732 percent (up .014 percent)
1 year CD rates 1.029 percent (up .006 percent) 
2 year CD rates 1.178 percent (up .015 percent) 
5 year CD rates 2.127 percent (down .004 percent) 

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

Mortgage rates: 
30 year mortgage rates 4.460 percent (up .105 percent) 
15 year mortgage rates 3.582 percent (up .13 percent) 
20 year mortgage rates 4.215 percent (up .12 percent)
30 year jumbo mortgage rates 4.283 percent (up .109 percent) 
30 year FHA mortgage rates 4.113 percent (up .073 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 (down .01 percent)
One year Treasury rate 0.11 percent (up .02 percent)
Two year Treasury rate 0.43 percent (up .06 percent)
Five year Treasury rate 1.75 percent (up .17 percent) 
Ten year Treasury rate 2.73 percent (up .10 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 18, 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 April 18, 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.

Stocks and Bank Rates Head South

Stock prices and bond yields in mid April have continued the recent trend of moving in the opposite direction.  While the stock market has been struggling, the bond market has been forging ahead higher which has pushed the interest rates tied to bonds lower.  Interest rates and stocks have often followed similar paths.  When money moves out higher risk assets such as stocks, the funds frequently flow into the safety and security of fixed rate bonds pushing the bond prices higher and the interest rates lower. 

Higher bond prices this past week, and most of 2014 for that matter, has resulted in lower interest rates and borrowing costs across a wide spectrum of consumer loan products.  Mortgage rates made another significant move to the downside at the close of the week, as equity prices continued to struggle.  The most recent bank rate survey conducted by Selectcdrates.com showed the average 30 year mortgage rate available at the nation’s leading bank mortgage lenders falling by over 14 basis points over the course of the week.  The average 30 year loan rate dropped to 4.355% from 4.497% in the previous week.

Other mortgage products followed right along with the popular 30 year home loan product.  30 year FHA rates were cheaper by just under ten basis points, week over week, pushing the average rate down to 4.040%.  Jumbo mortgage rates were the big movers of the week with the average rate dipping over 15 basis points to 4.174%.
 
Credit card rates also moved lower this past week.  The average rate one new credit card offers for the best credit tier available from the leading credit card issuers was lower by one basis point.  The average credit card interest rate moved down to 13.86% from 13.87% in the week earlier.

One sector of consumer bank rates that have bucked the lower interest rate trend is bank CD rates.  CD rates have slowly inched higher throughout the year albeit, at a very slow rate and starting from a very low level.  Nevertheless, CD rates made a minor advance once again with the average rate on the best CD rate available nationally across a broad spectrum of maturities climbing by 1/1000th of a percent to an a yield of 1.085%. 

Most CD maturities in this past survey were unchanged, which may very well be received as good news in light of the falling rates in Treasury securities and mortgage loan products.  The best three month CD rates, six month CD rates, two year, and five year rates were unchanged from the prior week.  The average rate on the top yielding one year CD rates ticked higher by 5/1000ths of a percent to 1.023%, which accounted for all of the change in the overall CD rate index.

Unsettling events in Crimea may be the catalyst to flow of funds from stocks to bonds.  But the market movements over the past few weeks have been anything but clear.  The employment report released earlier in the month was a solid report that showed slow but steady economic growth and will further support the Federal Reserve’s strategy of gradually reducing the quantitative easing program.  Both of these actions should be supporting the stock market and be somewhat detrimental to low interest rates.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending April 11, 2014.  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 April 11, 2014

CD interest rates:
Composite CD interest rate index 1.085 percent (up .001 percent) 
3 month CD rates 0.390 percent (unchanged)  
6 month CD rates 0.718 percent (unchanged) 
1 year CD rates 1.023 percent (up .005 percent)  
2 year CD rates 1.163 percent (unchanged)  
5 year CD rates 2.131 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 4.355 percent (down .142 percent)  
15 year mortgage rates 3.452 percent (down .105 percent)  
20 year mortgage rates 4.095 percent (down .135 percent)
30 year jumbo mortgage rates 4.174 percent (down .159 percent) 
30 year FHA mortgage rates 4.040 percent (down .098 percent)

Credit card rates:
Credit card rates for new credit card offers 13.86 percent (down .01 percent)

US Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.09 percent (down .02 percent)
Two year Treasury rate 0.37 percent (down .06 percent)
Five year Treasury rate 1.58 percent (down .13 percent) 
Ten year Treasury rate 2.63 percent (down .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 11, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending April 11, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

On the Money Jobs Report Holds Interest Rates Steady

Bank rates displayed only moderate changes for the first week of April after the release of the monthly jobs report helped to push interest rates lower at the end of the week after rising through much of the early part of the week.  The monthly jobs report released on Friday April 4th came in about as expected, showing moderate gains in employment for the month of March and sizeable revisions to then upside for the preceding month.

Interest rates were heading modestly higher through the week building up to the jobs report as economic number started to show strength and the stock market forged higher.  A number that matched the consensus view would not normally be expected to drive interest rates one way or another, but the release on Friday pushed short term and midterm rates lower. 

Long term rates were mostly unmoved by the report.  Slightly higher long term rates and lower short term rates left the yield curve with much steeper appearance.  Borrowers and savers received some rewards from the weekly changes with mortgage rates showing little to no changes and bank CD rates producing a modest boost higher.

Mortgage borrowing costs were, for the most part, unchanged on the week.  The average 30 year mortgage rate coming from the nation’s leading bank mortgage lenders increased by just 1.2 basis points to close the week at 4.497%.  On a loan size of $150,000.00 the monthly payment increase would be less than $2.00 per month.

FHA rates made the smallest of changes rising by just one basis point to 4.138%.  Jumbo rates were little more elevated experiencing an increase of 3.8 basis points to an average cost of 4.333%.

Bank CD rates moved modestly to the upside with another weekly gain in the long term maturities as the shorter term CD rates made less significant changes.  The SelectCDrates.com CD rate index increased by 6/1000ths of a percent for the week rising to 1.084% from 1.078% in the previous week.  The CD rate index measures the best CD rates available nationally on three month term CDs, six month CDs, one year CDs, two year CDs and five year CDs.

The top six month CD rates were unchanged on the week at 0.718% and the three month CD and one year CD rates doing little more with only minor rate changes of 2/1000ths of percent or less.  Measurable gains were found on the two year and five year term certificates.  Two year CD rates added 2.1 basis points to yield 1.163% and the five year CDs increased by a more modest 7/1000ths of a percent to end the week at 2.131%.

Variable rate bank money market account rates and savings account rates were unchanged on the week.  The average rate earned on the top ten highest savings accounts and money market accounts remained at 0.887% for the third consecutive week.  No news here, the top banks paying the highest yields have simply chosen to keep their terms the same as the variable rate accounts protect the banks from rapidly moving markets.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending April 4, 2014.  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 April 4, 2014

CD interest rates:
Composite CD interest rate index 1.084 percent (up .006 percent)
3 month CD rates 0.390 percent (up .001 percent) 
6 month CD rates 0.718 percent (unchanged)
1 year CD rates 1.018 percent (up .002 percent) 
2 year CD rates 1.163 percent (up .021 percent) 
5 year CD rates 2.131 percent (up .007 percent) 

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

Mortgage rates: 
30 year mortgage rates 4.497 percent (up .012 percent) 
15 year mortgage rates 3.557 percent (down .031 percent) 
20 year mortgage rates 4.230 percent (up .012 percent)
30 year jumbo mortgage rates 4.333 percent (up .038 percent) 
30 year FHA mortgage rates 4.138 percent (up .001 percent)

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

US Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
One year Treasury rate 0.11 percent (down .02 percent)
Two year Treasury rate 0.43 percent (down .02 percent)
Five year Treasury rate 1.71 percent (down .03 percent) 
Ten year Treasury rate 2.74 percent (up .01 percent) 2

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 4, 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 April 4, 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.

Bank Rates Stay in a Tight Trading Range from Mortgages to CDs

Interest rates moved in a rather irregular manner this past week with divergences in the direction of CD rates, mortgage rates and Treasury rates.  Bank rates were reported slightly higher for long term CDs yet lower for mortgages.  Treasury rates moved like a push me-pull you with the rates on short term T-bills tugging lower and the rates on long term Treasury bonds crawling higher. 

While the numbers did not move in a unified manner, the interest rate divergences this week compared to the previous week were fairly small.  The average 30 year mortgage rate available at the nation’s top ten largest bank mortgage lenders was down by just 3.5 basis points to an average rate of 4.485%, based on the most recent bank rate survey conducted by SelectCDrates.com.  One basis point is equal to 1/100th of a percent.  30 year FHA mortgage rates and jumbo mortgage rates were lower by like sums, with the 30 year FHA rate dipping 2.5 basis points to 4.137% and jumbo rates sliding 5.5 basis points to 4.295%.

CD rates were unchanged for most maturities with the exception of the long term certificate rates which instead of moving lower in conjunction with mortgage rates, popped higher in the latest survey.  The average rate on the long term maturities, measured by the top ten highest five year CD rates available nationally, gained 1.5 basis points to an average yield of 2.124%.  With mid and short term bank CD maturities unchanged for the week, the average yield in the CD rate index was up by just 3/1000ths of a percent to 1.078%.

Treasury rates were split on the week.  Short term Treasuries were down marginally, the six month bill slid to 0.06% from 0.08% in the prior week and the one year Treasury gave up one basis point to close the week at 0.13%.  Two year notes were unchanged at 0.45%.  The five year Treasury was higher on the week, by very small amount, gaining one basis point to 1.74%.  The ten year gave up two basis points to end the week yielding 2.73%.

Bank money market account rates, savings account rates and credit card rates were all unchanged for the week.  The average bank rate on the top savings accounts and money market accounts remained at 0.887% and the average rate on new credit card offers held at 13.87%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending March 28, 2014.  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 March 28, 2014

CD interest rates:
Composite CD interest rate index 1.078 percent (up .003 percent)
3 month CD rates 0.391 percent (unchanged) 
6 month CD rates 0.718 percent (unchanged)
1 year CD rates 1.016 percent (unchanged) 
2 year CD rates 1.142 percent (unchanged) 
5 year CD rates 2.124 percent (up .015 percent) 

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

Mortgage rates: 
30 year mortgage rates 4.485 percent (down .035 percent) 
15 year mortgage rates 3.588 percent (down .004 percent) 
20 year mortgage rates 4.218 percent (down .07 percent)
30 year jumbo mortgage rates 4.295 percent (down .055 percent) 
30 year FHA mortgage rates 4.137 percent (down .025 percent)

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

US Treasury rates:
Six month Treasury rate 0.06 percent (down .02 percent)
One year Treasury rate 0.13 percent (down .01 percent)
Two year Treasury rate 0.45 percent (unchanged)
Five year Treasury rate 1.74 percent (up .01 percent) 
Ten year Treasury rate 2.73 percent (down .02 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 28, 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 March 28, 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.

Bank Rates Pop Higher on Fed News

Bank rates moved higher after the new Federal Reserve chair, Janet Yellen, held a press conference on March 19.  On the face of it, the press conference held midweek did not cover any new ground with the notable exception regarding expectations on when interest rates may eventually get ratcheted higher by the Fed. 

The Fed has regularly stated that short term interest rates, measured by the fed funds rate, will be held at exceptionally low level for a considerable length of time to spur economic growth.  At the Wednesday press conference, the head of the central bank clarified the definition of, “a considerable time”.  The Fed chair indicated that a considerable time would mean something close to six months after the current bond buying program comes to a end. 

At its current pace of tapering, the Fed’s bond purchase program is scheduled to end in the final quarter of 2014.  The Fed comments thus drew the quick conclusion that short term interest rates may get boosted by Federal Reserve action as early as the summer or 2015.  This sent a shock to the market that almost immediately pushed the stock market lower and interest rates higher.

This news appeared to have surprised the market with many Fed watchers calling Yellen’s comment a mistake and that her interpretation may not be entirely accurate but rather on off the cuff remark.  Though Ms. Yellen is new to the post, it seems highly unlikely that the Fed Chair is not crystal clear on exactly what each term in the carefully crafted Fed statements mean or imply.  Furthermore, is it really that surprising to hear that the Fed expects that interest rates will finally move higher by the middle of 2015?

By the end of the week, the Fed statements pushed midterm and long term interest rates higher with Treasury rate jumping along with mortgage rates and CD rates.  Most short term or variable rate consumer bank products showed little reaction to the market moves with money market rates ticking down marginally and credit card rates remaining unchanged.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending March 21, 2014.  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 March 21, 2014

CD interest rates:
Composite CD interest rate index 1.075 percent (up .004 percent)
3 month CD rates 0.391 percent (unchanged) 
6 month CD rates 0.718 percent (down .009 percent)
1 year CD rates 1.016 percent (unchanged) 
2 year CD rates 1.142 percent (unchanged) 
5 year CD rates 2.109 percent (up .029 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (down .002)

Mortgage rates: 
30 year mortgage rates 4.520 percent (up .147 percent) 
15 year mortgage rates 3.592 percent (up .14 percent) 
20 year mortgage rates 4.288 percent (up .175 percent)
30 year jumbo mortgage rates 4.350 percent (up .126 percent) 
30 year FHA mortgage rates 4.162 percent (up .159 percent)

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

US Treasury rates:
Six month Treasury rate 0.08 percent (unchanged) 0.08
One year Treasury rate 0.14 percent (up .02 percent)
Two year Treasury rate 0.45 percent (up .09 percent)
Five year Treasury rate 1.73 percent (up .18 percent) 
Ten year Treasury rate 2.75 percent (up .10 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 21, 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 March 21, 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.

Political Tensions Push Bank Rates Lower Mid March

Mortgage rates, CD rates and Treasury rates moved lowered in mid March as the trouble brewing in the Ukraine made the stock and bond markets skittish.  Geopolitics drove the markets this past week while any measures regarding economic conditions took a back seat.  Unsettling geopolitical conditions or more precisely, will Russia invade Ukraine or not, had investors pulling money out of the stock market and into the safety and security of fixed income securities.

The uncertainty over Eastern Europe led to the stock market losing ground every day of the week, as measured by the Dow Jones Industrial Average, and drove U.S. Treasury prices higher.  Standard stuff when political uncertainty is the main focus in the media and the investment community.  The result of the money flows into Treasury securities and other fixed income safe heavens was lower interest rates.  For the week ending March 14, the ten year Treasury bond dropped by 15 basis points to close the week at 2.65%.  To put this in perspective, the ten year Treasury started 2014 with a yield of 3.00%.  This is a significant rate reduction for a year in which the market consensus was for higher bank rates.

All Treasury terms showed lower rates for the week with short term rates down by just a hair and longer term rates moving lower by a more sizeable sum.  Mortgage rates followed suit with short term, 10 and 15 year mortgage rates, dropping fractionally while 30 year mortgage rates became noticeably cheaper.  Bank CD yields were also down for almost all of the most popular terms with the exception of the top five year CD rates which squeezed out a small gain in yield for the week.

While the focus has moved to the problems in Europe, the easy monetary policy of the Federal Reserve is still coming to an end this year.  And though the economic data thus far has been much weaker than expected, the economic news has not been horrendous considering the economy is working off a winter weather nightmare.  Assuming, the economy picks up steam once the weather related dynamics are in the rear view mirror, a forecast for higher interest rates in the spring is a good bet.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending March 14, 2014.  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 March 14, 2014

CD interest rates:
Composite CD interest rate index 1.071 percent (down .009 percent)
3 month CD rates0.391 percent (down .012) 
6 month CD rates 0.727 percent (down .025 percent)
1 year CD rates1.016 percent (down 0.003) 
2 year CD rates 1.142 percent (down .006) 
5 year CD rates 2.080 percent (up .002 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.889 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.373 percent (down .136 percent) 
15 year mortgage rates 3.452 percent (down .107 percent) 
20 year mortgage rates 4.113 percent (down .175 percent)
30 year jumbo mortgage rates 4.224 percent (down .114 percent) 
30 year FHA mortgage rates 4.003 percent (down .135 percent)

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

US Treasury rates:
Six month Treasury rate 0.08 percent (down .01 percent)
One year Treasury rate 0.12 percent (down .01 percent)
Two year Treasury rate 0.36 percent (down .02 percent)
Five year Treasury rate 1.55 percent (down .10 percent) 
Ten year Treasury rate 2.65 percent (down .154 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 14, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending March 14, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Strong (?) Jobs Report Pushes Rates Higher

Bank rates moves noticeably higher during the first week of March with rate increases found in mortgages, credit cards, and certificates of deposit.  A stronger than expected jobs report for the month of February was the chief catalyst for the rise in rates though there were other factors involved in the push to the upside.

The health of the labor market has always had a significant influence on interest rates and the monthly jobs report released on Friday further validated that position.  The data for February showed an increase of 175,000 jobs for the month which beat market expectations by roughly 25-50,000.  The number overall was nothing to write home about but, with the unusually bad weather the U.S. has experienced in recent months the market saw these figures for a shortened February month as being particularly positive.  There were revisions in the previous monthly jobs reports as well that many market prognosticators placed a positive spin on, but in truth, these revisions were quite small amounting to 25,000 added jobs between December and January.

The economy has clearly being working through many challenges that have helped to keep interest rates depressed including the weather that dampens consumer sentiment and spending, foreign turmoil that has shifted from Turkey to Ukraine to now off the radar, and Congressional mischief that appears to have subsided (thank God). 

A better than expected labor market helps put the weather and the mixed economic data of the past month behind us.  And with the Fed slowly pulling away from stimulus mode with the taper in full force and the economy showing signs of improvement once again, bank rates will and did move higher.

Mortgage rates for the week ending March 7th gained almost ten basis points, one basis point is equal to 1/100th of a percent, to end the week at 4.509%.  Short term mortgage rates as well as jumbo rates and FHA rates all closed out the week with roughly the same cost increases for new home borrowers.

CD rates were elevated on the long end of the curve with the best five year CD rates bumping up 1.2 basis points to an average yield of 2.078%.  Six month CD rates showed a minor decline and most other popular certificate maturities were unchanged on the week.

Bank money market rates and savings account rates held steady for the week with the average rate earned on these bank products holding at 0.889%.

Credit card rates experienced a minor boost.  The best credit card rates available across all consumer credit card categories displayed an average rate increase of one basis point, pushing the average interest rate on new credit card offers up to 13.87%.

 The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending March 7, 2014.  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 March 7, 2014

CD interest rates:
Composite CD interest rate index 1.080 percent (up .001 percent)
3 month CD rates 0.403 percent (unchanged)
6 month CD rates 0.752 percent (down .005 percent)
1 year CD rates 1.019 percent (unchanged)
2 year CD rates 1.148 percent (unchanged)
5 year CD rates 2.078 percent (up .012 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.889 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.509 percent (up .099 percent)
15 year mortgage rates 3.559 percent (up .095 percent)
20 year mortgage rates 4.288 percent (up .113 percent)
30 year jumbo mortgage rates 4.338 percent (up .089 percent)
30 year FHA mortgage rates 4.138 percent (up .11 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.09 percent (up .01 percent)
One year Treasury rate 0.13 percent (up .01 percent)
Two year Treasury rate 0.38 percent (up .05 percent)
Five year Treasury rate 1.65 percent (up .14 percent)
Ten year Treasury rate 2.80 percent (up .14 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 7, 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 March 7, 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.

February Ends and Short Term Rates Hold as Long Term Rates Head Lower

Short term bank rates showed little activity during the last week of February but, long term rates continued to march lower.  This is a theme that has run all year long, all two months of it.  Long term bank rates such as mortgage rates are at their lowest level of the year while shorter term bank products such as CD rates and credit card rates are only off by a fraction of where they were at the end of 2013. 

Another view of the change in term structure of interest rates so far this year can be seen in the Treasury market.  Six month Treasury rates started 2014 with a yield of 0.09% and ended the month of February at 0.08%, not much of change.  The one year Treasury rate was equally as uncaring about any market noise or action, starting at 0.13% on the first trading of January and closing out the last day of February at 0.12%.  Not a lot of change in short term rates.  The ten year Treasury bond on the other hand, started the year at 3.00% even and has now moved down to 2.66%, a drop of 34 basis points in just two months.  The five year Treasury note moved right along with the long term bond and dropped down to 1.51% from 1.72% off the same time frame.

The average rate changes such as those displayed over the past two months are not always reflected in the SelectCDrates.com bank rate survey.  The bank rates in the SelectCDrates.com bank rate survey reflect the rates available from the top banks in the nation and competitive pressure can sometimes, but not always, push bank rates lower for loan products and higher for savings products as the top banks compete for the consumer’s dollars or added market share.

In the most recent survey of bank rates conducted by SelectCDrates.com for the week ending February 28, 2014 most short term bank rates were unchanged and long term rates dropped lower.  The top ten highest three month and six month CD rates available nationwide were unchanged for the week at 0.403% and 0.757%, respectively.  Five year CD rates dipped by just over one basis point, or .01%, to yield 2.066%.  CD rates did in fact match, more or less, the activity in Treasury rate market.

Mortgage rates were cheaper for new borrowers across all products and terms.  The average 30 year mortgage rate in the survey of the largest bank mortgage lenders dropped to 4.410%.  Jumbo rates and FHA rates moved down as well with the average 30 year FHA mortgage rate sliding to 4.028% and the average 30 year jumbo rate slipping to 4.249%.  Shorter term mortgage loans were also less costly for the week for new home loan borrowers.

Money market account rates and savings account rates managed to get boosted just marginally higher to an average rate of 0.889%.  And credit card rates were unchanged at 13.86%.

 The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending February 28, 2014.  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 for February 28, 2014

CD interest rates:
Composite CD interest rate index 1.079 percent
3 month CD rates 0.403 percent
6 month CD rates 0.757 percent
1 year CD rates 1.019 percent
2 year CD rates 1.148 percent
5 year CD rates 2.066 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.889 percent

Mortgage rates: 
30 year mortgage rates 4.410 percent
15 year mortgage rates 3.464 percent
20 year mortgage rates 4.175percent
30 year jumbo mortgage rates 4.249 percent
30 year FHA mortgage rates 4.028 percent

Credit card rates:
Credit card rates for new credit card offers 13.86 percent

US Treasury rates:
Six month Treasury rate 0.08 percent
One year Treasury rate 0.12 percent
Two year Treasury rate 0.33 percent
Five year Treasury rate 1.51 percent
Ten year Treasury rate 2.66 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 28, 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 February 28, 2014 please see the following interest rate tables: 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.

Bank Rates Climb Modestly Higher in Mid February

Interest rates were up across the board for bank lending and savings products.  Rate increases for the week ending February 14, 2014 were found on credit cards, home mortgages, bank CDs, and savings accounts.  While the rate changes were sweeping across all categories of bank products, the actual level of rate changes were relatively mild.

Weak data regarding the U.S. economy has been the underlying current that was pushing interest rates lower since the end of 2013.  While rates may be slightly elevated this past week, the data points thus far in the second month of the year have not changed to indicate any significant strength in the economy.  So while the stock market has bounced quite noticeably off the swoon it had been experienced at the onset of the year, the interest rate market still seems to be taking its cues from the economic data and has not responded in turn. 

In very general terms, the stock market is a barometer for the economy.  Strength in the economy leads to higher corporate profits and higher stock prices.  As stock prices rise with a strengthen economy, bank rates will usually move higher reflecting the increased demand for loans and the higher rates of inflation as output gets constrained and costs rise.

This past week, rates were certainly higher, but the increases were mostly negligible.  30 year mortgage rates increased by fewer than seven basis points, with one basis point equal to 1/100th of a percent.  The average 30 year mortgage rate coming from the nation’s largest bank mortgage lenders increased to 4.461 percent from 4.392 percent in the prior week. 

CD rates were almost entirely unchanged with only the long term maturities showing a difference.  The average rate on the top ten best five year CDs increased by almost two basis points from 2.047 percent to 2.065 percent.  Three month CD rates, six month CD rates, one year and two year CD rates were unchanged from the previous week.

Credit card rates moved modestly higher after barely moving up to this point in the year.  Credit card rates ticked up by one basis point which pushed the average interest rate on new credit card offers to 13.86%. 

Rates found on the top bank savings accounts and money market accounts available nationally were boosted by 3/1000ths of a percent.  The average rate on the top ten highest savings and money market rates climbed to 0.887 percent, a moderate rise from the previous week’s average rate of 0.884 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending February 14, 2014.  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 for February 14, 2014

CD interest rates:
Composite CD interest rate index 1.084 percent (up .003 percent)
3 month CD rates 0.403 percent (unchanged)
6 month CD rates 0.757 percent (unchanged) 
1 year CD rates 1.034 percent (unchanged)
2 year CD rates 1.163 percent (unchanged) 
5 year CD rates 2.065 percent (up .018 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (up .003 percent) 

Mortgage rates: 
30 year mortgage rates 4.461 percent (up .069 percent) 
15 year mortgage rates 3.521 percent (up .018 percent) 
20 year mortgage rates 4.234 percent (up .071 percent) 
30 year jumbo mortgage rates 4.287 percent (up .025 percent) 
30 year FHA mortgage rates 4.088 percent (up .075 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.86 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.07 percent (down .02 percent)
One year Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.32 percent (up .02 percent) 
Five year Treasury rate 1.53 percent (up .06 percent)
Ten year Treasury rate 2.75 percent (up .04 percent) 

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 14, 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.

Questions about Economic Growth do little to Move Bank Rates

A lousy monthly employment report did little to move the market this week.  Interest rates headed moderately lower after a much worse than expected employment report was released on Friday but the interest rate action on that day was not enough to undo the rate increases that occurred midweek and the market ended mixed. 

Friday’s jobs report or unemployment report released by the Bureau of Labor Statistics showed total nonfarm payroll employment rose by just 113,000 in January, far less than the market had expected.  A miss of that magnitude would usually push bond prices higher and interest rates measurably lower, but this time the markets reaction was quite muted.  Going into the week, the ten year Treasury bond had a yield of 2.67% it then dipped slightly in the early half of the week, picked up a few basis points at midweek, and closed the week with a yield of 2.71%. 

Even with the poor employment data, the ten year Treasury bond gained four basis points week over week.  Other maturities were somewhat of a mixed bag.  The one year Treasury also gained on the week with an increase of two basis points to end the week at 0.12%.  The two and five year notes moved lower with the two year losing four basis points to 0.30% and the five year giving up two basis points to close out the week at 1.47%.

Back to the employment data.  The employment numbers have started to turn south just when the Fed has made its long awaited decision to cut back on the bond buying program that has been credited with keeping mid and long term rates at historic lows.  The January jobs data is the second consecutive monthly figure in which the Bureau of Labor Statistics employment data showed slowing job gains compared with the average gains in the previous 12 to 18 months and missing the mark on consensus expectations.

Some economists and financial prognosticators are floating the idea that the Fed may decide to slow the pace of tapering on the bond buying program as the economy shows signs of losing steam.  This appears unlikely however, since interest rates are reacting more to the economic news that the news over the Fed’s market intervention.

In fact, the precious two months have shown that the bond buying or monetary stimulus program embarked on by the Fed is not packing much of a punch and therefore, continuing this program into 2015 is more likely to have a higher risk of damaging the markets rather than helping.  It is also worth noting, that the schedule to reduce the bond purchases of both Treasury bonds and mortgage bonds will take up most of 2014 to be completed and will end up adding plenty of new funds flow into the economy before it comes to its final resting place.

By reviewing the following mortgage rate, CD rate, savings rate and credit rate data listed below, you can see that the bank rates were little changed this past week even with the questions over the vigor of the economic recovery and any rumblings of changes by the Fed are the impact of slower economic growth.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending January 31, 2014.  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 for February 7, 2014

CD interest rates:
Composite CD interest rate index 1.081 percent (down .003 percent) 
3 month CD rates 0.403 percent (unchanged) 
6 month CD rates 0.757 percent (down .01 percent)  
1 year CD rates 1.034 percent (up .001 percent) 
2 year CD rates 1.163 percent (unchanged)  
5 year CD rates 2.047 percent (up .004 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.884 percent (up .009 percent) 

Mortgage rates: 
30 year mortgage rates 4.392 percent (up .002 percent)  
15 year mortgage rates 3.503 percent (down .006 percent)  
20 year mortgage rates 4.163 percent (up .002 percent) 
30 year jumbo mortgage rates 4.262 percent (up .025 percent) 
30 year FHA mortgage rates 4.013 percent (up .035 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.85 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.09 percent (up .03 percent)
One year Treasury rate 0.12 percent (up .02 percent)
Two year Treasury rate 0.30 percent (down .04 percent) 
Five year Treasury rate 1.47 percent (down .02 percent)
Ten year Treasury rate 2.71 percent (up .04 percent) 

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 7, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending February 7, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Market Uncertainty Pushes Mortgage Rates Lower while Savings Rates are on Hiatus

Concerns over emerging markets and a selloff in stocks has pushed mortgage rates lower once again in 2014.  The rate drop on mortgages makes it four weeks in a row where the average cost has ticked lower.  While mortgage rates and Treasury rates showed some fairly aggressive downside action as consequence of the uncertainty over emerging markets, CD rates, savings  rates and credit card rates were muted with little rate changes seen among these bank products.

The dip in mortgage rates and Treasury rates took place even while the Fed announced they will continue to cut back on its asset purchases through 2014.  After the December taper announcement in which Fed made the decision to cut back on their bond buying, monetary easing program by $10 billion, the Fed announced on Wednesday of last week that the reduction will be increased by another $10 billion.  The first announcement caused a jump in interest rates but this week’s announcement had little impact and as the week came to a close, long term interest rates continued to move lower.

The key to the inactivity in CD rates, savings rates and credit cards was the changes in the yield curve and specifically, the more substantial differences seen in longer term interest rates over that of short and midterm rates.  From January 1 to January 31 of this year, the five year Treasury note gave up a hefty 23 basis points.  At the onset of the month, the five year had a yield of 1.72%, by the end of the month the rate of return on the five year had dipped to 1.49%.  The ten year Treasury bond showed a similar downward move, dropping 33 basis points from 3.00% to 2.67%. 

When interest rates shift, short term rates are generally not expected to move as much on an absolute basis as the longer term maturities, however this time around the action on the short end of the curve was far less substantial than the rate changes found on longer end of the yield curve.  Over the course of January, as the long rates were hit hard, the shorter term maturities did a better job of holding their ground.  The three year Treasury note shed just seven basis points in the month of January to close the month at 0.69% after starting out the year at 0.76%.  A two year Treasury rate moved downs by only five basis points with the two year yield sliding to 0.34% from 0.39% at the start of the month. 

The difference in interest rate movements between the long end and the shorter term rates has flattened the yield curve with the bulk of the rate action taking place on longer term securities.  The spread between the one year Treasury and ten year has been cut to 2.57% from 2.87%.  The flatter curve impacts consumers with savings rates that barely budge and long term borrowing rates that move measurably lower.  Hence, CD rates and savings account rates showed little change this week while 30 year fixed rate mortgages made a noticeable drop.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending January 31, 2014.  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 for January 31, 2014

CD interest rates:
Composite CD interest rate index 1.084 percent (up .002 percent)
3 month CD rates 0.403 percent (unchanged)
6 month CD rates 0.767 percent (unchanged) 
1 year CD rates 1.033 percent (unchanged) 
2 year CD rates 1.163 percent (unchanged) 
5 year CD rates 2.043 percent (up .011 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.875 percent (unchanged) 

Mortgage rates: 
30 year mortgage rates 4.396 percent (down .08 percent) 
15 year mortgage rates 3.509 percent (down .08 percent) 
20 year mortgage rates 4.161 percent (down .041 percent) 
30 year jumbo mortgage rates 4.237 percent (down .086 percent) 
30 year FHA mortgage rates 3.978 percent (down .11 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.85 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.06 percent (unchanged)
One year Treasury rate 0.10 percent (down .01 percent)
Two year Treasury rate 0.34 percent (down .03 percent) 
Five year Treasury rate 1.49 percent (down .09 percent) 
Ten year Treasury rate 2.67 percent (down .08 percent) 

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 31, 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 January 31, 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.

More Downside on Mortgage Rates as CD Rates and Credit Card Rates Hold Tight

Concerns over world economies, specifically China and emerging markets, caused a selloff in a number of asset classes for the week ending January 24, 2014.  The selloff in stocks and commodities caused in shift in investment dollars with more money flowing back into the safety of US Treasury bonds and mortgage bonds.  The inflow of funds pushed bond prices higher and interest rates lower.  By week’s end, Treasury rates and mortgage rates were at the low point of the year and have dropped below the rates that were available prior to the Fed’s announcement in early December regarding cut back in Fed’s monetary easing program.

Bank CD rates, credit card rates, and money market rates were little changed over the week.  The lack of movement in these shorter term savings and lending products is not entirely without reason.  Credit card rates, CD rates, and money market account rates are more dependent on changes in shorter term market interest rates and are generally more stable than either mortgage rates or long term bond rates.

The average 30 year conforming mortgage rate available at the nation’s top bank mortgage lenders moved lower by just over five basis points or 0.05 percent.  The average 30 year mortgage rate dipped from 4.532% to 4.476% over the course of the week.  The 30 year FHA mortgage rate was down by a similar amount, falling to 4.088% from 4.138% in the prior week.  Jumbo mortgage rates were off by a slightly smaller amount, with a four basis point cut in rates pushing the average jumbo mortgage rate to 4.323%.

The best CD rates available nationally were almost entirely unchanged on the week.  The average rate on the top ten best bank CDs measured by the SelectCDrates.com CD rate index held this week at 1.082%.  The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year CD rates.  Bank rates were unchanged across the CD rate yield curve with three month CDs on up five year CD maturities displaying no change in the average rate offered, week over week.

The top bank money market account rates and savings rates also displayed no change in the latest bank rate survey.  The average rate found on the top ten bank money market account rates and savings account rates remained at 0.875%.

After moving higher in the previous week, credit card rates showed no discernible rate change this week.  The vast majority of the major credit card offers held rates constant and the small changes made in a few card offers failed to move the needle on the average interest rate for new credit cards.  The average interest rate for new credit card offers to consumer across all credit card categories remains at 13.85%.

Treasury rates were fairly active on the week with rate changes in the shirt, mid and long end of the curve.  Six month Treasury rates dipped by one basis point to 0.06%.  The five Treasury note was cut back by six basis points to close the week at 1.58% and the ten year Treasury gave up nine basis points to close out with a yield of 2.75%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending January 24, 2014.  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 for January 24, 2014

CD interest rates:
Composite CD interest rate index 1.082 percent (unchanged) 
3 month CD rates 0.403 percent (unchanged) 
6 month CD rates 0.767 percent (unchanged)  
1 year CD rates 1.033 percent (unchanged)  
2 year CD rates 1.163 percent (unchanged)  
5 year CD rates 2.043 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.875 percent (unchanged) 

Mortgage rates:  
30 year mortgage rates 4.476 percent (down .056 percent)  
15 year mortgage rates 3.589 percent (down .059 percent)  
20 year mortgage rates 4.202 percent (down .079 percent) 
30 year jumbo mortgage rates 4.323 percent (down .04 percent) 
30 year FHA mortgage rates 4.088 percent (down .05 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.85 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.06 percent (down .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.37 percent (down .03 percent) 
Five year Treasury rate 1.58 percent (down .06 percent) 
Ten year Treasury rate 2.75 percent (down .09 percent) 

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 24, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending January 24, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Bank Mortgage Rates Continue to Drop as CD Rates Move Higher

Bank rates were forecasted to move higher in 2014 but mortgage rates have thus far failed to meet expectations.  While CD rates and credit card rates have made modest moves to the upside, mortgage rates have once again drifted lower.  Mortgage rates are now at the point where they were at the start of December in 2013.  Certainly, good news for new home loan borrowers but the low costs on home loans may not last.

Unfortunately, over the past 6 months the markets have seen a similar scenario on more than one occasion where a rate reduction in long term bank rates was short lived and the trend towards higher rates resumed and moved right along north bound.  This past week, while mortgage rates shifted lower, CD rates and credit card rates moved higher and Treasury rates changed very little.  A possible omen that interest rates are pulling back due to temporary market uncertainty and once a new round of substantive economic data is released; interest rates will rebound and pop higher.

The Feds decision to reduce its asset purchases moved rates higher in mid December and there is no sign, even with some recent weak economic reports, that the Fed intends to change their tune and stop the reduction in the amount of Treasury bonds and mortgage bonds they will be purchasing each month.  The recent drop in rates was heavily dependent on the jobs report released in the beginning of January but that data was contradicted by the low weekly unemployment claims number that have popped up each and every week in December and on through the month of January. 

Regardless of what the future months bring, last week was good news for borrowers and savers alike.  Mortgage rates dropped by just over five basis points over the course of the week on the popular 30 year fixed rate mortgage which brought the average rate down to 4.532%.  The average rate on the best bank CDs available nationally, measured by the SelectCDrates.com CD rate index, climbed by just shy of one basis point to an average rate of 1.082%. 

The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates available nationally.  One basis point is equal to 1/100th of a percent.

Money market account rates and savings rates also moved higher this week.  The top rates in this savings category were elevated by almost one basis point.  The rate increase pushed the average rate on the top ten highest savings account and money market account rates up to 0.875%.

Credit card rates were also higher on the week.  Rates on new consumer credit cards have been stuck in the mud for most of the past six months with very little rate changes either up or down coming from the largest credit card issuers.  This week, a small increase in some credit card offers was enough to push the average interest rate up to 13.85%.

Treasury rates showed little activity with most maturities showing very little change from the previous week. The ten year Treasury bond dipped by four basis points to close at 2.84%.  Five year Treasury notes were unchanged at 1.64%.  Six month T-bills made it look like a teeter totter and moved up by one basis point to end the week at 0.07%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending January 17, 2014.  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 for January 17, 2014

CD interest rates:
Composite CD interest rate index 1.082 percent (up .007 percent)
3 month CD rates 0.403 percent (unchanged)
6 month CD rates 0.767 percent (unchanged)
1 year CD rates 1.033 percent (unchanged)
2 year CD rates 1.163 percent (up .005 percent)
5 year CD rates 2.043 percent (up .03 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.875 percent (up .008 percent)

Mortgage rates: 
30 year mortgage rates 4.532 percent (down .056 percent)
15 year mortgage rates 3.648 percent (down .015 percent)
20 year mortgage rates 4.281 percent (down .105 percent)
30 year jumbo mortgage rates 4.363 percent (down .062 percent)
30 year FHA mortgage rates 4.138 percent (down .044 percent)

Credit card rates:
Credit card rates for new credit card offers 13.85 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.07 percent (up .01 percent)
One year Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.40 percent (up .01 percent)
Five year Treasury rate 1.64 percent 1.64 (unchanged)
Ten year Treasury rate 2.84 percent (down .04 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 17, 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 January 17, 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.

Long Term Rates Retreat after Disappointing Jobs Data

A poor showing in the monthly jobs report resulted in a measurable retreat in the long end of the yield curve.  Mid and long term interest rates had experienced a fairly substantial run up in the last couple of weeks in 2013 and into the first week of 2014 with the ten year Treasury rate crossing 3.00%.  Much of that run higher was erased on Friday with the release of jobs report for the month of December.

The Bureau of Labor Statistics released the jobs report on January 10th with the market expectation that roughly 200,000 new jobs were created in the month of December.  In fact, only 74,000 new jobs were created in December.  The unemployment rate did decline from 7.0 percent to 6.7 percent in December, but this was almost entirely due to drop in the number of people looking for jobs and not the amount of jobs created.  Prior to this report, the market had been adding an average of more than 200,000 jobs over the last four months.

Immediately following the jobs report, interest rates plummeted.  Long term Treasury bond rates and mortgage rates dropped by roughly ten basis points on Friday alone with smaller rate reductions occurring during the week, prior to the report.  Short term rates showed little impact as did bank rates that react to longer term interest rate trends and less on short term market movements.  In the category of sticky bank rates are savings account and money market rates, bank CD rates, and credit card rates.

The ten year Treasury bond gave up 13 basis points on the week, closing at 2.88% after starting the week with a yield of 3.01%.  The average rate on the 30 year conforming mortgages dropped by slightly larger amount and closed the week at 4.588%.  30 year FHA mortgage rates and jumbo mortgage rate followed dropping by week’s end to 4.182 and 4.425%, respectively.

The average rate found among the highest CD rates available nationally pushed higher on the week.  CD rates measured by the SelectCDrates.com CD rate index showed a rate increase that moved the average up to 1.075%.  The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates available nationally. 

Significant rate changes were seen on the long end of the CD rate curve, the top five year CD rates jumping above 2.00% with an average rate of 2.013%.  One year CD rates also moved higher with the average rate on the top ten best one year CD rates closing the week at 1.033%.  Other certificate terms showed little to no change through the week.

Money market account rates and savings rates dipped slightly with the average rate falling to 0.867%.  Credit card rates displayed no movement during the week with the average rate on new credit card offers to consumers holding at 13.84%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending January 10, 2014.  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 for January 10, 2014

CD interest rates:
Composite CD interest rate index 1.075 percent
3 month CD rates 0.403 percent
6 month CD rates 0.767 percent 
1 year CD rates 1.033 percent
2 year CD rates 1.158 percent
5 year CD rates 2.013 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.867 percent

Mortgage rates: 
30 year mortgage rates 4.588 percent
15 year mortgage rates 3.663 percent
20 year mortgage rates 4.386 percent
30 year jumbo mortgage rates 4.425 percent
30 year FHA mortgage rates 4.182 percent

Credit card rates:
Credit card rates for new credit card offers 13.84 percent

US Treasury rates:
Six month Treasury rate 0.06 percent
One year Treasury rate 0.12 percent
Two year Treasury rate 0.39 percent
Five year Treasury rate 1.64 percent
Ten year Treasury rate 2.88 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 10, 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.

Bank Rates Higher as 2013 Comes to a Close

As the year winds down, bank rates are moving higher with more vigor than we have seen at anytime during the year.  The ten year Treasury rate crossed the 3.00% threshold this past week closing out the week with a yield of 3.02% which is the first time the ten year closed above 3.00% all year long.  Of course, the rise in interest rates is still relatively mild and is far from creating a disruptive influence on the market.

Stronger consumer spending, the Fed’s announcement to finally start tapering their bond purchase program, and the gradual but consistently improving labor market has had a significant impact on U.S. stock prices and interest rates with rates and stock prices moving higher on the Feds decision and strong economic news.

Treasury rates were not the only rates showing a sizeable increase over the course of the week.  Long term CD rates were bumped up rather significantly as were the rates and costs on mortgage products. 

CD rates measured by the SelectCDrates.com CD rate index did not show a whopping rate spike due to the steady rates being offered by banks on shorter term certificates.  The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates. 

The best three month CD rates and six month rates bumped just slightly higher during the last full week of the year ending with average yields of 0.403% and 0.767%, respectively.  One year CD rates climbed up to 1.028%.  The two year term certificates were not quite as strong as the one year with their upside action and closed the week with an average rate of 1.158%.  Five year maturities were measurably higher on the week with the top ten highest five year CD rates not yielding 1.988%.

Mortgage rates spiked across all mortgage products with the shorter term home loan products displaying the greatest rate increases.  The 15 year term mortgage loan moved up to 3.799% at week’s end.  Long term, 30 year mortgage loans, advanced by a greater absolute sum but a smaller relative percentage based on the term.  The average 30 year mortgage rates reached 4.704% at the close of the week.  FHA rates and jumbo mortgage rates showed only minor upticks with the 30 year FHA mortgage rate moving up to 4.350% and the 30 year jumbo mortgage rate rising to 4.505%.

Money market rates and savings account rates were held firm as December comes to a close.  The top bank rates for these savings products have shown very little volatility throughout the month of December.  The average rate on the top ten highest money market and savings account rates ended the week at 0.871%.

Credit card rates exhibited a very mild, one basis point, lift for the average new credit card offer.  The average rate on consumer credit cards increased to 13.84%.  Credit card rates have exhibited very little changes throughout the year with rates barely moving lower early in the year when the interest rates market headed down and then moving only modestly higher as market rates have been slowly driven north bound.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending December 27, 2013.  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 for December 27, 2013

CD interest rates:
Composite CD interest rate index 1.069 percent 
3 month CD rates 0.403 percent 
6 month CD rates 0.767 percent  
1 year CD rates 1.028 percent 
2 year CD rates 1.158 percent 
5 year CD rates 1.988 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.871 percent

Mortgage rates:  
30 year mortgage rates 4.704 percent 
15 year mortgage rates 3.799 percent 
20 year mortgage rates 4.513 percent
30 year jumbo mortgage rates 4.505 percent
30 year FHA mortgage rates 4.350 percent

Credit card rates:
Credit card rates for new credit card offers 13.84 percent

US Treasury rates:
Six month Treasury rate 0.091 percent
One year Treasury rate 0.12 percent
Two year Treasury rate 0.40 percent
Five year Treasury rate 1.74 percent
Ten year Treasury rate 3.02 percent

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of December 27, 2013 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 December 27, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Bank Rates Boosted over Thanksgiving Week

Bank rates were boosted higher over the Thanksgiving week.  Mortgage rates moved higher along with bank CD rates, money market rates and credit card rates.  Despite the eye-catching headline, the interest rate changes were fairly contained with only slight increases in savings and lending rates over the shortened holiday week.

The credit markets were very thinly traded during the holiday week with little activity in the mortgage bond markets and Treasury markets.  In fact, Treasury prices remained well contained over the course of the week with the light trading volume.  Long term Treasuries were unchanged from Friday’s close on the 22nd to the 29th.  The ten year Treasury rate was unchanged at 2.75% as was the five year Treasury rate which held at 1.37%.

In contrast to the long term Treasury rates, mortgage rates skipped higher across the board.  The average 30 year mortgage rate was elevated by almost three basis points which increased the rate on the popular home loan to 4.446%.  30 year FHA mortgage rates increased by just under five basis points to 4.173%.  The shorter term, 15 year mortgages, were up by almost as much as the 30 year FHAs, rising by just under five basis points to 3.553%.

The top bank CD rates moved more substantially considering the limited action in Treasury prices and the shortened business week.  The average rate on the highest CD rates available nationally increased by 7/1000ths of a percent for the week.  The average rate is measured by the SelectCDrates.com CD rate index which calculates the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates.  The average yield in the CD rate index moved up to 1.060% from 1.053% in the week earlier.

Short term CD maturities experienced the greatest rate increases, the first time this has occurred in several months.  The best three month CD rates climbed by 7/1000ths of a percent to an average rate of 0.403%.  The highest six month CD rates available nationally were lifted by two full basis points, climbing to 0.762% from 0.742% in the previous week.  One year CD rates were also elevated by 7/1000ths of a percent which lifted the average one year certificate yield to 1.011%.  The best two year CD rates were unchanged at 1.153% and the top five year CD rates experienced a modest decline on the week, down 2/1000ths of a percent, ending the week at 1.969%.

The highest bank money market account rates and savings account rates received a solid shot in the arm for the week.  The average rate on the top ten money market and savings account rates improved by one basis point to 0.874%.

Credit card rates broke their streak of three weeks of inactivity and moved slightly higher.  The average rate on new credit card offers climbed by one basis point, pushing the cost up to 13.84% on the best credit card rate tiers. 

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending November 29, 2013.  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 for November 29, 2013

CD interest rates:
Composite CD interest rate index 1.060 percent (up .007 percent) 
3 month CD rates 0.403 percent (up .007 percent) 
6 month CD rates 0.762 percent (up .02 percent) 
1 year CD rates 1.011 percent (up .007 percent) 
2 year CD rates 1.153 percent (unchanged)
5 year CD rates 1.969 percent (up .002 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.874 percent (up .01 percent) 

Mortgage rates: 
30 year mortgage rates 4.446 percent (up .028 percent) 
15 year mortgage rates 3.553 percent (up .049 percent) 
20 year mortgage rates 4.313 percent (up .014 percent) 
30 year jumbo mortgage rates 4.210 percent (down .009 percent) 
30 year FHA mortgage rates 4.173 percent (up .048 percent)

Credit card rates:
Credit card rates for new credit card offers 13.84 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.11 percent (up .01 percent)
One year Treasury rate 0.13 percent (up .01 percent)
Two year Treasury rate 0.28 percent (down .03 percent)
Five year Treasury rate 1.37 percent (unchanged)
Ten year Treasury rate 2.75 percent (unchanged)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 29, 2013 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 November 29, 2013 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.

Bank Rates Steady Heading into Thanksgiving Week

Bank rates were steady with slightly downside bias for the week ending November 21, 2013.  There was a lot of talk about the release of the Fed minutes on Wednesday which caused a mild spike in interest rates but, as the week came to close rates once again settle down with only minor changes occurring on a week over week basis.  Most savings and lending rates were effectively unchanged compared to the week earlier. 

The minutes from the last Federal Open Market Committee meeting were released midweek and analysts were all a buzz over what the Fed is trying to convey to the markets.  While there are certainly quite a few diverging view points on what the last meeting means for future quantitative easing, a consensus seems to be forming around a cut back coming in the Fed’s bond buying programs either in December or January, with most pundits putting the odds of tapering in 2014 with some possibility that tapering will not take place until mid to late 2014.

Immediately after the release of the Fed minutes, the ten year Treasury bond moved up from 2.71% to 2.80%, a significant nine basis point move in one day which was a reflection that tapering was coming soon and interest rates would rise.  However, just two days later the ten year dipped back down to 2.75% which is only four basis points above where it closed in the preceding Friday.  The six month Treasury bill was unchanged for the week at 0.10%, the one year was down by just one basis to end at 0.12% and the two year was also unchanged with yield remaining at 0.31 percent.  Rounding out the key Treasury rates, the five year ticked up one basis point to close the week at 1.37%.  A rather tame week in the Treasury complex.

Mortgage rates were slightly more volatile than the Treasuries, but not by much.  The average 30 year fixed rate conforming loan became modestly cheaper for new borrowers.  The average rate for a 30 year mortgage at the nation’s top ten bank mortgage lenders was down by almost four basis points to 4.418%.

30 year FHA mortgage rates moved in the opposite direction and climbed by five basis points to end the week at 4.125%.  30 year jumbo mortgage rates closed out the week costing new home loan borrowers roughly three basis points less than the week earlier.  The average 30 year jumbo mortgage rate ended the eek at 4.219% compared to 4.253% last week.

CD rates barely moved out of position over the course of the week.  The SelectCDrates.com CD rate index slipped by just 1/1000ths of a percent.  The average rate in the CD rate index moved down to 1.053% from 1.054% at the start of the week.  The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates.

CD rates moved on both the long end and short end of the curve with the midterm rates holding very steady.  For the short term CD maturities, the average rate on the top ten best three month bank CDs dipped by 5/1000ths of a percent to 0.396%.  On the other end of the curve, the average rate of the top five year CDs was up by 1.3 basis points to 1.971%.

Savings account rates, money market rates and credit card rates were unchanged in the most recent bank rate survey.  With only minor changes in midterm rates on top of no new competition in the credit card marketplace, there is little surprise that credit card rates were unchanged on the week.  The average rate on new credit card offers held at 13.83%.  The best money market account rates and savings account rates showed some minor changes among the top accounts but the average rate was unaltered at 0.864%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending November 22, 2013.  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 for November 22, 2013

CD interest rates:
Composite CD interest rate index 1.053 percent (down .001 percent)  
3 month CD rates 0.396 percent (down .005 percent)  
6 month CD rates 0.742 percent (unchanged)  
1 year CD rates 1.004 percent (unchanged)  
2 year CD rates 1.153 percent (down .01 percent) 
5 year CD rates 1.971 percent (up .013 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.864 percent (unchanged) 

Mortgage rates:  
30 year mortgage rates 4.418 percent (down .038 percent)  
15 year mortgage rates 3.504 percent (down .021 percent)  
20 year mortgage rates 4.299 percent (up .052 percent) 
30 year jumbo mortgage rates 4.219 percent (down .034 percent) 
30 year FHA mortgage rates 4.125 percent (up .05 percent)

Credit card rates:
Credit card rates for new credit card offers 13.83 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.10 percent (unchanged)
One year Treasury rate 0.12 percent (down .01 percent)
Two year Treasury rate 0.31 percent (unchanged)
Five year Treasury rate 1.37 percent (up .01 percent)
Ten year Treasury rate 2.75 percent (up .04 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 22, 2013 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 November 22, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates10 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Bank Rates Make Mild Retreat in Mid November

Long term interest rates pulled back slightly after the close of the second full week in November.  The retreat in interest rates was relatively mild compared to the fairly large spike seen in the previous week after the better than expected monthly jobs report pushed interest rates markedly higher.

For the week ending November 15, new home loan borrowers are experiencing slightly lower borrowing costs across all major loan products on average, savers are getting slightly lower rates of return on any new CD accounts and money market accounts, and new credit card users are finding things haven’t really changed and the rates they are paying for new purchases is the same as it was for….quite some time.

This past week, the markets had very little significant information to digest.  The incoming Chair of the Fed, or expected new Chair – Janet Yellen, went through the opening phase of the confirmation process with little controversy.  Yellen’s testimony confirmed that the Fed will continue the course of the current Chairman and that did help bring rates down by a touch.  Other than the continuing controversy with Obamacare, oops – the Affordable Care Act, there was scant economic news driving the markets.

The coming week should produce some big news for the credit and interest rate markets to chew on.  The Fed minutes from the last meeting are released on Wednesday, the current Fed Chairman is speaking on Tuesday, and the weekly jobless claims figures will be released on Thursday.

As of now, mortgage borrowers are looking at 30 year fixed rate home loans that are just over two basis points cheaper than they were the week earlier.  The average 30 year mortgage rate is now running at 4.456 percent.  30 year FHA mortgage rates dipped by almost ten basis points which moved these government insured loans down to 4.075 percent, on average.  30 year jumbo mortgage rates met the other 30 year products half way and dropped by six basis points to an average rate of 4.253 percent.

CD rates showed a slight haircut on the long term maturities with the shorter term instruments holding steady.  The SelectCDrates.com CD rate index was off by 4/1000ths of a percent on the week leaving the average CD rate in the index at 1.054 percent.  The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates.

After climbing one basis point in the previous bank rate survey, credit card interest rates were unchanged.  Credit card rates have been doing a lot of nothing for most of the year with just minor blips higher and lower on new card offers by the major issuers.  The average credit card rate available for the best rate promoted on new credit card offers remained at 13.83 percent.

Bank savings account rates and money market rates were almost unaltered on the week.  The average interest rate coming from the top ten highest savings accounts and money market accounts gave up 1/1000ths of a percent to close the week at 0.864 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending November 15, 2013.  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 for November 15, 2013

CD interest rates:
Composite CD interest rate index 1.054 percent (down .004 percent) 
3 month CD rates 0.401 percent (unchanged) 
6 month CD rates 0.742 percent (unchanged) 
1 year CD rates 1.004 percent (down .014 percent) 
2 year CD rates 1.163 percent (down .005 percent)
5 year CD rates 1.958 percent (down .002 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.864 percent (down .001 percent) 

Mortgage rates: 
30 year mortgage rates 4.456 percent (down .022 percent) 
15 year mortgage rates 3.525 percent (down .028 percent) 
20 year mortgage rates 4.247 percent (down .045 percent) 
30 year jumbo mortgage rates 4.253 percent (down .060 percent) 
30 year FHA mortgage rates 4.075 percent (down .095 percent)

Credit card rates:
Credit card rates for new credit card offers 13.83 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.10 percent (up .01 percent)
One year Treasury rate 0.13 percent (up .01 percent)
Two year Treasury rate 0.31 percent (down .01 percent)
Five year Treasury rate 1.36 percent (down .06 percent)
Ten year Treasury rate 2.71 percent (down .06 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 15, 2013 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 November 15, 2013 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.

Long Term Rates Pop Higher after Monthly Jobs Report

Long term rates moved quite a bit higher to close out the week ending November 8, 2013.  A stronger than anticipated employment report released on Friday was responsible for most of the increase in bank rates for the week.  Long term bank CD rates and mortgage rates were impacted significantly with mortgage rates experiencing one of their largest weekly rate changes seen in the past several weeks.  Along with CD rates and mortgage rates, credit card rates and bank money market rates also advance at week’s end.

The monthly jobs report was quite a surprise to the markets on Friday with total nonfarm payroll employment rising by 204,000 in October.  In addition, previous monthly reports were revised higher including a change in total nonfarm payroll employment for August going from an increase of 193,000 in the original report to an increase of 238,000 after the revision and September was revised from plus 148,000 new jobs to an addition of 163,000.

The stronger the expected data on the jobs market is likely to push the Fed in the direction of reducing asset purchases soon.  Interest rates would be expected to rise as more jobs are created and the economy expands add to that the likely hood that the Fed will start tapering on asset purchases soon, higher rates are going to be the norm going forward.  Of course, higher rates may mean an increase in the mortgage market of .25% to .50% higher than where they are now and not increases in the range of one or two percent above the current rates.  

Based on the most recent survey of bank rates conducted by SelectCDrates.com, the average 30 year mortgage rate available from the top ten bank mortgage lenders moved up to 4.478 percent from 4.286 percent in the previous week.  30 year FHA mortgage rates crossed the 4.00 percent mark and ended the week at 4.170 percent.  30 year jumbo mortgage rates continued to lag the conventional loan rates and advanced to 4.313 percent from 4.125 percent in the week earlier.

The top bank CD rates available nationally increased, on average, by one basis point or .01 percent.  The SelectCDrates.com CD rate index ended the week at 1.058 percent compared to 1.048 percent in the previous weekly bank rate survey.  The SelectCDrates.com CD rate index measures the top ten highest CD rates across five different maturities including the best three month CD rates, six month CD rates, one year CD rates, two year and five year rates.

The index moved higher based on rising rates for longer term CDs with the shorter term maturities holding in place.  Three month and six month CD rates remained unmoved with Annual Percentage Yields of 0.401 percent and 0.742 percent, respectively.  The best one year CD rates jumped up by one basis point to 1.018 percent from1.008 percent in the prior week.  Two year CD rates were also up by one basis point moving to 1.168 percent from 1.158 percent.  The five year rates showed the greatest change with the top ten highest five year CD rates climbing three basis points on the week to 1.960 percent.

Credit card rates were only modestly higher.  The average credit card rate available for the best rate promoted on new credit card offers was up by one basis point to 13.83 percent.

Bank savings account rates and money market rates showed a slight rise in the current rate survey.  Since these savings products are short term instruments with variable rates, it is fairly common that rate increases are slow to match that of general money market conditions.  The average rate on the top ten highest savings accounts and money market accounts moved up by 3/1000ths of a percent on the week to close at 0.865 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending November 8, 2013.  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 for November 8, 2013

CD interest rates:
Composite CD interest rate index 1.058 percent (up .01 percent)  
3 month CD rates 0.401 percent (unchanged)  
6 month CD rates 0.742 percent (unchanged)  
1 year CD rates 1.018 percent (up .01 percent)  
2 year CD rates 1.168 percent (up .01 percent) 
5 year CD rates 1.960 percent (up .03 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.865 percent (up .003 percent) 

Mortgage rates:  
30 year mortgage rates 4.478 percent (up .192 percent)  
15 year mortgage rates 3.553 percent (up .11 percent)  
20 year mortgage rates 4.292 percent (up .181 percent) 
30 year jumbo mortgage rates 4.313 percent (up .188 percent) 
30 year FHA mortgage rates 4.170 percent (up .215 percent)

Credit card rates:
Credit card rates for new credit card offers 13.83 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.09 percent (up .01 percent)
One year Treasury rate 0.12 percent (up .02 percent)
Two year Treasury rate 0.32 percent (up .01 percent)
Five year Treasury rate 1.42 percent (up .05 percent)
Ten year Treasury rate 2.77 percent (up .12 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 8, 2013 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 November 8, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Bank Rates Steady as She Goes into the First Week of November

Bank CD rates were little moved for the last week of October as were mortgage rates, credit cards rates, and savings account rates.  The best CD rates available nationally were off by just 1/1000ths of a percent from the previous week based on the most recent survey of bank rates conducted by SelectCDrates.com.  30 year mortgage rates were higher, on average, but by a very slim margin of just four basis points or 4/100ths of a percent.  The best credit card rates and savings account rates available to consumers were entirely unchanged from the previous week.

The Federal Reserve policy statement released on Wednesday was the key piece of data that put interest rates into a holding pattern.  The Fed decided to await more evidence that progress will be sustained before adjusting the pace of its purchases of mortgage bonds and Treasury bonds. 

The statement released confirmed the general market view that Fed tapering is on hold and therefore interest rates will remain low for the near future.  The Fed did highlight the positive growth in the economy and this may push rates higher towards year end when the market does wake up and realize tapering will eventually present itself. 

The statement released by the Fed specifically stated that the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy.  With that position, one may expect tapering to start by the next Fed meeting.  However, one measure holding the Fed back is inflation or lack of it. 

Inflation targeting is a key objective of the Fed and an inflation rate that is running too low is likely to mean the bond buying will continue until economic growth really heats up are inflation picks up.  The Fed not only targets the inflation rate and has made it clear that exceptionally low rates of inflation are a detriment to a sustainable economic recovery but the Fed has addressed low levels of inflation as problem in the recovery prospects of other world economies that have failed to show measurable economic growth including most Euro currency nations and until recently, Japan.  The rate of inflation may very well be the best signal on when the taper will be seen.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending November 1, 2013.  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 for November 1, 2013

CD interest rates:
Composite CD interest rate index 1.048 percent (down .001 percent) 
3 month CD rates 0.401 percent (unchanged) 
6 month CD rates 0.742 percent (down .005 percent) 
1 year CD rates 1.008 percent (unchanged) 
2 year CD rates 1.158 percent (up .01 percent)
5 year CD rates 1.930 percent (down .01 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.862 percent (unchanged) 

Mortgage rates: 
30 year mortgage rates 4.286 percent (up .073 percent) 
15 year mortgage rates 3.443 percent (up .047 percent) 
20 year mortgage rates 4.111 percent (up .046 percent) 
30 year jumbo mortgage rates 4.125 percent (down .002 percent) 
30 year FHA mortgage rates 3.955 percent (up .047 percent)

Credit card rates:
Credit card rates for new credit card offers 13.82 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.08 percent (unchanged) 
One year Treasury rate 0.10 percent (down .01 percent)
Two year Treasury rate 0.33 percent (up .01 percent)
Five year Treasury rate 1.37 percent (up .07 percent)
Ten year Treasury rate 2.65 percent (up .12 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of November 1, 2013 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 November 1, 2013 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, best interest checking accounts and best credit card rates.

Mortgage Rates Down, CD Rates Up and All is Well

It was a good week for the markets with CD rates moving marginally higher, providing the smallest level of relief for new savers, mortgage rates have slipped once again, helping new home loan borrowers and credit card rates are chugging along doing their part not to rock the boat.

Causes for celebration in the improving bank rate picture are based on the temporary relief provided by putting the government shut down fiasco behind us, market acceptance the Federal Reserve will continue to buy mortgage bonds and Treasury bonds through the end of the year with the taper nowhere in sight, world markets and economies picking up steam, and the U.S. markets may finally get focused once again on business growth and jobs growth.

Following the previous week’s improvements in mortgage rates, the market has seen some lower mortgage interest rates for the week ending October 25th as well.  The standard 30 year fixed rate home mortgage ended the week with an average rate of 4.213%, according to the most recent bank rate survey conducted by SelectCDrates.com.  As for the other popular 30 year fixed rate mortgages, 30 year FHA loans and 30 year jumbo mortgages, the current mortgage rate for these products dropped has fallen by approximately five basis points over the past five business days pushing the average rates down to 4.127% on the 30 year jumbo rate and 3.908% for the FHA loans.

US deposit rates covering the top ten best certificates of deposit rates and savings account rates advanced slightly on the week.  The rates for certificates of deposits (CDs) climbed higher along the midterm accounts.  CD rates on short term maturities were unchanged and the longer terms were subject to a mild rate drop over the past week. 

The SelectCDrates.com weekly bank rate survey identifies the top 10 CD rates across multiple terms to provide a composite index of the best CD rates available nationally.  The average rate in the SelectCDrates.com CD rate index was boosted by 5/1000ths of a percent on the week pushing the average rate up to1.049% from 1.044% in the previous week.

Three month CD rates were unchanged at 0.401%.  Six month CD rates climbed one basis point to 0.747%.  One year and two year CD rates also moved higher closing the week at 1.008% and 1.148%, respectively. The five year term CD accounts gave up some yield, dropping by 5/1000ths of a percent to 1.940%.

High yield savings account rates and money market account rates squeaked out an increase in the average rate of return.  The rate found on the top ten highest savings account and money market account rates clawed higher by 2/1000ths of a percent to 0.862%.

Credit card rates held firm for the second week running.  With low borrowing rates and low delinquency rates, credit card companies continue to be in a position to print profits and should be in no rush to raise their consumer card rates.  For most of the year this has been the case, and this past week was no exception.  The average rate for new credit cards offered to consumers was unaltered form the prior week at 13.82 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending October 25, 2013.  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 for October 25, 2013

CD interest rates:
Composite CD interest rate index 1.049 percent (up .005 percent)  
3 month CD rates 0.401 percent (unchanged)  
6 month CD rates 0.747 percent (up .01 percent)  
1 year CD rates 1.008 percent (up .005 percent)  
2 year CD rates 1.148 percent (up .016 percent) 
5 year CD rates 1.940 percent (down .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.862 percent (up .002 percent) 

Mortgage rates:
30 year mortgage rates4.213 percent (down .095 percent)  
15 year mortgage rates 3.396 percent (down .054 percent)  
20 year mortgage rates 4.065 percent (down .068 percent) 
30 year jumbo mortgage rates 4.127 percent (down .05 percent) 
30 year FHA mortgage rates 3.908 percent (down .085 percent)

Credit card rates:
Credit card rates for new credit card offers 13.82 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.08 percent (unchanged) 
One year Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.32 percent (down .01 percent)
Five year Treasury rate 1.30 percent (down .05 percent)
Ten year Treasury rate 2.53 percent (down .07 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 25, 2013 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 October 25, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts .

Shutdown Ends and Bank Rates Fall

The government shutdown showed only a minor impact on bank rates during the event with a slight bias to the upside.  Somewhat unexpectedly, bank rates moved measurably lower as soon the crisis was ended.  The top reasons bandied about for setting in motion the drop in interest rates after the shutdown was resolved is the effect it is going to have on the current economic climate and overall output. 

With economic activity in the U.S already less than stellar or more importantly, less than the expectations set by the Federal Reserve, it is increasingly likely that the Fed will not taper back on the current round of stimulus.  The moderate rise in interest rates seen in the last few months has almost entirely been driven by the expectation that the Fed will soon cut back on the current levels of Treasury bond and mortgage bond purchases the Fed is making.  Now that the government shut down is bearing down on economic progress and any possible employment gains for the near future, the Fed is already hinting that the stimulus program is not expected to be curtailed in the ensuing month or two.  With the Fed putting a heavy foot down on the stimulus gas pedal, interest rates from CD rates to mortgage rate are expected to move lower or at a minimum hold at their current low levels.

Mid and long term Treasury rates are already reflecting the prospects of continued monetary stimulus form the Fed with rates settling down to their low points for the month of October.  The ten year Treasury rate ended the week down ten basis points to 2.60%.  Five year Treasury rates made a similar dip, sliding seven basis points to 1.35%.  The one year Treasury was a little more contained and gave up two basis points on the week to close at 0.12%.

Mortgage bonds followed the path of Treasuries pushing the average 30 year mortgage rate at the nation’s top bank mortgage lenders down by 11 basis points to 4.308%.  The 30 year FHA mortgage rate was down by a near identical amount which drove the rate just below 4.00% to an average loan rate of 3.993%.  30 year jumbo mortgage rates followed right along and were cut by just over ten basis points to 4.176%.

Shorter term mortgage rates moved in line with longer term rates, with shorter terms falling by roughly half the amount found in the long term rates as would generally be expected.  The average 15 year mortgage rate became less costly by almost five basis points which moved the 15 year loan down to 3.450%.  The 20 year mortgage rate was down by almost as much as the 30 year term loans dipping nine basis points to an average rate of 4.133%.

CD rate changes over the course of the week were much more muted that the changes found in long term Treasuries and mortgage rates.  The average rate in the SelectCDrates.com CD rate index was off by 4/1000ths of a percent.  The rate reduction brought the CD rate index down to 1.044% from 1.048% in the previous week.

The CD rate index measures the best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally. 

The best three month CD rates available nationally were unchanged on the week, holding at 0.401%.  The highest six month CD rates were lower by two basis points, leaving the average rate on the top ten highest six month CD rates at 0.737.  The one year maturities were off by less than one basis point which left the average yield at 1.003%.  Two year CD rates were relatively inactive giving up just 3/1000ths of a percent and ending the week at 1.132%.  The five year CD rates were showed some favorable response for savers by gaining one basis point on the week to an average interest rate of 1.945%.

Money market account rates and savings account rates are continuing their zig zag pattern and have once again reversed direction.  This week, the average interest rate found on the tip savisng accounts and money market account gained yield.  The average rate on these bank savings product climbed by 2/1000ths of a percent to 0.860%.

Credit card rates held back this week with almost zero activity to changes in the rates on consumer credit card from any of the big credit card issuers.  The average rate on new credit cards, across all categories of consumer credit cards, remained at 13.82% after rising by one basis point 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 most current survey is for the week ending October 18, 2013.  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 for October 18, 2013

CD interest rates:
Composite CD interest rate index 1.044 percent (down .004 percent) 
3 month CD rates 0.401 percent (unchanged) 
6 month CD rates 0.737 percent (down .02 percent) 
1 year CD rates 1.003 percent (down .008 percent) 
2 year CD rates 1.132 percent (down .003 percent)
5 year CD rates 1.945 percent (up .01 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.860 percent (up .002 percent) 

Mortgage rates:
30 year mortgage rates 4.308 percent (down .107 percent) 
15 year mortgage rates 3.450 percent (down .044 percent) 
20 year mortgage rates 4.133 percent (down .092 percent) 
30 year jumbo mortgage rates 4.167 percent (down .100 percent) 
30 year FHA mortgage rates 3.993 percent (down .107 percent)

Credit card rates:
Credit card rates for new credit card offers 13.82 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.08 percent (up .01 percent) 
One year Treasury rate 0.12 percent (down .02 percent)
Two year Treasury rate 0.33 percent (down .02 percent)
Five year Treasury rate 1.35 percent (down .07 percent)
Ten year Treasury rate 2.60 percent (down .10 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 18, 2013 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 October 18, 2013 please see: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 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.

Bank Rates Show Incremental Increases During Government Shutdown

Bank rates moved mostly higher this past week with mortgage rates, CD rates and credit cards turning marginally higher while saving account rates and money market rates drifted slightly lower.  The government shutdown took some of the volatility out of the market as the week progressed without any solution to the crisis. 

The interest rates markets have shown little reaction to the rumors regarding potential solutions to the government stalemate, or the lack thereof, with the very notable exception of the short term Treasuries which have jumped fairly substantial especially as compared to the mid and long term notes and bonds.

The three month Treasury bill rate rose this week to 0.08% after starting out with a rate of 0.03%, a sizeable difference for the low yielding, short term securities.  Six month bills jumped to 0.07% after closing at 0.04% during the previous week.  The one month rate was clearly spooked by the debt issues with the Feds and skyrocketed to 0.25%, 12 basis points or 0.12% higher than where it was at the end of the prior week.  During the same time, the one year Treasury was up by just three basis points to 0.14%, the five year note climbed only one basis point to 1.42%, and the ten year Treasury bond ended the week at 2.70% or four basis points higher on the week.

Mortgage rates were up across the board with the average 30 year fixed rate conventional loan becoming more costly by just under eight basis points.  The rise in the 30 year fixed are loan put the average rate coming from the top ten bank mortgage lenders in the nation at 4.415%.  30 year jumbo mortgage rates were up by just over two basis points, pushing the average jumbo loan rate to 4.267%.  FHA mortgage rates were elevated by the same amount as the jumbo loans, rising 2.2 basis points.  The rate increase moved the average FHA loan rate up to 4.100% to end the week.

The average rate on the top bank CDs available nationally edged up slightly for the week with a nice pop coming from the six month term certificates.  The average CD rate measured by the SelectCDrates.com CD rate index was up by 5/1000ths of a percent which pushed the index up to 1.048% from 1.043% in the week earlier. 

The average rate on the top ten best six month CD rates advanced by two basis points, the largest weekly rate change in quite some time.  Six month CDs closed out the week at 0.757% after ending the week before at 0.737%.  Three month CD rates and one year CD rates were unchanged on the week.  The top two year CD rates were dropped by a very slight 2/1000ths of a percent to 1.135%.  The five year term certificates were up by 5/1000ths of a percent boosting the average yield up to 1.935%.

Money market account rates and savings account rates reversed last week’s rise in rates and gave up 3//1000ths of a percent off the average return.  The average rate found on the top ten best savings account rates and money market rates came in at 0.858%.

Credit card rates continued a very slow and gradual rise with the average rate on consumer credit cards increasing by one basis point this week to 13.82%.  Credit card rates have made only modest changes throughout the year but the recent run of increases and leveling off has quietly driven the average interest rate on new credit cards to the highest point for the year.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending October 11, 2013.  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 for October 11, 2013

CD interest rates:
Composite CD interest rate index 1.048 percent (up .005 percent)  
3 month CD rates 0.401 percent (unchanged)  
6 month CD rates 0.757 percent (up .02 percent)  
1 year CD rates 1.011 percent (unchanged)  
2 year CD rates 1.135 percent (down .002 percent) 
5 year CD rates 1.935 percent (up .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.858 percent (down .003 percent) 

Mortgage rates:
30 year mortgage rates4.415 percent (up .079 percent)  
15 year mortgage rates 3.494 percent (up .022 percent)  
20 year mortgage rates 4.225 percent (up .053 percent) 
30 year jumbo mortgage rates 4.267 percent (up .022 percent) 
30 year FHA mortgage rates 4.100 percent (up .022 percent)

Credit card rates:
Credit card rates for new credit card offers 13.82 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.07 percent (up .03 percent) 
One year Treasury rate 0.14 percent (up .03 percent)
Two year Treasury rate 0.35 percent (up .02 percent)
Five year Treasury rate 1.42 percent (up .01 percent)
Ten year Treasury rate 2.70 percent (up .04 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 11, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending October 11, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

.

Bank Rates Even to Mildly Lower at the Start of October

Bank rates were mostly unchanged with a slight bias to the downside as the second week of October and the second week of the government shut down gets underway.  Digesting last week’s figures and results is a relatively easy analytical task, especially when the interest rates markets remained fairly tame as they did, but trying take the data sand look forward is exceedingly difficult when future government programs and expenditures are in limbo due to the shutdown and predicting the Fed’s position on quantitative easing while the shut down takes place becomes even more complicated.

For bond market and interest rate market followers, the government shutdown means a reduction in economic data from Federal agencies that will likely paralyze markets as it did last week.  For the week of September 30 through October 4th, the ten year Treasury bond barely batted an eye as it crawled higher from 2.64% to 2.66%.  The usually more volatile five year term Treasury note was also nonplused on the week, gaining two basis points from 0.64% to 0.66%.  The short term bills were no different, the six month rate and the one year were both higher by just one basis point to end the week at 0.04% and 0.11%, respectively.  Note, the regular monthly release of The Employment Situation report or jobs report has already been postponed due to the shutdown. 
 
Mortgage rates slipped ever so slightly over the week.  The average 30 year mortgage rate available at the top ten bank mortgage lenders surveyed by SelectCDrates.com, ended the week cheaper by less than one basis point, a rate change that is almost imperceptible to borrowers.  30 year mortgage rates closed out the week at 4.336 percent after dropping to 4.343 percent in the previous week. 

The rate action for the 30 year FHA mortgages loans were not far off from the conforming 30 year term loans.  The average FHA loan rate slipped down to 4.078 percent from 4.090 percent in the week earlier, a 1.2 basis point change that will not be noticed by the average home loan borrower.  The jumbos made a slightly stronger move, sliding 6.5 basis points to 4.245 percent from 4.310 percent last week.

The top CD rates available nationally were little changed on the week.  Three month CD rates and one year CD rates were unchanged with the average rate for these terms holding at 0.401 percent and 1.011 percent, respectively.  The best six month CD rates on the market gained a modest 5/1000ths of a percent which pushed the average rate on the top ten highest six month CD rates to 0.737 percent.  The best two year CD rates were cut back by one basis point with the average yield falling to 1.137 percent from 1.147 percent in the week earlier. The long term, five year bank CDs experienced a 3.5 basis point drop.  The average rate for the ten highest five year term CDs came in at 1.930 after rising to 1.965 percent in the previous week.

The SelectCDrates.com CD rate index was lower overall by almost one basis point, .008 percent.  The CD rate index ended the first week of October at 1.043 percent after closing at 1.051 percent in the prior weekly bank rate survey.  The CD rate index measures the best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally. 

Bank money market account rate and savings account rates were darn close to unchanged with the average rate on the ten highest bank money market and savings accounts rising to 0.861percent from 0.860 percent in the previous week.

Credit card rates were unchanged on the week after rising by one basis point in the previous week.  The average interest rate found on new credit card offers for the best credit rate tier available held steady at 13.81 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending October 4, 2013.  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 for October 4, 2013

CD interest rates:
Composite CD interest rate index 1.043 percent (down .008 percent) 
3 month CD rates 0.401 percent (unchanged) 
6 month CD rates 0.737 percent (up .05 percent) 
1 year CD rates 1.011 percent (unchanged) 
2 year CD rates 1.137 percent (down .01 percent)
5 year CD rates 1.930 percent (down .035 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.861 percent (up .001 percent) 

Mortgage rates:
30 year mortgage rates 4.336 percent (down .007 percent) 
15 year mortgage rates 3.472 percent (up .019 percent) 
20 year mortgage rates 4.172 percent (down .063 percent) 
30 year jumbo mortgage rates 4.245 percent (down .065 percent) 
30 year FHA mortgage rates 4.078 percent (down .012 percent)

Credit card rates:
Credit card rates for new credit card offers 13.81 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.04 percent (up .01 percent) 
One year Treasury rate 0.11 percent (up .01 percent)
Two year Treasury rate 0.33 percent (down .01 percent)
Five year Treasury rate 1.41 percent (up .01 percent)
Ten year Treasury rate 2.66 percent (up .02 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of October 4, 2013 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 October 4, 2013 please see: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 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.

Mortgage Rates Head Lower while CD Rates and Credit Card Rates Head Higher

Mortgage rates fell noticeably this past week, the week after the Fed decided to not to change their policy on bond buying.  CD rates rose which is not out of the ordinary since these bank instruments often lag the market by several weeks.  The average rate on new credit card offers was also elevated this week with a few of the big cards on the market lifting rates for the first time in several weeks.

For the most part, the trend on fixed income securities and interest rates was downward.  Treasury rates dropped almost across board with longer term maturates falling substantially more than the shorter term instruments.  On the short end of the yield curve, six month Treasury bill rates were off by just one basis point ending the week at 0.10% and one year Treasury rates were unmoved at 0.34%.  Meanwhile, the five year Treasury note had the yield cut by ten basis points to 1.40 and the ten year Treasury bond experienced an 11 basis points haircut to yield 2.64%.

The long bond rate changes were felt directly in the mortgage market.  The 30 year mortgage rate for conforming home loans dipped by just over six basis points bringing the cost for these popular home financing products down to 4.343%.  30 year jumbo rates almost doubled that decline, falling by more than 13 basis points to end the week at 4.310%.  The FHA rates showed the greatest rate changes on the week, dropping almost 16 basis points which drove the average FHA mortgage rate down to 4.090%.

CD rates showed some changes on both the midterm and long term maturities with the long term maturities making a substantial pop higher.  The SelectCDrates.com CD rate index was boosted by just shy of one basis point or 0.009%.  The CD rate index closed out the week at 1.051% after ending the previous week at 1.042%.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term bank CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally. 

Three month CD rates barely moved over the course of the week with the average rate on the top ten highest three month CDs coming in at 0.401% after sitting at 0.402% in the prior week.  Six month CD rates advanced one basis point to 0.732%.  One year CD rates were unchanged at 1.011%.  The best two year CD rates gained 3/1000ths of a percent to 1.147% and the five year term certificates made the big move by leaping 3.2 basis points to end the week with an average yield of 1.933%.

Bank money market account rates and saving account rates lost a little ground.  The top bank money market rates and savings account rates are now paying account holders 0.003% less this week with the average yield sliding down to 0.860% from 0.863% in the week earlier. 

Credit card rates climbed by one basis point with rate changes coming from a few of the big credit cards on the market including.  Barclays made some minor changes on new card offers while Capital One increased rates on a few of their cards for new card holders.  Overall, the impact was not terribly harsh with the average rate for new consumer credit cards climbing to 13.81% from 13.80% in the previous weekly rate survey. 

The week ahead may see bank rates getting impacted by three economic reports’ coming out as well as the looming government shut down being forced by Republicans in the house.  Along with the possibility of a temporary shutdown, the ISM manufacturing index is released on Tuesday, the Commerce Department releases the August Factory Orders on Wednesday and the big one, the Labor Departments September Employment report, is released on Friday.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending September 27, 2013.  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 for September 27, 2013

CD interest rates:
Composite CD interest rate index 1.051 percent (up .009 percent)  
3 month CD rates 0.401 percent (down .001 percent)  
6 month CD rates 0.732 percent (up .01 percent)  
1 year CD rates 1.011 percent (unchanged)  
2 year CD rates 1.147 percent (up .003 percent)  
5 year CD rates 1.965 percent (up .032 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.860 percent (down .003 percent) 

Mortgage rates:
30 year mortgage rates 4.343 percent (down .063 percent)  
15 year mortgage rates 3.453 percent (down .136 percent)  
20 year mortgage rates 4.234 percent (down .165 percent) 
30 year jumbo mortgage rates 4.310 percent (down .133 percent) 
30 year FHA mortgage rates 4.090 percent (down .158 percent)

Credit card rates:
Credit card rates for new credit card offers 13.81 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.03 percent (down .02 percent) 
One year Treasury rate 0.10 percent (down .01 percent)
Two year Treasury rate 0.34 percent (unchanged)
Five year Treasury rate 1.40 percent (down .10 percent)
Ten year Treasury rate 2.64 percent (down .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 27, 2013 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 September 27, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, or best interest checking accounts.

Fed Announcement Surprises and Interest Rates Retreat

Treasury rates and mortgage rates dropped precipitously immediately following the Federal Reserve announcement on Wednesday, September 17.  The Fed statement released on Wednesday was expected to cover how and by how much the Fed would reduce the current monetary easing stimulus program that was started in September 2012.  The market was fully expecting some reduction in the amount of Treasuries and Mortgage Backed Securities the Fed has been purchasing each month.  Instead, the market received a surprise when the Fed announced no change to current policy that includes total monthly purchases of $85 billion of Treasury and mortgage bonds.

The big news regarding the Fed’s, no change, policy statement was the driving force behind solid improvements in long term rates across the fixed income spectrum.  Money market rates, credit card rates and short term CD rates sat out the wave of rate reductions.  These bank products are predominantly influenced by short term rate trends and shorter term securities were more or less, unaffected by the Fed’s decision.

Six month Treasury rates actually gained a few basis points on the week, rising to 0.05% from 0.02% in the previous week.  The one year Treasury slid just two basis points, shifting from 0.13% in the previous week to a close of 0.11% on Friday.  These movements contrast significantly with the five year Treasury which was cut by 21 basis point moving from 1.71% to 1.50% and the ten year Treasury bond which was cut by 15 basis points to 2.75% after hovering at 2.90% in the previous week.  One basis point is equal to 1/100th of a percent.

The 30 year fixed conventional mortgage averaged 4.672% on the Friday prior to the Fed announcement and closed down by 17.5 basis points to end the week at 4.497% after.  FHA mortgage rates were lower by a slightly larger amount, falling 19 basis points to 4.248% from 4.438% in the week earlier.  30 year jumbo rates displayed the greatest impact form the Fed action or inaction, dropping by 20.5 basis points which moved the 30 year jumbo rate from 4.648% to 4.443%.

Bank CD rates showed some gains on the longer term maturities with the short end holding mostly in place to just marginally lower.  The SelectCDrates.com CD rate index moved higher by under one basis point, 6/1000ths of a percent in this case, putting the index at 1.042% at week’s end after starting out the week at 1.036%.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term bank CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally. 

Three month CD rates slipped by 5/1000ths of a percent to an average rate of 0.402%.  Six month CD rates were unchanged at 0.722%.   The average rate on the top ten highest one year CD rates crossed the 1.0% threshold to close the week at 1.011%, a gain of 1.5 basis points.  Two year and five year certificates each gained one basis point to close at 1.144% and 1.933%, respectively.

Bank money market account rates and saving account rates, which follow short term securities, were unchanged on the week with an average yield of 0.863%.  Credit card rates were also unaltered in the week.  The average interest rate offered on consumer credit cards remained at 13.80%.  Consumer credit card offers tracked by this survey were unchanged for the entire month of September.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 20, 2013.  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 for September 20, 2013

CD interest rates:
Composite CD interest rate index 1.042 percent (up .006 percent) 
3 month CD rates 0.402 percent (down .005 percent) 
6 month CD rates 0.722 percent (unchanged) 
1 year CD rates 1.011 percent (up .015 percent) 
2 year CD rates 1.144 percent (up .01 percent) 
5 year CD rates 1.933 percent (up .01 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.863 percent (unchanged) 

Mortgage rates:
30 year mortgage rates 4.497 percent (down .175 percent) 
15 year mortgage rates 3.589 percent (down .20 percent) 
20 year mortgage rates 4.399 percent (down .214 percent) 
30 year jumbo mortgage rates 4.443 percent (down .205 percent) 
30 year FHA mortgage rates 4.248 percent (down .19 percent)

Credit card rates:
Credit card rates for new credit card offers 13.80 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (up .03 percent) 
One year Treasury rate 0.11 percent (down .02 percent)
Two year Treasury rate 0.34 percent (down .12 percent)
Five year Treasury rate 1.50 percent (down .21 percent)
Ten year Treasury rate 2.75 percent (down .15 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 20, 2013 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 September 20, 2013 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.

Fed Action or Inaction Provides Opportunities for New Home Loan Borrowers

Mortgage rates were jolted lower following the most recent policy announcement from the Federal Reserve on Wednesday afternoon.  The debate over how much the Fed will taper back on their bond buying stimulus program was finally answered with this announcement.  The answer to the hotly debated question caught the market by surprise as soon as the Fed announced they are not tapering back on the bond buying stimulus program.  The Fed announced they will keep the monthly purchase program in place at the current level of $85 billion per month.

The Fed announcement has dramatically reversed the recent market trend of rising interest rates that started when the Federal Reserve Chairman announced in May that the bond buying will most likely be curtailed before the end of this year.  In the short term, the Fed announcement pushed mortgage rates lower and has provided consumers with another opportunity to refinance or purchase a home at historically low interest rates.

While mortgage rates clearly reacted by moving lower, expectations that the Fed will still start to taper back on the program sometime this year will continue to be hotly debated and bring a higher level of volatility to the interest rate market.

A sample survey of the market reaction on the mortgage industry and the mortgage rate changes that occurred as a result of the Feds decision not to reduce the stimulus program was conducted on September 19, 2013 by SelectCDrates.com with a few of the largest bank mortgage lenders in the nation.  The survey includes the following home loan rates for a purchase transaction on a single family home in California on September 19, 2013 compared to the rates offered on September 16, 2013 by the same lender:

Chase Bank is currently offering a 30 year mortgage with an interest rate of 4.375% and 0.375 points for an APR of 4.471%.  The current terms represent a rate reduction of 0.25% from Monday when the rate was 4.625% with 0.375 points and an APR of 4.722%

Bank of America offers a 30 year mortgage rate at 4.500% with 0.124 points and a 4.560% APR.  The current rate at B of A is down by 0.125% and over 0.50 points from where it was Monday.

Wells Fargo reduced their rate by precisely 0.25%, dropping the 30 year mortgage rate to 4.375% with 1.0 point and a 4.529% APR from 4.625% and 1.0 point with a 4.782% APR just three days earlier.

US Bank cut their 30 year loan back by just 0.125% which pushed the 30 year rate at US Bank to 4.625%, 0.0 points and a 4.690% APR from 4.750% with no points and an APR of 4.839% available on Monday.

The bank mortgage rates are based on the institution’s online published rates and may have changed since this publication date.  The mortgage rates listed are constantly changing and are dependent on property valuations, the borrower’s credit and income among the many factors that could affect a loan approval and the applicable interest rate.  The home loan rates are based on a $325,000 purchase and $250,000.00 loan amount. 

The mortgage and mortgage rate information is believed to be reliable, but the information is not guaranteed.  Contact the bank directly for the most up to date and accurate bank rates and loan terms.

Bank Rates Back Away Going Into Fed Announcement

Interest rates moved lower over the past week with mortgage rates, CD rates and money market rates pulling back from the advances made at the start of September.  News for the week was fairly limited with weaker than expected retail sales numbers and a disappointing Consumer Sentiment report.  However, the weekly jobless claims report that was released on Thursday was once again much lower than expected which indicates a stronger employment situation and would lead to higher likelihood that the Fed will decrease bond buying soon.

Uncertainty over the position the Fed will take regarding monetary easing and the bond buying program has caused a great deal of volatility in the bond markets and has generally pushed interest rates higher.  Many market participants now believe that a pull back or tapering in the bond buying program is already priced into the market with elevated bank rates.  The lack of significant volatility this past week gives some credence to that notion that rates have priced in a reduction in bond buying by the Fed since the FOMC Announcement on any tapering or changes in Fed policy is due out in just a few days or Wednesday September 18.

Mortgage rates were cut back across the board at the nation’s top bank mortgage lenders.  Based on the current bank rate survey conducted by SelectCDrates.com for the week ending September 13, 2013 30 year mortgage rates retreated by 9.3 basis points to an average rate of 4.672%.  One basis point is equal to 1/100th of a percent or 0.01%.

The shorter term 15 year mortgage rates were lower by 3.4 basis points which brought the average rate down to 3.789%.  30 year FHA mortgage rates slipped by 7.5 basis points dragging the average FHA loan rate down to 4.438%.  30 year jumbo mortgage rates were scaled back but almost the identical sum that was found in the 30 year conforming loans or 9.2 basis points, the rate haircut left the average jumbo mortgage rate jut slightly beneath the conforming rate at 4.648%.

Bank CD rates were down on the week albeit; it was by a very slim margin.  The SelectCDrates.com CD rate index slipped by less than one basis point.  The CD rate index closed the week down 7/1000ths of a percent to 1.036%.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally. 

The top short term and midterm CD rates showed no activity with the best three month CD rates on through to the best two year CD rates were entirely unchanged.  The long term, five year CD rates moved down by 3.5 basis points to an average yield of 1.923%

Bank savings account rates and money market account rates were off marginally with a rate reduction of the less than one basis point.  The average rate found on the top ten highest money market rates and savings rates came in at 0.863%.

Credit card rates were unchanged for the third consecutive week.  Minor rate increases by some credit card issuers were offset by decreases on the top rates offered at a few others.  The net change on the best credit card rates offered across all credit card categories was less than one basis point which left the average consumer credit card interest rate at 13.80%.

Treasury rates were lower for most all maturities with the ultra short T-bills falling by the greatest sum.  The six month Treasury bill rate dipped three basis points on the week to just 0.02%.  The one year Treasury rate was down by one basis point to 0.13%.  The two year note was also off by one basis point closing the week at 0.45%.  The five and ten year Treasury bonds experienced basis points increases in the double digits.  The five year Treasury gave up six basis points to 1.71% and the ten year Treasury bond fell four basis points to 2.90%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 13, 2013.  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 for September 13, 2013

CD interest rates:
Composite CD interest rate index 1.036 percent (down .007 percent)  
3 month CD rates 0.407 percent (unchanged)  
6 month CD rates 0.722 percent (unchanged)  
1 year CD rates 0.996 percent (unchanged)  
2 year CD rates 1.134 percent (unchanged)  
5 year CD rates 1.923 percent (down .035 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.863 percent (unchanged) 

Mortgage rates:
30 year mortgage rates 4.672 percent (down .093 percent)  
15 year mortgage rates 3.789 percent (down .034 percent)  
20 year mortgage rates 4.613 percent (down .117 percent) 
30 year jumbo mortgage rates 4.648 percent (down .092 percent) 
30 year FHA mortgage rates 4.438 percent (down .075 percent)

Credit card rates:
Credit card rates for new credit card offers 13.80 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.02 percent (down .03 percent) 
One year Treasury rate 0.13 percent (down .01 percent)
Two year Treasury rate 0.45 percent (down .01 percent)
Five year Treasury rate 1.71 percent (down .06 percent)
Ten year Treasury rate 2.90 percent (down .04 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 13, 2013 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 September 13, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, or best interest checking accounts.

Long Term Bank Rates and Mortgage Rates Jump Higher to Start the month of September

Long term bank rates, mortgage rates and CD rates were all bumped higher when the first week of September came to a close on the Friday the 6th.  Strengthening economic news and the prospect that the Fed will begin to taper their bond buying stimulus program very soon was the catalyst for the rate spikes.  The Fed’s bond buying program, currently at 85 billion dollars per month, has been transporting long term bank rates north bound and the continued positive economic news released has the market facing up to the prospect that the Fed will curtail the programs with the end result being higher interest rates, especially on longer term saving and lending products.

During the holiday shortened week, interest rates shifted higher everyday with the exception of Friday when the weaker than expected monthly jobs report allowed interest rates to recover slightly and retrace a portion of the increases seen on Tuesday, Wednesday and Thursday.

The August jobs report, released on Friday, came in weaker than the market had expected which caused a pause in the week long rise in bank interest rates.  The most recent report was not terribly far off the mark regarding expectations however, the previous two months were revised measurably lower and once again, there was a weak thread that has been running through the data all year in the form of a very low labor force participation rate. 

Nonfarm payrolls increased by 169,000 jobs last month, the Labor Department said on Friday, falling short of the 180,000 Wall Street had expected.  The job gains originally reported for June and July were revised quite a bit lower to show 74,000 fewer positions added than was previously reported.

Meanwhile, the lower labor force participation rate results in a reduced unemployment rate even though the monthly job creation figures were nothing to cheer about.  The unemployment rate fell a tenth of a percentage point to 7.3% but the labor participation rate continued a path downward and has now hit the lowest point since 1978.

Additional economic news for the week that impacted interest rates and banks rates included the weekly Unemployment Insurance Claims, car sales and the ISM index.  The Unemployment Insurance Claims report released on Thursday showed an initial claims amount of 323,000 which is down by over 10% from the claims number we had been seeing in the prior year and well off the recessionary level of 390,000.  Low unemployment claims is seen as positive economic news, with fewer unemployed filing for claims, usually puts pressure on interest rates to rise as loan demand and output will generally follow.

The August car sales report was scorching hot with a total of 16.1 million units being sold.  The ISM index, also released over the week, beat expectations with the manufacturing index reaching 55.2 and the nonmanufacturing index hitting 57.2, the highest figures since March 2011.

For the week, the 30 year mortgage rate available at the nation’s top ten bank mortgage lenders shot up by just over 13 basis points or 0.13%.  The average rate for the conventional 30 year fixed rate loan ended the week at 4.765%.  30 year FHA mortgage rates jumped by 20 basis points, closing out the week with an average rate of 4.513% and the 30 year jumbo mortgage rate was up just under 12 basis points to 4.740%.

Bank CD rates edged higher for the week with the rate increase taking place entirely among the long term certificates.  The SelectCDrates.com CD rate index rose by 3.1 basis points which was the largest weekly rate increase in 2013.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally. 

Short term and midterm CD rates were held in check with only the five year maturity moving to the upside, but what a move it was.  The average yield establish on the top ten highest five year CD rates shot up by a little more than 15 basis points which catapulted the average five year CD rate up to 1.958%.

Bank savings account rates and money market account rates gave up a little yield this past week.  With short term rates holding steady or declining by a fraction, it’s no surprise that these short term, variable rate bank savings products are not participating in the recent rise in bank rates.  The average rate found on the top ten highest money market rates and savings rates descended by 3/1000ths of a percent reducing the average rate to 0.863% from 0.866% from in the prior week.

Credit card rates sat in limbo with no discernible change in the average consumer credit card rate for the second consecutive week.   The average interest rate on new consumer credit cards across all credit card categories remained at 13.80%.

Treasury rates jumped on the long end of the curve and held remarkably stable on the short end.  The six month Treasury rate was unchanged at 0.05%.  The one year Treasury increased by only one basis point with an interest rate of 0.14%.  The two year was lifted seven basis points to 0.46%.  The five and ten year Treasury bonds experienced basis points increases in the double digits.  The five year Treasury climbed to 1.77% while the ten year bond leapt to 2.78%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 9, 2013.  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 for September 9, 2013

CD interest rates:
Composite CD interest rate index 1.043 percent (up .031 percent) 
3 month CD rates 0.407 percent (unchanged)  
6 month CD rates 0.722 percent (unchanged)  
1 year CD rates 0.996 percent (unchanged)  
2 year CD rates 1.134 percent (unchanged) 
5 year CD rates 1.958 percent (up .156 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.863 percent (down .003 percent) 

Mortgage rates:
30 year mortgage rates 4.765 percent (up .133 percent)  
15 year mortgage rates 3.823 percent (up .083 percent)  
20 year mortgage rates 4.730 percent (up .172 percent) 
30 year jumbo mortgage rates 4.740 percent (up .116 percent) 
30 year FHA mortgage rates 4.513 percent (up .20 percent)

Credit card rates:
Credit card rates for new credit card offers 13.80 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (unchanged) 
One year Treasury rate 0.14 percent (up .01 percent)
Two year Treasury rate 0.46 percent (up .07 percent)
Five year Treasury rate 1.77 percent (up .11 percent)
Ten year Treasury rate 2.78 percent (up .16 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 9, 2013 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 September 9, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, or best interest checking accounts.

Bank Rates Retreat for the First Time as August Comes to a Close

Bank rates moved lower for the first time on over four weeks as the month of August came to a close.  Mortgage rates, CD rates and bank savings account rates all moved to the downside for the last week of the month.  Questionable economic data combined with a flight to the security of fixed income accounts brought on by the prospect of greater military intervention in the Middle East were the main drivers for lower interest rates.

Uncertainty over the future of the Fed Reserve bond buying program has pushed rates higher but some of the recent economic data has showed some cooling in the economy has led some market investors to believe that Fed bond buying may not be scaled back this month.  The weaker data started at the end of the previous week when the New Home Sales report showed far fewer purchases contracts than were expected for the month of July.  This was followed up with the July durable goods orders which came in well under expected levels. 

The negative economic data did and will generally leads to lower interest rates since a weaker economy results in lower inflation rates and less demand for financial resources and bank loans.  In addition, slower economic data in the current economic environment may result in the Fed holding off any cut backs or tapering in the current massive bond buying program which is arguably the biggest factor keeping interest rates low.

Interest rates last week were also greatly influenced by the buzz surrounding the chemical weapons attack in Syria and what the U.S. will do to retaliate or punish the Syrian military for using those weapons.  Geopolitical uncertainty almost always causes a run into the perceived security of U.S. Treasury bills, notes and bonds.  The rush to the safe harbor of Treasury debt pushed their prices up and the interest rates down.

The conventional 30 year fixed rate mortgage ended the last week of August at 4.632%, off by 6.9 basis points from the previous week.  One basis point is equal to 1/100th of a percent.  30 year jumbo mortgage rates were lower by nearly as much, dropping 5.3 basis points to an average rate of 4.624%.  The 30 year FHA loan rates were not left out, these government insured loans were cheaper by just over 11 basis points to an average cost of 4.313%.

Bank CD rates were lower on the week with the short, midterm and long term maturities losing ground.  The SelectCDrates.com CD rate index was down by 5/1000ths of a percent on the week, dropping to 1.012%.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally. 

Bank savings account rates and money market account rates followed the short term CD rates and short term Treasury rates and moved lower this past week.  The average interest rate found on the top ten highest money market rates and savings rates dipped to 0.866% from 0.891% in the previous week.
 
Credit card rates sat out the rate action with the best credit card rates available to consumers showing no change from one week to the next.  The average interest rate on new consumer credit cards covering all credit card categories from low rate credit cards to student credit cards, held at 13.80%.. 

Treasury rates dropped almost across the board.  The six month Treasury and one year Treasury rates were off by one basis point bringing the yields on these two short term securities to 0.05% and 0.13%, respectively.  The five year note showed no change with a yield of 1.66% while the ten year Treasury bond rate fell to 2.78% from 2.82% in the previous week.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 2, 2013.  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 for September 2, 2013

CD interest rates:
Composite CD interest rate index 1.012 percent (down .005 percent)  
3 month CD rates 0.407 percent (down .005 percent)  
6 month CD rates 0.722 percent (unchanged)  
1 year CD rates 0.996 percent (down .001 percent)  
2 year CD rates 1.134 percent (down .001 percent)  
5 year CD rates 1.802 percent (down .015 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.866 percent (down .025 percent) 

Mortgage rates:
30 year mortgage rates4.632 percent (down .069 percent)  
15 year mortgage rates 3.740 percent (down .062 percent)  
20 year mortgage rates 4.558 percent (down .106 percent) 
30 year jumbo mortgage rates 4.624 percent (down .053 percent) 
30 year FHA mortgage rates 4.313 percent (down .112 percent)

Credit card rates:
Credit card rates for new credit card offers 13.80 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent) 
One year Treasury rate 0.13 percent (down .01 percent)
Two year Treasury rate 0.39 percent (down .01 percent)
Five year Treasury rate 1.66 percent (unchanged)
Ten year Treasury rate 2.78 percent (down .04 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of September 2, 2013 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 September 2, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, best interest checking accounts.

Bank Rates Volatile but Little Changed for the Third Week of August

Bank rates ran around in circles this past week with most savings and lending rates ending the week with only minor rate changes over the previous week.  With a great deal of market activity taking place during the week, most borrowers and investors may have been led to believe that the interest rates shot measurably higher.  Interest rates did have a slight upside bias, however, the week over week changes in interest rates were nothing compared to those found in previous two weeks in August.

The key data points for the week that had the greatest impact on bank rates movements for the week ending August 23, 2013 were the FOMC minutes released on Wednesday, the Jobless Claims figures reported on Thursday and new home sales reported on Friday.

Mortgage rates made a fairly sizeable push to the upside following the release of the FOMC minutes on Wednesday from the July 31st Federal Reserve Board meeting.  While the market reacted quite powerfully to the comments made in the minutes, there was no meaningful new information in the release.  No new developments led market participants to the conclusion that the Fed will start to reduce the monetary stimulus programs or asset purchases as originally expected at the next Fed meeting in September without delay.

The jobless claims number on Thursday continued to show improvements in the labor market which helped confirm the Fed position on a strengthening economy.  The number was moderately higher than the previous week but still well below the unemployment claims number that would be present in a stagnant or declining economy. 

Weaker than expected home sales data came out on Friday which provided a boost to bond purchases and pushed interest rates lower.  The housing data continues to reflect an economy that’s moving in the right direction but not firing on all cylinders which pulled bank rates lower and kept the timing on when the Fed will taper the bond program back into question.

Mortgage rates moved higher during the week on the Fed minutes and Jobless Claims and then retreated on Friday based on the home sales data.  The 30 year mortgage rate ended the week with a gain of 0.004 percent closing the week at 4.697 percent.  30 year jumbo mortgages were driven up with a lot more force, rising 0.069 percent to an average rate of 4.608 percent.  30 year FHA mortgages reversed direction, dipping by 0.038 percent to an average rate of 4.463 percent. 

Treasury rates heaved and swayed just like mortgage rates.  The six month Treasury bill rate moved lower on the week, sliding to 0.06 percent from 0.08 percent in the week earlier.  The five year note swung higher, rising by six basis points or 0.06 percent to an interest rate of 1.66 percent.  The ten year followed the short term bill and gave up yield for the week moving from 2.84 percent at the onset of the week to 2.82 percent at week’s end.

CD rates were absolutely motionless for the week.  The average bank CD rate measured by the SelectCDrates.com CD rate index was unchanged at 1.017 percent.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally.  The index was unchanged as were all five maturities that make up the index.  CD rates on the highest yielding CDs from the short term, three month CDs, up to the long term, five year CDs, showed no net change.

Money market accounts and savings accounts slipped ever so slightly in the latest bank rate survey conducted by SelectCDrates.com.  The average interest rate found on the top ten highest savings account and money market accounts dipped to 0.891 percent from 0.893 percent in the prior week.

Credit card rates became a little more costly for new card holders.  The average credit card interest rate for all credit card categories was nudged higher by just one basis point pushing the average credit card rate up to 13.80 percent from last week’s average rate of 13.79 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending August 23, 2013.  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 for August 23, 2013

CD interest rates:
Composite CD interest rate index 1.017 percent (unchanged)
3 month CD rates 0.412 percent (unchanged)
6 month CD rates 0.722 percent (unchanged)
1 year CD rates 0.997 percent (unchanged)
2 year CD rates 1.135 percent (unchanged)
5 year CD rates 1.817 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.891 percent (down .002 percent)

Mortgage rates:
30 year mortgage rates 4.701 percent (up .004 percent)  
15 year mortgage rates 3.802 percent (up .038 percent) 
20 year mortgage rates 4.664 percent (up .05 percent)
30 year jumbo mortgage rates 4.677 percent (up .069 percent)
30 year FHA mortgage rates 4.425 percent (down .038 percent)

Credit card rates:
Credit card rates for new credit card offers 13.80 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.06 percent (down .02 percent) 
One year Treasury rate 0.14 percent (up .01 percent)
Two year Treasury rate 0.40 percent (up .04 percent)
Five year Treasury rate 1.66 percent (up .06 percent) 1.66
Ten year Treasury rate 2.84 percent (down .02 percent) 2.82

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 23, 2013 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 23, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, best interest checking accounts.

Mortgage Rates and CD Rates Jump Higher in August

The second full week of August was a rough week for mortgage rates but somewhat rewarding for CD investors.  Interest rates rose substantially for long term interest earning accounts such as mortgages and Treasury securities that have maturities in the five to ten year range.  The rise in interest rates pushed mortgage costs to their highest level over the past few years and to a lesser extent, pushed yields higher on long term bank CD accounts.

Treasury bonds and mortgage backed securities sold off heavily following the news on Thursday that weekly unemployment claims fell to the lowest level since 2007.  The unemployment claims number was just one more data point indicating the US economy is continuing to improve and gave more credence to the belief that the Fed will be inclined to start cutting back on buying U.S. bonds and mortgage bonds as Federal Reserve Chairman Ben Bernanke indicated on May 22 of this year.

Mortgage rates were lifted by over 15 basis points on the week with most of the rise occurring during the last two days of the week.  One basis point is equivalent to 1/100th of a percent or .01 percent.  The average 30 year mortgage rate at the top ten bank mortgage lenders increased to 4.697% based on the current bank rate survey conducted by SelectCDrates.com.  30 year jumbo mortgages and FHA mortgages were close behind rising to 4.608% and 4.463%, respectively. 

The increase in mortgage rates was eclipsed by the rise in long term Treasury notes and bonds.  The five year Treasury note was up by a noteworthy 24 basis points on the week, ending the week with a yield of 1.60%.  The ten year Treasury bond jumped by a touch more, rising 27 basis points to close at 2.84%. 

Short term securities were not impacted by nearly as much as the long term fixed income investments.  Six month Treasury bill rates were higher by just one basis point on the week which brought the interest rate up to 0.08%.  One year Treasuries sprang up by just two basis points to 0.13%.  The two year Treasury note experienced a four basis points rise, bringing the yield up to 0.36%.  The five year and ten year yields are now at the highest points seen in 2013 while the shorter term instruments are still below the highs of the year.

CD rates displayed similar lopsided increases in rates that were seen in the Treasury market.  Short term CD rates were little changed while long term CD interest rates leapt upward.  The SelectCDrates.com CD rate index climbed up to 1.017% by the close of the week.  The SelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year bank CDs.  The index was driven higher by increases in five year term certificates which now average 1.817% and two year maturities which come with an average yield of 1.135%.

Money market accounts and savings accounts were little changed over the course of the week, reflecting the minor rate changes that were seen on the short end of the yield curve.  The average interest rate found on the top ten highest savings account and money market accounts came in at 0.893%, a slight decrease in the average yield from the prior week.

Credit card rates held their ground this week after experiencing some negligible rate fluctuations earlier in the month.  The average credit card interest rate promoted by the largest credit card companies across all credit card categories remained at 13.79%.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending August 16, 2013.  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 for August 16, 2013

CD interest rates:
Composite CD interest rate index 1.017 percent
3 month CD rates 0.412 percent
6 month CD rates 0.722 percent
1 year CD rates 0.997 percent
2 year CD rates 1.135 percent
5 year CD rates 1.817 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.893 percent

Mortgage rates:
30 year mortgage rates 4.697 percent
15 year mortgage rates 3.764 percent
20 year mortgage rates 4.614 percent
30 year jumbo mortgage rates 4.608 percent
30 year FHA mortgage rates 4.463 percent

Credit card rates:
Credit card rates for new credit card offers 13.79 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.08 percent (up .01 percent) 
One year Treasury rate 0.13 percent (up .02 percent)
Two year Treasury rate 0.36 percent (up .04 percent)
Five year Treasury rate 1.60 percent (up .24 percent)
Ten year Treasury rate 2.84 percent (up .27 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 16, 2013 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 16, 2013 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, best interest checking accounts and best credit card rates.

Minimal Changes in CD Rates and Mortgage Rates at the Start of August

August kicked off with mortgage rates and CD rates climbing moderately higher while most other bank saving and lending rates held steady.  The rise in mortgage rates was fairly well contained with the average rate on the 30 year mortgage increasing by less than four basis points from the previous week.  One basis point is equal to 1/100th of a percent.  CD rates showed just a slightly broader increase in rates.  The average yield found on the top CD rates available nationally, as measured by the SelectCDrates.com CD rate index, was bumped up by 7/1000ths of a percent with somewhat sizeable increases in the six month term CDs as well as the five year term certificates.  TheSelectCDrates.com CD rate index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year certificates.

Treasury rates were a little more apathetic for the week ending August 2, 2013.  Six month and one year CD rates were unchanged on the week with the six month T-bill holding at 0.07% and the one year maintaining a 0.11% rate.  In the midterm Treasury maturities, the two year note slipped by one basis point to close the week at 0.30% and the five year was held in check with the interest rate remaining at 1.36%.  The ten year Treasury rate was elevated by five basis points, rising to 2.63% from 2.58% in the week earlier.

The average 30 year mortgage rate promoted by the top ten bank mortgage lenders in the nation was lifted to 4.54% by the close of August 2nd.  30 year jumbo mortgages increased by a bit more than the conforming loan amount 30 year term home loans, with a 7.1 basis point up tick, closing the week at 4.54%.  30 year FHA mortgage rates reversed direction and became slightly cheaper for new mortgage borrowers with the average FHA loan rate dipping to 4.14% by week’s end.

CD rate changes for the week included the rate on the top ten six month CDs rising by 1.7 basis points to 0.72%, one year CDs climbing by .009% to an average rate of 0.99% and five year CDs jumping by 1.3 basis points to an average yield of 1.80%.

Money market accounts and savings accounts were kept on the sideline this past week with no rate change found among the top ten highest rates covering both savings categories.  The average rate on the top ten highest savings account and money market accounts lingered at 0.903% for the third week in a row.

Credit card rates for new consumer credit cards edged higher by barely one basis point in the current bank rate survey with the majority of credit cards on the market showing no change in their interest rate offers.  The top credit card rate tiers available to the best qualified customers were lifted at just a few of the popular credit cards but with no corresponding rate drops on new card offers, the average credit card rate advanced by one basis point to 13.79% from 13.78% in the preceding week.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending August 2, 2013.  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 for August 2, 2013

CD interest rates:
Composite CD interest rate index 1.011 percent (up .007 percent)
3 month CD rates 0.417 percent (unchanged)
6 month CD rates 0.72 percent (up .017 percent)
1 year CD rates 0.99 percent (up .009 percent)
2 year CD rates 1.130 percent (unchanged)
5 year CD rates 1.80 percent (up .013 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.54 percent (up .039 percent)
15 year mortgage rates 3.59 percent (down .014 percent)
20 year mortgage rates 4.27 percent (down .108 percent)
30 year jumbo mortgage rates 4.500 percent (up .071 percent)
30 year FHA mortgage rates 4.14 percent (down .098 percent)

Credit card rates:
Credit card rates for new credit card offers 13.79 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.07 percent (unchanged)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.30 percent (down .01 percent)
Five year Treasury rate 1.36 percent (unchanged)
Ten year Treasury rate 2.63 percent (up .05 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of August 2, 2013 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.

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending August 2, 2013 at the following rate tables:  9 month CD
rates
, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, best interest checking accounts.

CD Rates Move Higher as Mortgage Rates and Credit Card Meander

As July started to come to a close, CD rates finally got off their perch and started to follow the higher yields of the mid and long term bond rates that we have experienced in the previous weeks and marched slightly higher.  Mortgage rates experience no such delay in pricing or inelasticity and with little action in the mortgage bond market over the course of the week; consumer mortgage rates were little changed.  Credit card rates held steady as the top credit card companies continue to print cash with high borrowing costs pushed on to the credit card holders in the form of relatively high credit card rates, low borrowing costs for the credit card issuer and lower delinquency rates and charge off figures.  This formula leads to a cash generating machine.

As the week ending July 26 came to a close, the Treasury market showed very little change on the short end of the yield curve and only modest rate increases on the long end.  Six month Treasury rates and one year Treasury rates were unchanged on the week with the six month Treasury rate holding at 0.07% and the one year remaining at 0.11%.  Long term Treasuries were a bit more active with the five year Treasury rate popping up five basis points to 1.36% and the ten year jumping eight basis points to 2.58%.

The change in Treasury yields had little impact on new home loan borrower’s mortgage rates.  30 year mortgage rates at the nation’s top bank mortgage lenders barely budged this past week.  The average rate on the 30 year conventional home loan was nudged up to 4.501% from 4.506 percent in the previous week.   FHA mortgage rates slipped by a slim margin as did the 30 year jumbo mortgage rates.  The average rate found on the FHA loans with a 30 year term was 4.238%, compared to 4.243 percent in the prior week.  30 year jumbo loan rates slipped to 4.429% after closing at 4.461 percent in the week earlier.  

Most short term certificates of deposit rates were little changed over the course of the week with the big rates changed coming from the longer term maturities.  The SelectCDrates.com CD rate index was up by one full basis point to break past 1.00% for the first time in several weeks.  The CD rate index ended the week at 1.004%.  

The best three month CD rates and six month CD rates were unchanged this week and the one year term certificates were up by just 1/1000th of a percent.  The top two year CD rates increased by 5/1000ths of a percent to an average interest rate of 1.130%.  Five year CD rates made in two weeks in a row with major advances in the average yield.  The rate coming from the top ten highest five year CD rates was ratcheted up to 2.58% from 2.50% in the preceding week.

Bank money market account rates, savings account rates and credit card rates were unchanged for the week.  The top ten highest savings account rates and money market rates remained at 0.903 percent for the second consecutive week.  The best credit card rates on the market stayed at 13.78 percent, this was the second consecutive week of non change for this bank rate as well.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending July 26, 2013.  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 for July 26, 2013

CD interest rates:
Composite CD interest rate index 1.004 percent (up .01 percent) 
3 month CD rates 0.417 percent (unchanged) 
6 month CD rates 0.703 percent (unchanged) 
1 year CD rates 0.981 percent (up .001 percent) 
2 year CD rates 1.130 percent (up .005 percent) 
5 year CD rates 1.787 percent (up .04 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.501 percent (down .005 percent)  
15 year mortgage rates 3.604 percent (up .019 percent) 
20 year mortgage rates 4.378 percent (up .015 percent) 
30 year jumbo mortgage rates 4.429 percent (down .032 percent) 
30 year FHA mortgage rates 4.238 percent (down .005 percent)

Credit card rates:
Credit card rates for new credit card offers 13.78 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (unchanged) 
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.31 percent (down .01 percent)
Five year Treasury rate 1.36 percent (up .05 percent)
Ten year Treasury rate 2.58 percent (up .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 26, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 26, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates,  best interest checking accounts.

Bank Rates Diverge, CD Rates Up and Mortgage Rates Down

Bank lending rates and savings rates moved in opposing directions this past week with mortgage rates retreating and CD rates advancing.  Mortgage rates saw a drop in borrowing costs across a broad spectrum of home loan products over the course of the week.  CD rates moved higher with as much as vigor as the mortgage products however, the interest rate movements were isolated, with only the long term maturities popping higher.

Greater clarity regarding the Feds position on tapering their bond buying program was a contributor to this week’s rate action as was an improved outlook for the US economy.  Both of these market forces are good for the markets in the short term. 

Rising rates in the mortgage market in the early part of the summer were generally attributed to concern that the Fed was going to reduce their bond buying program sooner, rather than later.  Recent comments by the Fed made it clear that they want more reassurance that the labor market is improving before commencing on this tapering strategy.  The Fed also released the most recent Beige Book report this past week which showed the economy was growing at a modest to moderate pace. 

The problem with these two market moving actions, an improving economy and a delay in the Fed reduction in the bond buying program, is that they are opposing forces.  An improving economy is just what the a Fed is looking for to start curtailing or tapering their massive bond buying programs which has kept bank rates, including mortgage rates and CD rates extremely low.  If the economy continues to show steady expansion, the Fed is sure to cut back on the stimulus and interest rates will start to rise once again.

This past week was good news for many new borrowers and savers.  The average 30 year mortgage rate coming from the nation’s top ten bank mortgage lenders dropped by just over six basis points.  One basis is equivalent to 1/100th of a percent.  The average 30 year mortgage rate came down to 4.506 percent this week from 4.569 percent in the previous week.

The average CD rate was boosted by almost three basis points, the largest weekly CD rate increase in well over a year.  The average CD rate measured by the SelectCDrates.com CD rate index jumped to 0.994 percent from 0.965 percent in the prior week. 

The SelectCDrates.com CD rate index measures the top ten highest CD rates available nationally on the three month term CDs, six month term CDs, one year CDs, two year and five year term CDs.

The CD rate increase came entirely from the long term, five year term certificates.  The average rate on the top ten highest five year CDs shot up to 1.747 percent from 1.599 percent in the week earlier.  The short term and midterm bank CDs were unchanged on the week.  

Bank money market account rates and savings account rates were unchanged for the week.  The top ten highest savings account rates and money market rates remain at 0.903 percent.

Credit card rates were also held in check this week.  There was mild activity in new card offers with some credit card rates ticking slightly higher in select consumer credit categories, but the overall average rate failed to move by even one basis point by week’s close.  The average interest rate found on new credit cards offers across all categories of consumer credit cards stayed at 13.78 percent.  .

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending July 19, 2013.  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 for July 19, 2013

CD interest rates:
Composite CD interest rate index 0.994 percent (up .029 percent)
3 month CD rates 0.417 percent (unchanged)
6 month CD rates 0.703 percent (unchanged)
1 year CD rates 0.980 percent (unchanged)
2 year CD rates 1.125 percent (unchanged)
5 year CD rates 1.747 percent (up .148 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.506 percent (down .063 percent) 
15 year mortgage rates 3.585 percent (down .057 percent)
20 year mortgage rates 4.363 percent (down .087 percent) 
30 year jumbo mortgage rates 4.461 percent (down .068 percent) 
30 year FHA mortgage rates 4.243 percent (down .120 percent)

Credit card rates:
Credit card rates for new credit card offers 13.78 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (unchanged) 
One year Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.32 percent (down .05 percent)
Five year Treasury rate 1.31 percent (down .12 percent)
Ten year Treasury rate 2.50 percent (down .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 19, 2013 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 July 19, 2013 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, best interest checking accounts and best credit card rates.

Interest Rates Retreat on Mortgages and Rise on Bank CDs for Mid July

Interest rates retreated on most bank products and fixed income securities as the second week of July came to a close.  Fixed rate mortgage made the largest move to the downside, surpassing the downward yields of long term government bonds.  One exception to the declining rates was a slight improvement in the yields paid out on the top bank CD rates.

Increased sentiment in the market that the Federal Reserve will lessen its accommodative policy stance and purchase fewer mortgage bonds and Treasury bonds before year end has sent interest rates higher on long term fixed income securities such as mortgage bonds and Treasury bonds over the past few weeks.  Statements made by Federal Reserve Chairman Ben Bernanke on Wednesday night reversed some of this sentiment and once again brought into question when the Fed will start to taper back on its bond purchasing program that has been instrumental in pushing interest rates down. 

The remarks by Bernanke on Wednesday pushed Treasury bond prices higher and interest rates lower with mortgage rates sitting right in thick of the upward price changes and downward rate adjustments.  The average 30 year mortgage rate available at the nation’s top ten bank mortgage lenders retreated by almost 19 basis points on the week or 0.19 percent.  The average 30 year fixed rate loan closed the week at 4.569 percent after jumping to 4.758 percent in the previous week.  The ten year Treasury and 30 year mortgage rates often closely follow one another but this week, the ten year Treasury was a little more reserved in regards to its price action with the yield on the ten year Treasury dipping just 12 basis points on the week to close at 2.61 percent from 2.73 percent the prior week.

Bank CD rates were technically higher on the week but the change in yields was almost imperceptible.  In fact, most of the terms or maturities for the top bank CD rates were unchanged from the previous week.  The SelectCDrates.com CD rate index inched up by a mere 1/1000th of a percent on the week, pushing the average yield on the top CD rates across the nation up to 0.965 percent from 0.964 percent from the week earlier.  The SelectCDrates.com CD rate index measures the top ten highest CD rates available nationally on the three month term CDs, six month term CDs, one year CDs, two year and five year term CDs.

The average rate on the best three month CD rates lost 1/1000th of a percent on the week with an average rate that now stands at 0.417 percent while the five year maturities moved in the other direction and displayed a rate gain of 6/1000th of a percent, pushing the average five year CD yield to 1.599 percent.  The remaining three maturities that make up the CD rate index, the six month CDs, one year CDs and two year CDs showed no change in the average rates offered week over week.

Credit card rates coming from the nation’s leading credit card issuers were unchanged this past week.  Interest rates on new consumer credit card offers covering all credit card categories from balance transfer credit cards to cash back credit cards had an average rate of 13.78 percent.  While there has been some interest rate activity in this lending category over the past several weeks, the rate changes coming from the credit card companies pales in comparison to the changes in the vast majority of the interest rate market during the same time.

The top bank money market account rates and savings account rates matched the action of the credit card issuers and showed no change in the average rate for the most recent bank rate survey.  The average yield on the top ten highest bank savings rates and money market rates held at 0.903 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending July 12, 2013.  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 for July 12, 2013

CD interest rates:
Composite CD interest rate index 0.965 percent (up .001 percent) 
3 month CD rates 0.417 percent (down .01 percent) 
6 month CD rates 0.703 percent (unchanged) 
1 year CD rates 0.980 percent (unchanged) 
2 year CD rates 1.125 percent (unchanged)
5 year CD rates1.599 percent (up .006 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (unchanged)

Mortgage rates:
30 year mortgage rates4.569 percent (down .189 percent)  
15 year mortgage rates 3.642 percent (down .213 percent) 
20 year mortgage rates 4.450 percent (down .298 percent) 
30 year jumbo mortgage rates 4.529 percent (down .146 percent) 
30 year FHA mortgage rates 4.363 percent (down .250 percent)

Credit card rates:
Credit card rates for new credit card offers 13.78 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.07 percent (down .01 percent) 
One year Treasury rate 0.12 percent (down .03 percent)
Two year Treasury rate 0.37 percent (down .03 percent)
Five year Treasury rate 1.43 percent (down .17 percent)
Ten year Treasury rate 2.61 percent (down .12 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 12, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 12, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, best interest checking accounts.

July Starts With a Bang and Rising Interest Rates

The monthly employment report has once driven the markets crazy.  A better than expected jobs report released on Friday fueled the stock market and scared the bond markets.  The net result of the strong jobs report was rising stocks prices and rising interest rates, interest rates rise when bond prices fall.

The unexpected strength in the jobs report pushed stocks up by almost 150 points on Friday and drove the ten year US Treasury bond rate up over twenty basis points or .20 percent.  Prior to the jobs report release, the ten year Treasury bond had fluctuated between 2.48 percent and 2.52 percent and then shot up to 2.73 to close out the week.

The rise in interest rates was felt across a broad spectrum of fixed interest and variable interest securities including mortgage rates, CD rates, money market rates and credit card rates.

Mortgage rates epxeeriencd3 the biggest rate spike for the holiday shortened week.  The average 30 year mortgage rate available at the nation’s top bank mortgage lenders jumped to 4.758 percent from 4.446 percent in the prior week.  30 year FHA mortgage rates and 30 year jumbo mortgage rates made similar upside moves.  The average FHA loan rate closed the week at 4.613 percent, a rise of 42 basis points, and the average jumbo loan rate ended the week at 4.675 which was an increase of 27 basis points over the week before.

Bank CD rates also moved higher but with not quite as much as vim and vigor as was found in mortgage rates or long term Treasury rates, alright, not even close.  The average CD rate found among the top bank CD rates available nationally increased by 4/1000ths of a percent on the week.  The SelectCDrates.com composite CD interest rate index closed the week at 0.964 percent up from 0.960 in the prior week. 

The SelectCDrates.com CD rates index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally.  Of the five maturities measured in the CD rate index, none of the terms or maturities moved lower and three of the five maturities ended the week higher.  As might be expected, the rising CD rates were all seen on the longer term certificates with the one year CDs, two year CDs and five year CDs displaying a rise in rates for the week.

The top money market account rates and savings account rates managed to push higher on the week even though these bank savings products generally follow shorter term rate movements more closely as opposed to longer term interest bearing products.  The average rate for the top ten highest yielding bank savings accounts and money market accounts increased to 0.903 percent or 7/1000ths of a percent above the previous week’s average yield of 0.896 percent.

Credit card rates were mostly higher on the week with minor increases by just a few new credit card offers pushing the average interest rate on new consumer card offers up by one basis point or 1/100th of a percent.  The average credit card rate found on new credit card offers across all credit categories ratcheted up to 13.78 percent from 13.77 percent at the end of June.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending July 5, 2013.  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 for July 5, 2013

CD interest rates:
Composite CD interest rate index 0.964 percent (up .004 percent) 
3 month CD rates 0.418 percent (unchanged) 
6 month CD rates 0.703 percent (unchanged) 
1 year CD rates 0.980 percent (up .006 percent) 
2 year CD rates 1.125 percent (up .005 percent) 
5 year CD rates 1.593 percent (up .009 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (up .007 percent)

Mortgage rates:
30 year mortgage rates4.758 percent (up .312 percent)  
15 year mortgage rates 3.855 percent (up .299 percent) 
20 year mortgage rates 4.748 percent (up .430 percent) 
30 year jumbo mortgage rates 4.675 percent (up .27 percent) 
30 year FHA mortgage rates 4.613 percent (up .423 percent)

Credit card rates:
Credit card rates for new credit card offers 13.78 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.08 percent (down .02 percent) 
One year Treasury rate 0.15 percent (unchanged)
Two year Treasury rate 0.40 percent (up .04 percent)
Five year Treasury rate 1.60 percent (up .19 percent)
Ten year Treasury rate 2.73 percent (up .21 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of July 5, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 5, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates Stabilize for Last Week of June

Bank CD rates, credit card rates and mortgage rates stabilized during the last week of June following the extremely volatile activity of the week before.  Credit card rates and money market rates were unchanged week over week.  Bank CD interest rates were lower but by the absolutely slimmest of margins and mortgage rates retreated with some home loan terms moving measurably lower while other dropped by only a modest sum.

Mortgage rates retreated over the week for all loan products measured in the SelectCDrates.com bank rate survey.  There was great deal more variation between the top mortgage lenders in the current survey than is generally seen from the top lenders in the nation.  The average 30 year mortgage rate dropped by just over seven basis points.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage loan rate ended the week at 4.446 percent after making a start at 4.518 percent.  30 year jumbo mortgage rates were cut back by just 2.3 basis points which left the average rate on jumbo sized loans at 4.405 percent after the rate had climbed to 4.428 percent in the previous week.  30 year FHA mortgage rates dropped by a surprising 13.5 basis points.  FHA loan rates this week had an average cost of 4.190 percent which compares to last week’s average rate of 4.325 percent.

The top bank CD rates displayed little activity this past week with most of the more popular CD maturities showing no change from the previous week.  The SelectCDrates.com CD rate index was off by just 1/1000th of a percent for the week, pushing the rate index from 0.961 percent to 0.960 percent.  The SelectCDrates.com CD rates index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs available nationally.

The three month CD rates and six month CD rates were unchanged form the prior the week with the average rate on the top three month CDs holding at 0.418 percent and the average rate on the six month CDs remaining at 0.703 percent.  The best one year CD rates were nudged higher by 0.004 percent which pushed the average rate up to 0.974 percent.  Two year CD rates were off by just a hair, dropping 0.001 percent to an average rate of 1.120 percent.  Five year CDs displayed the greatest rate change, falling one basis point or .01 percent to 1.584 percent.

The top tier credit card rates offered on new credit card offers showed no change for the last week of June.  Credit card rates follow shorter term bank rates which have not been as volatile as long term rates and credit card rates are often more sticky than other bank lending rates on the way higher and on the way lower.  The average credit card interest rate for consumer credit cards ended the week right where it started at 13.77 percent.

After moving higher in the previous week, bank money market and savings account rates were held in the place for the most recent bank rate survey.  The average rate on the top ten best savings account rates and money market account rates remained at 0.896 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending June 28, 2013.  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 for June 28, 2013

CD interest rates:
Composite CD interest rate index 0.960 percent (down .001 percent) 
3 month CD rates 0.418 percent (unchanged) 
6 month CD rates 0.703 percent (unchanged) 
1 year CD rates 0.974 percent (up .004) 
2 year CD rates 1.120 percent (down .001 percent) 
5 year CD rates 1.584 percent (down .01 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.896 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.446 percent (down .072 percent)  
15 year mortgage rates 3.556 percent (down .033 percent) 
20 year mortgage rates 4.318 percent (down .125 percent) 
30 year jumbo mortgage rates 4.405 percent (down .023 percent) 
30 year FHA mortgage rates 4.190 percent (down .135 percent)

Credit card rates:
Credit card rates for new credit card offers 13.77 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.09 percent (up .00 percent) 
One year Treasury rate 0.13 percent (up .00 percent)
Two year Treasury rate 0.38 percent (up .00 percent)
Five year Treasury rate 1.42 percent (up .00 percent)
Ten year Treasury rate 2.52 percent (up .00 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 28, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 28, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Skyrocket as Yield Curve Steepens Dramatically

Rates are shooting higher as the yield curve steepens dramatically.  The main headline to start the week is that bank rates are moving demonstrably higher.  The footnote regarding this most recent interest rate activity is that rates are rising on the mid and long end of the curve and not the short side which has dramatically reshaped the yield curve.

The yield curve is a chart of interest rates for the same interest bearing product with different maturities.  While a yield curve can be drawn for almost any series of interest earning products such as bank CDs with 3 month CDs, six month CDs, one year CDs and on up, the most commonly viewed yield curve is for U.S Treasury bills and bonds.  At the close of last week, a six month Treasury bill yielded 0.08%, the five year was at 1.04% and the ten year Treasury rate was 2.14%.  Move ahead just five business days to June 21 and the ten year jumped to 2.52%, a rise of 38 basis points, the five year also increased exactly 38 basis points to close at 1.42% while the six month Treasury bill bumped up just one basis point to 0.09%.  In fact, the one year Treasury rate made no change from one week to the next, holding at 0.13%.

The changing yield curve will help explain why bank rates did not rise across all savings and lending products.  The long end the curve was impacted far more than the short end which influences long term savings and lending instruments differently.  CD rates are more sensitive to short end of the curve while loans such as mortgages closely follow the long end.  The end result of the changing curve is mortgage rates moved significantly higher while CD rates moved slightly lower and credit card rates ticked up by an almost inconsequential amount.

The average 30 year mortgage rate available at the nation’s top ten bank mortgage lenders advanced by 51 basis points over the course of the week.  The average 30 year home loan rate jumped up to 4.518 percent from 4.001 percent in the previous week.  FHA loan rates experienced an even more powerful move, the average 30 year FHA mortgage rate shot up to 4.325 percent from 3.718 percent in the week earlier. 

Bank CD rates did move in conjunction with long term mortgage rates and Treasury.  Not only are bank CD rates swayed more by rate changes in shorter term securities but CD rates are also fairly sensitive to bank loan demand.  Banks will not need to price CD rates aggressively, read higher rates, if loan demand is lackluster.  Recent loan demand has grown at the start of the year but rising rates may slow down the demand, this is far from a sure thing.  The overall average rate on the top ten best CD rates was down by 0.005 percent this past week.  The average CD rate in the SelectCDrates.com CD rate index slipped to 0.961 percent from 0.966 percent in the prior week.  The SelectCDrates.com CD rates index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.

Credit card rates increased by one basis point on the week. The average credit card interest rate found on new credit card offers end the week at 13.77 percent which is within three basis points of where it was at the start of the year.

Bank money market and savings account rates moved higher by 0.005 percent.  The average rate on the top ten best savings account rates and money market account rates available nationally moved up to 0.896 percent from 0.891 in the preceding week.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending June 21, 2013.  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 for June 21, 2013

CD interest rates:
Composite CD interest rate index 0.961 percent (down .005 percent) 
3 month CD rates 0.418 percent (down .005 percent) 
6 month CD rates 0.703 percent (down .005 percent) 
1 year CD rates 0.970 percent (unchanged) 
2 year CD rates 1.121 percent (down .004 percent) 
5 year CD rates 1.594 percent (down .01 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.896 percent (up .005 percent)

Mortgage rates:
 30 year mortgage rates 4.518 percent (up .517 percent) 
15 year mortgage rates 3.589 percent (up .439 percent) 
20 year mortgage rates 4.443 percent (up .615 percent) 
30 year jumbo mortgage rates 4.428 percent (up .416 percent) 
30 year FHA mortgage rates 4.325 percent (up .607 percent)

Credit card rates:
Credit card rates for new credit card offers 13.77 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.09 percent (up .01 percent) 
One year Treasury rate 0.13 percent (unchanged)
Two year Treasury rate 0.38 percent (up .09 percent)
Five year Treasury rate 1.42 percent (up .38 percent)
Ten year Treasury rate 2.52 percent (up .38 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 21, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 21, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates Hold as Mortgage Rates Fold

Bank rates were mostly stable for the second week of June with the exception of bank mortgage rates which made their first downward push in the month of June.  The move lower on mortgage rates was fairly muted on the popular 30 year fixed mortgage rate products but picked up some momentum on the shorter term home loan products as well as the FHA mortgages which ended the week quite a bit lower form where they started.  CD rates displayed some minor variation among the various terms however, the overall trend in CD rates showed no change from the week earlier.  Bank savings account rates and money market rates were also unchanged from the prior week as were credit card interest rates.

The bond markets and interest rates markets are moving up and down almost entirely based on the outlook for continued monetary easing by the Federal Reserve.  The market has been focused on one key phrase over of the past several weeks, Fed tapering.  For those consumers concerned about mortgage rates, saving rates and CD rates that are not familiar with these terms here is the 32 second summary.  

The extraordinarily low interest rates of the past few years have been attributed to the strong action of the Federal Reserve which has entailed maintaining a low federal funds rate combined with aggressive bond buying which has flooded the economy with more dollars.  The Fed has been buying approximately 85 billion dollars in bonds each and every month with the amount split among Treasury bonds and mortgage bonds.  These are large purchases.  Without these purchases, interest rates are likely to move higher.  The supply of these bonds is not expected to change very much in the near future and when the biggest, single buyer exits the stage the result will be higher interest rates as the market prices in a new level of equilibrium based on the supply and demand for the bonds.  The reduction in bong buying is referred to as Fed tapering.  The question investors are struggling with is when will the tapering take affect and how much will the Fed taper over time.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending June 14, 2013.  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 for June 14, 2013

CD interest rates:
Composite CD interest rate index 0.966 percent (unchanged) 
3 month CD rates 0.423 percent (unchanged) 0.423
6 month CD rates 0.708 percent (unchanged) 0.708
1 year CD rates 0.970 percent (down .001 percent) 
2 year CD rates 1.125 percent (up .003 percent) 
5 year CD rates 1.604 percent (down .001 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.891 percent (unchanged)

Mortgage rates:
30 year mortgage rates 4.001 percent (down .048 percent) 
15 year mortgage rates 3.150 percent (down .067 percent) 
20 year mortgage rates 3.828 percent (down .10 percent) 
30 year jumbo mortgage rates 4.012 percent (down .025 percent) 
30 year FHA mortgage rates 3.718 percent (down .135 percent)

Credit card rates:
Credit card rates for new credit card offers 13.76 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.08 percent (up .01 percent) 
One year Treasury rate 0.13 percent (down .01 percent)
Two year Treasury rate 0.29 percent (down .03 percent)
Five year Treasury rate 1.04 percent (down .06 percent)
Ten year Treasury rate 2.14 percent (down .03 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 14, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 14, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Interest Rates Inch Higher

For the week ending June 7, 2013 bank interest rates were nudged just slightly higher with bank CD rates and mortgage rates leading the market.  Bank savings account rates and money market account rates did not follow along and decreased slightly on the week while credit card rates remained unchanged after the previous week’s two basis point run up.

Interest rates recent increases have been predominantly driven by the concern or realization that the Fed will eventually reduce the amount of monetary stimulus they have been conducting for the past few years.  The reduction in stimulus is expected to start when the Federal Reserve scales back its massive bond buying stimulus program.  Continued positive economic data combined with comments from Fed members has many investors believing that the bond buying program will be cut back sooner rather than later but, the occasional disappointing economic figures move the needle in the other direction and may convince the Fed to leave its stimulus actions unchanged for the remainder of the year.

The jobs report on Friday had some impact on the equities market was not much of a game changer regarding the Fed stimulus taper debate.  The overall monthly increase in jobs, 175000, helped the stock market since the date was better than the market had expected but it did not overly impress the bond market or interest rate markets since the number was not within the range that most Fed watchers believe will trigger an eminent reduction in the bond buying program.  A rise of 175,000 new jobs actually brought the unemployment rate higher as more job hunters entered the market which is measured by the labor participation rate.

As the week came to a close, the 30 year mortgage rate available at the nation’s top ten bank mortgage lenders was up by a relatively meager 2.9 basis points or .029 percent.  The average rate on the 30 year fixed rate home loan ended the week at 4.048 percent after rising almost 20 basis points in the previous week.  Jumbo mortgage rates were lifted by just 1.3 basis points to 4.037 percent and the average FHA mortgage rate decreased slightly to 3.853 percent.

Bank CD rates advanced by just 1/1000th of a percent on the week.  The average CD interest rate measured by the SelectCDrates.com CD rate index moved up to 0.966 percent from 0.965 percent in the week earlier.  The SelectCDrates.com index measures the top ten best CD rates on the three month term CDs, six month term CDs, one year CDs, two year and five year term CDs.

After rising by two basis points last week, the average credit card rate on consumer credit cards was unaltered in the most recent bank rate survey.  The average credit card rate on new credit card offers remained at 13.76 percent.

Bank money market rates and savings account rates were little change in this week’s survey.  Money market rates and savings account rates were cut back by a modest 2/1000ths of a percent as short term bank rates and Treasury rates were mostly held in check with most of the interest rate action taking place in midterm and long term interest bearing securities.  The average yield on the top ten bank money market accounts and savings accounts dropped to 0.891 percent from 0.893 percent in the previous week.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending June 7, 2013.  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 for June 7, 2013

CD interest rates:
Composite CD interest rate index 0.966 percent (up .001 percent) 
3 month CD rates 0.423 percent (down .001 percent) 
6 month CD rates 0.708 percent (unchanged) 
1 year CD rates 0.971 percent (down .005 percent) 
2 year CD rates 1.122 percent (down .001 percent)  
5 year CD rates 1.605 percent (up .009 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.891 percent (down .002 percent)

Mortgage rates:
 30 year mortgage rates 4.048 percent (up .029 percent)
15 year mortgage rates 3.217 percent (up .056 percent) 
20 year mortgage rates 3.928 percent (up .053 percent) 
30 year jumbo mortgage rates 4.037 percent (up .0.13 percent) 
30 year FHA mortgage rates 3.853 percent (down .015 percent)

Credit card rates:
Credit card rates for new credit card offers 13.76 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.07 percent (unchanged) 
One year Treasury rate 0.14 percent (unchanged)
Two year Treasury rate 0.32 percent (up .02 percent)
Five year Treasury rate 1.10 percent (up .05 percent)
Ten year Treasury rate 2.17 percent (up .01 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of June 7, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 7, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Leap, Credit Card Rates Lurch and CD Rates Yawn to End May

Mortgage rates and Treasury rates leaped during the last week of May, 2013.  Both the 30 year mortgage rate and benchmark, 10 year Treasury rate reached their high points of the month on the last day of May which was also the high rate level reached all year.

To close out the month of May the average 30 year mortgage rate coming from the nation’s top ten largest bank mortgage lenders broke the 4.00 percent barriers and moved up to 4.019 percent.  The rise in the 30 year was almost ten basis points, or .10 percent, above the previous week’s average rate of 3.825 percent.

The ten year Treasury rate started the week at 2.01 percent and was elevated by 15 basis points through the holiday shortened week to 2.16 percent at the close on Friday.  To put little exclamation mark on the rise in the Treasury rates, you need only to look back at the start of May when the ten year Treasury yield was a mere 1.66 percent, 50 basis points below where we are now. 

The 30 year mortgage rate change from the start of May closely matched that of the 10 year Treasury rate, as it often does.  The average rate found on the 30 year mortgage available at the nation’s leading bank mortgage lenders was 3.484 percent on May 3rd or 53 basis points lower than they are today.

Credit card rates also made a somewhat notable advance this week.  The average credit card interest for consumer credit card offers rose to 13.76 percent from 13.74 percent in the previous week.  The rise in credit card rates does seem to be highly correlated to the activity in the rest of the interest rate markets and have often moved in an erratic pattern that is more closely tied to competitive forces in the credit card market as opposed to the underlying cost of funding for the credit card issuers.

Bank CD interest rates were little moved over the course of the week and were down slightly for the week as a whole.  The SelectCDrates.com CD rate index was off by 3/1000ths of a percent on the week driven mostly by weakness in the long term, five year CDs.  The average CD rate in the index dropped down to 0.965 percent from 0.968 percent in the prior week. 

The SelectCDrates.com CD rate index measures the best CD rates on the top ten three month term CDs, six month CDs, one year CDs, two year CDs and five year CDs.  The best CD rates remain measurably higher than the national average rates.

Bank money market rates and savings account rates also slipped this past week, bucking the trend of the underlying interest rate market. The average interest rate on the top ten highest saving account rates and money market account rates was cut by 1.2 basis points to 0.893 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending May 31, 2013.  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 for May 31, 2013

CD interest rates:
Composite CD interest rate index 0.965 percent (down .003 percent) 
3 month CD rates 0.424 percent (up .002 percent) 
6 month CD rates 0.708 percent (down .005 percent) 
1 year CD rates 0.976 percent (unchanged) 
2 year CD rates 1.123 percent (unchanged)  
5 year CD rates 1.596 percent (down .012 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.893 percent (down .012 percent)

Mortgage rates:
 30 year mortgage rates 4.019 percent (up .194 percent) 
15 year mortgage rates 3.161 percent (up .174 percent) 
20 year mortgage rates 3.875 percent (up .103 percent) 
30 year jumbo mortgage rates 4.024 percent (up .144 percent) 
30 year FHA mortgage rates 3.868 percent (up .235 percent)

Credit card rates:
Credit card rates for new credit card offers 13.76 percent (up .02 percent)

Treasury rates:
Six month Treasury rate 0.07 percent (unchanged) 
One year Treasury rate 0.14 percent (up .02 percent)
Two year Treasury rate 0.30 percent (up .04 percent)
Five year Treasury rate 1.05 percent (up .15 percent)
Ten year Treasury rate 2.16 percent (up .15 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 31, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending May 31, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates and CD Rates Diverge at the Onset of May

Surprisingly positive jobs numbers released on Friday pushed long term interest rates higher.  Friday’s stronger than expected employment data was disappointing for mortgage borrowers with mortgage rates jumping higher immediately following the release and was also detrimental for CD investors with bank CD rates moving in the opposite direction and closing lower on the week.

The seemingly incongruous interest rate results for the week are actually not all that irrational.  The monthly release of the jobs report resulted in a sell off on the longer term bonds with shorter maturities holding up just fine.  Higher interest rates for long term bonds with short and midterm yields holding steady resulted in a steeper yield curve.  The steeper yield curve is closely related to the diverging position of CD rates and mortgage rates.

Mortgage rates are closely tied to longer term maturity debt instruments while bank CD rates are more strongly correlated to short term debt instruments.  At the close of the week, the average 30 year mortgage rate from the top ten bank mortgage lenders in the nation increased by slightly over six basis points to 3.484 percent.  In contrast, the best one year CD rates available nationally showed no change with an average interest rate right holding at 1.00 percent.  One basis point is equal to 1/100th of a percent or .01 percent.

The employment data drew a great deal of attention this past week and over the weekend, but the numbers were more of a surprise than they were a force on the markets.  Certainly, the unexpected rise in the number of jobs created impacted the stock market but other markets including the bond market were not overly charged up.  Long term rates did increase immediately following the release on Friday but not only did short term rates sleep through the data but the rise in long term yields was relatively mild when looking at the big picture of rate changes in just the past 30 days.

Six month and one year Treasury rates declined by one basis point each this past week, ending with yields at 0.08 percent and 0.11 percent, respectively.  Two year Treasury notes were unchanged at 0.22 percent.  The five year rate moved higher by five basis points putting the five year yield at 0.73 and the ten year Treasury bond bumped up eight basis points to 1.78 percent.  The month of April started off with the ten year at 1.86 percent.

A reflection of this lack of pull through in the interest rate movements was the modest depth in bank rate changes.  30 year jumbo mortgage rates were unchanged on the week at 3.680 percent as were 30 year FHA mortgage rates which closed the week right where they started at 3.358 percent.  Bank money market rates and savings rates were also unaltered with an average yield on these savings instrument holding at 0.915 percent.  And finally, the best credit card rates found on new credit card offers failed to move in either direction with an average charge of 13.74 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending April 26, 2013.  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 for May 3rd, 2013

CD interest rates:
Composite CD interest rate index 0.978 percent (down .009 percent) 
3 month CD rates 0.4372 percent (down .005 percent) 
6 month CD rates 0.694 percent (down .015 percent) 
1 year CD rates 1.000 percent (unchanged) 1.000
2 year CD rates 1.148 percent (down .01 percent)
5 year CD rates 1.609 percent (down .015 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.915 percent (unchanged)

Mortgage rates:
30 year mortgage rates 3.484 percent (up .063 percent) 
15 year mortgage rates 2.707 percent (down .032 percent) 
20 year mortgage rates 3.444 percent (up .054 percent) 
30 year jumbo mortgage rates 3.680 percent (unchanged) 
30 year FHA mortgage rates 3.358 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.74 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.08 percent (down .01 percent) 
One year Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.22 percent (unchanged)
Five year Treasury rate 0.73 percent (up .05 percent)
Ten year Treasury rate 1.70 percent (up .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of May 3rd, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending May 3rd, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates and CD Rates Dip Yet Again as April Comes to a Close

Bank rates have fallen one more time and are now at their lowest levels for many consumer savings and lending accounts for all of 2013.  Weak economic numbers continue to provide support in the bond markets.  As bond prices rise, interest rates move lower.

The release of the GDP figures for the first quarter of 2013 last week appears to have kept the run of poor economic news going.  There is no question that the fairly weak economic releases have been coming out of Washington and many of the nation’s industries over the past several weeks.  However, the GDP data was far from horrendous.  First quarter GDP showed growth of 2.5 percent versus expectations of 3.0 percent.  No doubt, a fairly big miss but the expectations for 3.0 percent growth just plain silly at the get go.  Growth of 2.5 percent while the economy still tries to find its running legs and the rest of the world is near burning is not too shabby.

The tepid growth in the economy and perhaps the concerns over another swoon in the economy has caused rates to improve yet again for borrowers with lower mortgage rates and has pushed savings returns for consumers down with lower CD interest rates.

Interest rates on fixed mortgages dropped this week.  The top bank mortgage lenders offering the 30 year home loan offered this product with an average interest rate of 3.421percent, down from an average rate of 3.487 percent a week ago.  Fixed 30 year FHA mortgage rates hovered near their lows for the year this week with the average rate reaching 3.358 percent after dropping to 3.370 percent in the week earlier.  Jumbo mortgage interest rates showed no discernible rate change from the prior week, with the bank mortgage lenders in the weekly SelectCDrates.com bank rate survey continuing to offer the 30 year fixed rate jumbo loan at an average of 3.680 percent.

CD interest rates edged lower this week with the top long term CD rates taking a big hit compared to the previous week.  Five year CD rates fell to new lows for the year, an unwelcome event for those looking to gain some extra yield by reaching further out on the yield curve.  The average rate found on the top ten highest CD rates came in at 1.624 percent compared to 1.651 percent in the prior week.

Rates on the other popular CD terms were not cut back nearly as much as the five year term certificate.   The top three month CD rates moved down to 0.442 percent from 0.447 percent in the preceding week.  Six month CD rates were unchanged at 0.709 percent.  The highest one year CD rates added on some extra yield with the average rate on this term bumping up to 1.00 percent from 0.995 percent in last week’s survey.

Bank money market account rates and savings account rates displayed no change in yield over the week.  For two consecutive weeks now, the average interest rate offered on the top ten highest savings account rates and money market rates remained at 0.915 percent.

Credit card interest rates on new credit card offers have all but stop bumping and up down in the month of April.  The average rate on the best credit card rate tier has not changed for three weeks in a row.  Consumer credit card rates have remained sticky for months with only small movements higher and lower as the overall level of interest rates have stayed historically low.  The average interest rate on new credit card offers across a broad spectrum of credit card types held at 13.74 percent.

Long term CD rates were not the only rates touching new lows this past week.  The ten year Treasury bond was down by three basis points or 3/100ths of a percent for the week.  The ten year dipped down to 1.70 percent from 1.73 percent in the week earlier which is a full 37 basis point off of the high point of the year (2.07 percent).

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending April 26, 2013.  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 for April 26, 2013

CD interest rates:
Composite CD interest rate index 0.987 percent (down .008 percent)
3 month CD rates 0.442 percent (down .005 percent) 
6 month CD rates 0.709 percent (unchanged) 
1 year CD rates 1.000 percent (up .005 percent) 
 2 year CD rates 1.158 percent (up .001 percent) 
 5 year CD rates 1.624 percent (down .027 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.915 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.421 percent (down .066 percent)
15 year mortgage rates 2.675 percent (down .036 percent) 
 20 year mortgage rates 3.390 percent (down .019 percent) 
30 year jumbo mortgage rates 3.680 percent (unchanged) 
30 year FHA mortgage rates 3.358 percent (down .012 percent)

Credit card rates:
Credit card rates for new credit card offers 13.74 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.09 percent (unchanged) 
One year Treasury rate 0.12 percent (unchanged)
Two year Treasury rate 0.22 percent (down .02 percent)
Five year Treasury rate 0.68 percent (down .04 percent)
Ten year Treasury rate 1.70 percent (down .03 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 26, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending April 26, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates and CD Rates Slip for the Week Ending April 19, 2013

The continuing run of weak economic news in April has caused investors to move their money out of stocks and into safer investments like bonds.  The increased money flow into bonds has pushed their prices higher and the interest rates earned on the bonds lower.  The money flow into bonds was somewhat tame and had only a small impact on interest rates with long term Treasury bond rates and mortgage rates dipping just modestly.  Of course, while the flow to bonds continued the flow out of the stock market heated up and stock prices dropped.

The lackluster economic news was reflected in bank lending activity with a number of banks reporting lighter loan demand as the year moves along.  Low loan demand along with low Treasury rates is putting downward pressure on CD rates.  With little need to drum up new money, banks are not in a fight to offer particularly attractive CD rates and these rates are slowly being cut back form already dismal yields.

This past week, significant economic news included capacity utilization, industrial production, and the weekly unemployment claims numbers.  Unemployment claims rose by 4,000 to a seasonally adjusted 352,000 while the initial figures for capacity utilization and industrial production was higher.  After dissecting the industrial production and capacity utilization numbers the gains were almost entirely due to increased production in the utilities sector brought on by colder spring temperatures with the rest of the figures showing disappointment.  Manufacturing capacity utilization was actually lower on the month as was the manufacturing component of industrial production.

To add to the woes, China reported economic growth that was less than expected and there is some concern that government spending in China is the real driver of economic growth not consumer consumption or manufacturing activity.

Mortgage rates ended the week of April 19, lower across the board.  The average 30 year mortgage rate in the SelectCDrates.com bank rate survey was down by 2.5 basis points or 0.025 percent to end the week at 3.487 percent.  30 year jumbo mortgage rates became cheaper by 1.3 basis points and slid down to 3.680 percent at week’s end.  FHA mortgage rates followed the jumbo rate change and also gave up 1.3 basis points, pushing the average rate down to 3.370 percent.

CD interest rates dropped by a fairly measurable amount relative to the current levels bank CD rates have been holding at.  The average CD rate in the SelectCDrates.com CD rate index was down by almost one basis point, falling by 0.008 percent.  The average CD rate in the index was cut back to 0.992 percent from 1.000 percent in the week earlier. 

The CD rate index measures the best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally. 

A drop in the three month CD rates and one year CD rates were the big drivers for the losses in the index.  The average rate on the best three month CD rates was down by one basis point which moves the average rate down to 0.447 percent from 0.457 percent in the previous week.  One year CD rates gave up 2.1 basis points which drove the yield on these maturities to 0.995 percent from 1.016 percent in the week earlier. 

The average yield found on the top bank savings accounts and money market accounts showed no change on the week.  The interest rate offered on the top ten highest savings account rates and money market rates held at 0.915 percent.

Credit cards made it two weeks in a row with no change in the average interest rate offered to new credit card shoppers.  The average rate on new credit cards which includes the most popular credit cards on the market across seven different credit card categories was unchanged at 13.74 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending April 19, 2013.  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 for April 19, 2013

CD interest rates:
Composite CD interest rate index 0.992 percent (down .008 percent) 
3 month CD rates 0.447 percent (down .01 percent) 
6 month CD rates 0.709 percent (unchanged) 
1 year CD rates 0.995 percent (down .021 percent) 
2 year CD rates 1.157 percent (unchanged) 
5 year CD rates 1.651 percent (down .006 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.915 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.487 percent (down .025 percent) 
15 year mortgage rates 2.711 percent (down .04 percent) 
20 year mortgage rates 3.4098 percent (down .029 percent) 
30 year jumbo mortgage rates 3.680 percent (down .013 percent) 
30 year FHA mortgage rates 3.370 percent (down .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.74 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.09 percent (unchanged) 
One year Treasury rate 0.12 percent (up .01 percent)
Two year Treasury rate 0.24 percent (up .02 percent)
Five year Treasury rate 0.72 percent (up .02 percent)
Ten year Treasury rate 1.73 percent (down .02 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 19, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending April 19, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Economic News Does Little to Change Bank Rates April 15, 2013

Weak retail sales, lower consumer confidence and benign inflation data had little to no impact on bank rates during the second week of April.  The vast majority of the data released during the week that ended April 12th was positive for bank lending rates or for those who are interested in borrowing including current mortgage rates and negative for bank savings rates such as CD rates, savings account rates and money market account rates. 

Some of the economic data released throughout the week included the latest retail sales which showed a surprising decline of 0.4% in March with weakness within the aggregate figure across a number of retail categories and segments.  The University of Michigan consumer sentiment index fell was released with an April level of 72.3, an unexpected drop since rising equity markets and housing stability often boosts confidence due to the wealth effect.  A third widely watched release was the wholesale inflation numbers, the PPI, which indicated inflation remains in check.  Components in the PPI data were weak across the board with import prices down 0.5% and nonfuel items displaying a prices drop of 0.2%.

All data points for the week reflected a less than robust economy.  These results are generally leading to the assumption that the economy has a ways to go before it comes near the Feds target unemployment rate of the 6.5% at which time it will lay off the monetary easing throttle.  In addition, the lack of any signs of rising inflation takes away any pressure on the Fed that the aggressive monetary policy is causing pricing problems in the market.  All signs that interest rates will stay low for lending and saving.

Mortgage rates, CD rates, savings account rates and credit card rates held in very tight range based on the data found in the most recent bank rate survey conducted by SelectCDrates.com for the week ending April 12, 2013.

The 30 year mortgage rate available from the nation’s largest bank mortgage lenders increased by a very small, 1.2 basis points over the week.  One basis is 1/100th of a percent.  The average 30 year mortgage rate moved up to 3.512 percent from 3.500 percent in the week earlier.  The 30 year FHA mortgage rate made a similar move, rising 1.3 basis points to reach 3.383 percent at the end of the week.  Jumbo rates managed to slide slightly lower on the week.  The average 30 year jumbo mortgage rate dipped to 3.693 or 1.2 basis points lower than it was at the start of the week.

CD interest rates were little as well this past week.  The SelectCDrates.com CD rate index lost 8/1000ths of a percent, slipping to 1.000 percent from 1.008 percent in the prior week.  The CD rate index measures the best CD rates available nationally on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs. 

The change in the overall level of CD rates was entirely driven by the rate reduction in the long term CDs.  Five year CD rates dropped by a fairly large sum, falling 4.7 basis points or 0.047 percent.  The average interest rate on the top ten highest five year CDs dipped to 1.656 percent this week from 1.703 percent in the previous week.  All other CD rate categories were unchanged on the week.

Credit cards were unmoved in the most recent survey.  The average credit card interest rate on new card offers remained at 13.74 percent.  During this week of inactivity in the average rate for new card offers there was also very few changes among the different credit card categories.  Rate changes for the most popular credit cards on the market showed no change at all and new promotional offers were few and far between.

The best bank money market rates and savings account rates gave up 2/1000ths over the week.  The drop in yield for the highest savings account rates and money market account rates available nationally placed the average rate at puts the average rate at 0.915 percent compared to an average rate of 0.917 percent in the preceding week.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending April 12, 2013.  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 for April 12, 2013

CD interest rates:
Composite CD interest rate index 1.000 percent (down .008 percent) 
3 month CD rates 0.457 percent (unchanged) 
6 month CD rates 0.709 percent (unchanged) 
1 year CD rates 1.016 percent (unchanged) 
2 year CD rates 1.157 percent (unchanged) 
5 year CD rates 1.656 percent (down .047 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.915 percent (down .002 percent)

Mortgage rates:
 30 year mortgage rates 3.512 percent (up .012 percent) 
15 year mortgage rates 2.751 percent (up .006 percent) 
20 year mortgage rates 3.438 percent (up .086 percent) 
30 year jumbo mortgage rates 3.693 percent (down .012 percent) 
30 year FHA mortgage rates 3.383 percent (up .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.74 percent (down .01 percent)

Treasury rates:
Six month Treasury rate 0.09 percent (down .01 percent) 
One year Treasury rate 0.11 percent (down .02 percent)
Two year Treasury rate 0.22 percent (down .02 percent)
Five year Treasury rate 0.70 percent (up .02 percent)
Ten year Treasury rate 1.75 percent (up .03 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 12, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending April 12, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates Retreat after Jobs Report and World Economic Uncertainty April 8, 2013

Bank rates dropped after more concerns over world economic growth and a very disappointing monthly jobs report was released on Friday.  When the week ending April 5th came to a close, mortgage rates had moved measurably lower, CD interest rates and money market account rates were off slightly and credit card rates dropped by one basis point or 1/100th of a percent.

The theme of the week goes back to last year’s issues, uncertain economic growth in the U.S and Euro markets and geo-political risks worldwide.  These big ticket issues bring about a flight to quality which pushes bond prices higher and leaves interest rates lower.  As a result, mortgage rates and Treasury rates dropped quickly, bank lending rates followed and savings rates slowly trailed behind.

The recent controversy about how to handle the banking problems in Cyprus worked out to be more of a reminder to the market on how fragile the Euro union is and that economic growth has come to a standstill throughout Europe.  In Asia, the Chinese government has been talking about stimulating their economy that is supposed to be growing in the high single digits, which leads to the question why a government would stimulate their economy with that growth rate.  And yet the leaders of that nation have also stated they intend to take action to cool off an overheated real estate market.  Puzzling growth statistics to say the least. 

On Friday, along comes the much watched U.S. monthly jobs report which showed a very disappointing creation of just 88,000 new jobs for the month of March.  As the first quarter had chugged along, many economists were watching the words coming out of the Fed to see if the monetary easing programs were showing any signs of letting up.  This sentiment was based on the belief that the U.S. economy was picking up steam.  The latest jobs report put a damper on that thought process. 

More importantly, only two weeks ago Fed Chairman Ben Bernanke noted that although the U.S. economy has shown improvement in recent months, unemployment remains at a high level and reiterated that the Fed will continue its bond purchase program until it is convinced the stimulative benefits to the economy can be sustained.  This past jobs report is certainly not affirming a sustained economic recovery.

At week’s end, the average 30 year mortgage rate available at the nation’s largest bank mortgage lenders had a full 15 basis points chopped off.  The 30 year rate closed the week at 3.500 percent after making a start at 3.650 percent.  30 year FHA mortgage rates took an almost ten basis point hair cut, getting cut down to 3.370 percent from 3.465 percent in the week earlier.  Jumbo mortgage rates with a 30 year term experienced a similar decline, dipping to 3.705 percent from 3.803 percent in the previous week.

CD interest rates were down but with not nearly the vigor found in mortgage rates.  The average CD rate in the SelectCDrates.com CD rate index was lower by just 2/1000ths of a percent.  The drop in rates pushed the CD rate index down to 1.008 percent from 1.010 percent in the prior week.  The CD rate index measures the best CD rates available nationally on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs. 

Among the five different maturities that make up the CD rate index, only the one year CD rates and five year CD rates displayed any changes and these two maturities moved in opposite directions.  The one year CD rates ticked up modestly with the average rate found on the top ten highest one year CD rates gaining 4/1000ths of a percent to an average rate of 1.016 percent and the top ten five year CD rates giving up 6/1000ths of a percent to an average rate of 1.703 percent.

Bank money market rates and savings account rates drifted lower by 3/1000ths of a percent, the same reduction that was experienced in the previous week.  The slight loss in yield puts the average rate on the top ten highest money market and a savings account rates at 0.917 percent from 0.920 percent in the past week. 

Credit card rates were not exactly a hot bed of activity but the average interest rate on new card offers across all card categories was down on the week by one basis point.  Many of the most popular credit cards on the market showed no rate change on the week however, the credit card companies that did alter some of their select new card offers all made adjustments to the downside.  The average credit card rate this past week dipped down to 13.74 percent from13.75 in the preceding week. 

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending April 5, 2013.  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 for April 5, 2013

CD interest rates:
Composite CD interest rate index 1.008 percent (down .002 percent) 
3 month CD rates 0.457 percent (unchanged) 
6 month CD rates 0.709 percent (unchanged) 
1 year CD rates 1.016 percent (up .004 percent) 
2 year CD rates 1.157 percent (unchanged) 
5 year CD rates 1.703 percent (down .006 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.917 percent (down .003 percent)

Mortgage rates:
 30 year mortgage rates 3.500 percent (down .15 percent) 
15 year mortgage rates 2.745 percent (down .08 percent) 
20 year mortgage rates 3.352 percent (down .17 percent) 
30 year jumbo mortgage rates 3.705 percent (down .098 percent) 
30 year FHA mortgage rates 3.370 percent (down .095 percent)

Credit card rates:
Credit card rates for new credit card offers 13.74 percent (down .01 percent)

Treasury rates:
Six month Treasury rate 0.10 percent (down .01 percent) 
One year Treasury rate 0.13 percent (down .01 percent)
Two year Treasury rate 0.24 percent (down .01 percent)
Five year Treasury rate 0.68 percent (down .09 percent)
Ten year Treasury rate 1.72 percent (down .15 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of April 5, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending April 5, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Retreat, CD Rates Advance and Credit Cards Hold the Line April 1, 2013

Mortgage rates made it three in a row, that’s three consecutive weeks of lower home loan rates and costs.  CD interest rates finally turned the tide of steadily declining interest rates and were nudged slightly higher.  Credit card rates were unchanged once again and money market account rates slipped ever so slightly.

The trouble in the little nation of Cyprus along with mixed signals on world economies has driven investment funds into the bond markets pushing interest rates lower.  Long term Treasury rates were down on the week along with mortgage loan products reflecting the flow of funds into bonds.  The rising CD rates were more a reflection of competition among a select few banks jockeying for top position among the highest CD rates available nationally than fundamental rate shifts. 

Investor demand for long term bonds brought long term Treasury rates and mortgage rates down, a flattening yield curve impacted CD rates as well as savings account rates and credit card rates.  The yield curve ended the week with a bit less of a slope than when it started the week on Monday, with longer term bonds ending with lower rates and short term bills showing little to no change. 

The ten year Treasury rate dropped by six basis points on the week, falling to 1.87 percent from 1.93 percent in the previous week.  One basis point is equal to .01 percent or 1/100th of a percent.  As long term rates were guided lower short term rates remained unchanged, the six month and one year Treasury rates were unchanged at 0.11 percent and 0.14 percent, respectively.  The outcome of falling long term rates and steady short term rates is a flatter yield curve.

Long term rates have a greater impact on mortgage prices and rates while short and midterm rates have a greater influence on CD rates, savings and money market rates as well as credit card rates.

For the week ending March 28, the average interest rate on new credit card offers was unchanged at 13.75 percent.  The average credit card rate covers all categories of consumer credit card offers including low rate credit cards, balance transfers credit cards, cash back credit cards and others.  Within the various categories there were minor rate changes with some categories showing lower credit card rates while other categories experienced higher rates.  The net change on the overall average credit card rate was zero.

Saving account rates and money market account rates ticked down modestly.  The average rate offered on the top ten highest savings account rates and bank money market rates slid down to 0.920 percent from 0.9231 percent in the previous week, a drop of not even one basis point or just 3/1000ths of a percent.

The SelectCDrates.com CD rate index gained 6/1000ths of a percent in the current survey.  The average rate on the top ten highest bank CD rates displayed a modest boost to 1.01 percent from 1.004 percent in the prior week.  The SelectCDrates.com CD rate index measures the top ten best CD rates available nationally for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.

Mortgage rates were lower for all major home loan products.  The 30 year mortgage was cheaper on the week by approximately three basis points, dropping to 3.650 percent from 3.681 percent in the previous week.  The 30 year FHA mortgage rate gave up 3.5 basis points, dipping to 3.465 percent from 3.500 percent in the week earlier.  Jumbo mortgage rates were cut back by five basis points, pushing the average 30 year jumbo loan rate to 3.803 percent from 3.8536 percent in the week before. 

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending March 29, 2013.  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 for March 29, 2013

CD interest rates:
Composite CD interest rate index 1.010 percent (up .006 percent) 
3 month CD rates 0.457 percent (up .013 percent) 
6 month CD rates 0.709 percent (down .006 percent) 
1 year CD rates 1.012 percent (up .004 percent) 
2 year CD rates 1.157 percent (up .004 percent) 
5 year CD rates 1.7093 percent (up .016 percent) 

Money market and savings account rates:
Bank money market account rates and savings account rates 0.920 percent (down .003 percent)

Mortgage rates:
 30 year mortgage rates 3.650 percent (down .031 percent) 
15 year mortgage rates 2.825 percent (down .013 percent) 
20 year mortgage rates 3.522 percent (down .033 percent) 
30 year jumbo mortgage rates 3.803 percent (down .0506 percent) 
30 year FHA mortgage rates 3.465 percent (down .035 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (unchanged) 
One year Treasury rate 0.14 percent (unchanged)
Two year Treasury rate 0.25 percent (down .01 percent)
Five year Treasury rate 0.77 percent (down .03 percent)
Ten year Treasury rate 1.87 percent (down .06 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 29, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending March 29, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mild Interest Rate Reductions Across the Board March 25, 2013

Mortgage rates, CD rates and savings account rates retreated in the most recent bank rate survey conducted by SelectCDrates.com.  Interest rate changes were not terribly potent but the direction was decidedly lower.  A good barometer of the overall change in interest rates this past week can be found with the ten year Treasury which fell by eight basis points on the week and now sits under 2.00 percent once again with a yield at 1.93 percent.  One basis point is equal to 1/100th of a percent.

The banking crisis in Cyprus and the possibility of trouble in the financial sector their spreading to other European nations was about the only major factor moving markets over the week.  There was some ancillary market reaction to the Federal Reserve chairman’s comments about the economy midweek but his comments influenced the stock market more than it did the bond market and bank rates.

The mini crisis in Cyprus has helped push money into safe and secure investments once again.  Investment flows to safety generally means purchases of reliable bond investments such as Treasury bonds and mortgage bonds which have an extremely low likelihood of default and are also very liquid allowing investors to trade in and out without losses due to a small or illiquid market.  Note, the crisis in Cyprus is only a mini crisis for most developed nations, the fall of the Cyprus banking system should have little or no impact on most of Europe or the U.S. but for the Cypriots, the crisis is far from mini. 

The Fed speech on Wednesday was the other piece of noteworthy economic news over the week.  The Fed speech followed the release of the latest Federal Open Market Committee statement.  The statement and comments contained no breaking news and mostly reiterated the Fed’s position that monetary easing in the form of Treasury bond and mortgage bond purchases will continue until the rate of unemployment falls to a reasonable level.  The Fed chairman did make some comments about an improving economy and labor market but also commented on the fragility in the markets and that no changes in Fed policy will be made until the strength continues for some time.  The positive comments gave a little boost to stocks on Wednesday and pushed interest rates higher but the change in the bond markets was very subdued.

All in all, interest rates headed lower on the week with mortgage rates falling, CD rates declining and bank money market and savings accounts tumbling down.

The most popular home mortgage loan product, the 30 year fixed rate mortgages, slipped by over eight basis points or 0.08 percent in the current survey.  The average 30 year mortgage rate dipped to 3.681 percent from 3.762 percent in the previous week. 

Jumbo mortgage rates were down by an almost identical sum, sliding down by just over eight basis points to an average rate of 3.853 percent.  FHA mortgage rates took the drama in stride and ended the week right where they started.  The average 30 year FHA mortgage rate held at 3.500 percent.

CD interest rates dropped by a noteworthy sum over the course of the week.  The SelectCDrates.com CD index fell by 1.6 basis points pushing the average rate down to 1.004 percent from 1.020 percent in the prior week.  The CD rate index measures the best CD rates available nationally on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs

The short end and the long end of the CD rate curve took the biggest hits to yield on the week.  The average three month CD rate fell 1.8 basis points to 0.447 percent while the average rate on the five year term CDs dropped by a whopping 4.3 basis points to 1.693 percent.  Two year CD rates were unchanged, six month CD rates were down by the smallest of measurements and the one year CD rates slipped by 1.1 basis points to 1.012 percent.

Bank savings account rates and money market rates were whacked in the head for the second consecutive week.  The average rate found on the top bank savings accounts and money market accounts was down by 8/1000ths of a percent which pushed the average rate down to 0.923 percent from 0.931 percent in the week earlier.  This week’ rate reduction follows a drop of 1.1 basis points in the previous week’s bank rate survey. 

Credit card rates spent the second consecutive week in neutral.  The average interest rate on new credit card offers held at 13.75 percent.  The lack of rate changes in the credit card market is not terribly surprising given the very small changes in interest rates that are made in the middle of the yield curve in the past few weeks.  Credit card rates are not very sensitive to short term rate fluctuations and will generally make measurable changes only when midterm and long term rate change substantially and for a sustained period of time or when there is a major shakeup in the competitive landscape for new credit card offers.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending March 22, 2013.  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 for March 22, 2013

CD interest rates:
Composite CD interest rate index 1.004 percent (down .016 percent) 
3 month CD rates 0.4447 percent (down .018 percent) 
6 month CD rates 0.715 percent (down .01 percent) 
1 year CD rates 1.012 percent (down .011 percent) 
2 year CD rates 1.153 percent (unchanged) 
5 year CD rates 1.693 percent (down .043 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.9231 percent (down .008 percent)

Mortgage rates:
 30 year mortgage rates 3.681 percent (down .081 percent) 
15 year mortgage rates 2.838 percent (down .034 percent) 
20 year mortgage rates 3.555 percent (down .068 percent) 
30 year jumbo mortgage rates 3.8536 percent (down .083 percent) 
30 year FHA mortgage rates 3.500 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (unchanged) 
One year Treasury rate 0.14 percent (unchanged)
Two year Treasury rate 0.26 percent (up .01 percent)
Five year Treasury rate 0.80 percent (down .04 percent)
Ten year Treasury rate 1.93 percent (down .08 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 22, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending March 22, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Retreat as CD Rates and Credit Card Rates Hold March 18, 2013

Mortgage rates and money market rates retreated this past week as investor took into consideration potential smoldering economic troubles abroad as well as simply taking a break from the fast and furious run up in the stock market.  CD rates were up marginally with the average rate on the top bank CDs being pushed higher by changes in the long term maturities.  Credit card rates kept to themselves and were altered by a statistically insignificant amount on the week.

The Federal Reserve remains in the driver’s seat when it comes to bank rates even with the flurry of economic news, both domestically and internationally, that continues to push and pull the markets.  The Feds massive bond buying program has created the ultra low interest rates in the mortgage market and savings arena and this programs still has no clear end date based on the Feds own methodology for determining the end date.

The Federal Reserve has driven savings rates, CD rates and mortgage rates to record lows and plans to keep them there until the unemployment rate reaches roughly 6.5%. 

Since the US economy was rocked in 2007, recent economic figures have shown the economy recovering in almost every sector with the very notable exception of the jobs market and the housing market.  GDP has grown well above the numbers of 2007 and 2008, thanks in part to huge Federal government expenditures.  The stock market has now recovered all of the losses from 2007.  Auto sales are running at an approximately 15 million unit sales rate which is only fractionally below the figures of 2007 of approximately 16 million unit sales of trucks and cars.  The employment situation market however, still has a long way to go with almost 3,000,000 people who have not recovered the jobs that were lost since 2007.

Based on this data, even with the stock market rising and many aspects of the economy on the mend, the Fed is not likely to cut back on the bond buying stimulus program this year.  And with the Fed stimulus in place, there will continue to be a lid on any upside action in bank rates.  It may not stop interest rates from rising but it will keep a damper on the magnitude of any lift in rates.

Rates on mortgage home loans were down across the board based ion the most recent data in the SelectCDrates.com bank rate survey.  The 30-year fixed-rate mortgages averaged 3.762 percent for the week ending March 15, down from 3.804 percent last week.  For 30-year fixed-rate FHA mortgages, rates averaged 3.500 percent, down from 3.570 percent last week.

CD rates, on average, increased by .003 percent over the course of the week.  The CD rate index, which measures the best CD rates available on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs increased to 1.020 percent from 1.017 percent in the week earlier.  The rise in the CD rate index was the result of a rather sizable increase in the five year term CDs with most of the other term either falling or holding steady for the week.

Bank money market accounts and savings accounts dropped slightly after holding steady in the prior week.  The average yield on the top savings accounts and money market accounts dipped to 0.931 percent from 0.942 percent in the previous week.

Credit card rates stayed with their ongoing theme of mostly running in place.  While there were a few credit card rates that moved up and a few that moved down, the overall average rate on new credit card offers for consumers moved by less than one basis point.  After rounding off the fractional change, the average credit card rate for new credit card offers in the survey was unchanged at 13.75 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending March 15, 2013.  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 for March 15, 2013

CD interest rates:
Composite CD interest rate index 1.020 percent (up .003 percent) 
3 month CD rates 0.465 percent (unchanged) 
6 month CD rates 0.725 percent (down .005 percent) 
1 year CD rates 1.023 percent (down .011 percent) 
2 year CD rates 1.153 percent (down .005 percent) 
5 year CD rates 1.736 percent (up .039 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.931 percent (down .011 percent)

Mortgage rates:
30 year mortgage rates 3.762 percent (down .042 percent) 
15 year mortgage rates 2.872 percent (down .052 percent) 
20 year mortgage rates 3.623 percent (down .081 percent) 
30 year jumbo mortgage rates 3.936 percent (down .037 percent) 
30 year FHA mortgage rates 3.500 percent (down .070 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (unchanged) 
One year Treasury rate 0.14 percent (down .01 percent)
Two year Treasury rate 0.25 percent (down .02 percent)
Five year Treasury rate 0.84 percent (down .06 percent)
Ten year Treasury rate 2.01 percent (down .05 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 15, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending March 15, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Popped, CD Rates Slid and Stock Market Pushed Higher March 11, 2013

Mortgage rates jumped higher on Friday after the release of the monthly jobs report by the U.S. Bureau of Labor Statistics.  An unexpected drop in the unemployment rate and a larger than expected rise in the number of new jobs created gave another shot in the arm to the stock market and socked money away from bonds. 

The drop in bond prices pushed interest rates higher on Treasury securities, mortgage rates and on down the line of bond products.  CD rates have yet to feel the impact of rising rates predominantly as a result of the excess liquidity in the banking sector which has taken away the need for banks to aggressively compete for depositors funds and thus are largely unaffected by short term changes in market interest rates.  In addition, this past week short term rates were largely unaffected by the change in long term bond prices and bond rates. 

Six month Treasury rates and one year Treasuries moved lower during the week while mid and long term rates popped up higher.  The six month T-bill and one year note closed lower by one basis point even while the five year term Treasury was boosted higher by 15 basis points.  A one basis point move is equivalent to 1/100th of a percent change.

Treasury rates and mortgages rates react almost immediately to breaking economic news and moved rapidly after the release on Friday.  On Friday, the ten year Treasury moved higher by six basis points or 6/100ths of a percent which pushed the ten year higher by 20 basis points on the week.  The average 30 year mortgage rate in the SelectCDrates.com weekly bank mortgage rate rose by a similar amount, increasing by 23 basis points for the week.  The 30 year mortgage rate ended the week at 3.804 percent after closing the previous Friday at 3.568 percent.

The SelectCDrates.com weekly bank mortgage rate survey measures the mortgage rates of the top bank mortgage lenders in the nation including Chase, Bank of America, Wells Fargo, Citibank, US Bank, Fifth Third Bank, HSBC and others.  The survey includes the bank mortgage lenders that account for over 60 percent of all mortgage loans originated.

While mortgage rates and Treasury rates moved higher, CD interest rates did not.  The average CD rate in the SelectCDrates.com CD rate index dipped by a very small fraction, falling by 6/1000ths of a percent for the week.  The CD rate index closed the week at 1.017 percent after reaching 1.023 percent in the prior week.  The CD rate index measures the average rate found on the top ten best CD rates available nationally for the following terms: three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.

The index was pushed lower almost entirely by rate reductions on longer term bank CDs.  The best three month CD rates available were up by a very small amount, .001 percent, and the six month CD rates were unchanged.  The one year CD rates and two year CD rates were down by ½ of a basis point to 1.034 percent and 1.158 percent, respectively.  The five year CD rates were the big drivers on the move lower, slumping by 2.5 basis points to an average rate of 1.697 percent.

Bank money market rates and savings account rates were unchanged on the week.  The rate found on the top ten highest money market accounts and savings accounts held at 0.942 percent.  This is the now the third consecutive week without a change to the average interest rate on the best money market and savings account rates available nationally.

Credit card rates also showed no change on the week.  The average credit card rate for new credit card offers was unaltered at 13.75 percent after falling by one basis point in the week earlier. 

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending March 8, 2013.  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 for March 8, 2013

CD interest rates:
Composite CD interest rate index 1.017 percent (down .006 percent) 
3 month CD rates 0.465 percent (up .001 percent) 
6 month CD rates 0.730 percent (unchanged) 
1 year CD rates 1.034 percent (down .003 percent) 
2 year CD rates 1.158 percent (down .005 percent) 
5 year CD rates 1.697 percent (down .025 percent)   

Money market and savings account rates:
Bank money market rates and savings account rates 0.942 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.804 percent (up .236 percent) 
15 year mortgage rates 2.924 percent (up .132 percent)
20 year mortgage rates 3.704 percent (up .199 percent) 
30 year jumbo mortgage rates 3.973 percent (up .184 percent) 
30 year FHA mortgage rates 3.5708 percent (up .142 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (down .01 percent) 
One year Treasury rate 0.15 percent (down .01 percent)
Two year Treasury rate 0.27 percent (up .02 percent)
Five year Treasury rate 0.90 percent (up .15 percent)
Ten year Treasury rate 2.06 percent (up .20 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 8, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending March 8, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Start of March Marks the First Big Drop in Bank Rates in 2013

Renewed financial trouble brewing in Europe, the government sequester spending cuts impact on the economy, slow growth in China, it’s just not clear what news in the market brought a rush of money into fixed income assets that has driven prices higher and interest rates lower last week.  The end result is clear, lower mortgage rates, lower CD rates and lower credit card rates to start the month of March.

Economic reports over the past week have been mixed with housing continuing to rebound and spending and income just muddling along; some news that seemed to fly under the radar was the disappointing sales reports coming from Target and Wal-Mart.  Target posted December same-store sales that were little changed and Walmart U.S. stores that were open at least a year, or same-store sales, are expected to be about flat during the current first quarter.  Big news from big retailers.

There was an old saying among investors that says as General Motors goes, so goes the U.S. economy.  With these retailers representing such a large sample of consumer spending activity, perhaps the saying could be altered to inject Walmart or Target in place of GM.  In all fairness, it is worth noting that while consumer spending accounts for approximately 75% of GDP, these two giant and ubiquitous retailers still account for a very small fraction of consumer spending.

Whether or not retailers are to blame, mortgage borrowers are coming out ahead this week and savers are taking another whack to their pocket books.  For the week ending March 1st, the average rate on the 30 year mortgage dropped by 12 basis points.  One basis point is 1/100th of a percent.  With that drop, the average rate on the 30 year fixed rate home loan at the nation’s largest bank mortgage lenders was reduced to 3.568 percent.

30 year jumbo mortgage rates and 30 year FHA mortgages rates were lower by just a hair less than that found on the 30 year conventional loan.  The average rate on a 30 year jumbo mortgage loan moved lower by just under ten basis points, sliding to 3.428 percent at week’s end and the 30 year jumbo mortgage rate was chopped by the same amount which brought the rate down to 3.789 percent for this home loan product.

CD rates followed a similar path with lower yields showing up for almost all popular maturities.  The average CD rate measured by the SelectCDrates.com CD rate index slid by 1.2 basis points to an average rate of 1.023 percent.  The CD rate index measures the top ten CD rates available nationally for the three month term CD, six month term CD, one year CD, two year CD and five year CD. 

The six month CD rates and two year CD rates took the biggest hits this week with average rate on the top six month CDs falling 1.8 basis points to 1.163 percent and the two year CD rate dropping 2.4 basis points to 1.163.  Three month CD rates were off marginally, one year CD rates held steady and the five year term took a 1.4 basis point haircut.

The top yields on bank money market accounts and savings account stayed on the sidelines with no change in the average interest rate for these bank savings products.  The average rate among the top ten highest bank savings account rates and money market account rates remained at 0.942 percent for the second consecutive week.

Credit card rates made a mild move to the downside.  Once again, there were very few changes among the vast assortment of consumer credit cards on the market.  There were just enough rate changes on the best credit card rate tiers to pull the average rate fractionally lower.  Consumer credit card rates pulled back by one basis point pushing the average rate on new credit card offers to 13.75 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending March 1st, 2013.  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 for March 1st, 2013

CD interest rates:
Composite CD interest rate index 1.023 percent (down .012 percent) 
3 month CD rates 0.464 percent (down .001 percent) 
6 month CD rates 0.730 percent (down .018 percent) 
1 year CD rates 1.037 percent (unchanged) 
2 year CD rates 1.163 percent (down .024 percent) 
5 year CD rates 1.722 percent (down .014 percent)   

Money market and savings account rates:
Bank money market rates and savings account rates 0.942 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.568 percent (down .12 percent) 
15 year mortgage rates 2.792 percent (down .075 percent) 
20 year mortgage rates 3.505 percent (down .085 percent) 
30 year jumbo mortgage rates 3.789 percent (down .096 percent) 
30 year FHA mortgage rates 3.428 percent (down .097 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (down .01 percent)

Treasury rates:
Six month Treasury rate 0.12 percent (down .02 percent) 
One year Treasury rate 0.16 percent (unchanged)
Two year Treasury rate 0.25 percent (down .02 percent)
Five year Treasury rate 0.75 percent (down .09 percent)
Ten year Treasury rate 1.86 percent (down .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of March 1st, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending March 1st, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

 

Little Change in Bank Rates February 25, 2013

Mortgage rates, CD rates and credit card rates were flying in a holding pattern for the week ending February 22, 2013.  Treasury rates pulled backed slightly with the benchmark, ten year Treasury bond, falling below 2.00% and closed at its lowest level for the month.  The action in the Treasury market many be a tad misleading since the ten year Treasury reached its low point for the month on Thursday when it first reached 1.97% but the range in February so far has been very tight with a high yield for the ten year briefly touching 2.05%.

Bank rates continue to face upwards pressure as investor’s money has made a modest move out of fixed income securities such as Treasury bonds and mortgage bonds and into riskier assets such as stocks, ETFs and commodities.  Lower demand for bonds puts pressure on their prices and lower prices results in higher interest rates.  There are two factors in the market keeping the money flows from running wild. 

The most recent scare to impact the market, the spending cuts brought on by the government sequester agreement, is adding some risk to the market with concerns over the effect spending cuts will have on economic growth for the remainder of the year.  Market concerns such as these take the pressure off bonds and put it back on the stock market which helps to drive some funds into safe and secure bonds and helps hold prices higher and rates lower.  The added demand on mortgage bonds and Treasury bonds brought on by the Federal Reserve bond buying spree as a part of their monetary stimulus programs is also keeping a lid on any significant interest rate increases.  The 85 billion dollars in Fed stimulus or Treasury bond and mortgage bond purchases is most certainly helping to keep prices from dropping on these securities.

The mild drop in rates in the Treasury market was hardly felt in mortgages or with bank CDs.  The average 30 year mortgage rate was almost flat lined, increasing by less than one basis point or .01% for the week.  The average 30 year fixed rate mortgage available at the nation’s largest bank mortgage lenders was 3.688 percent compared to 3.679 percent in the previous week.  Conventional mortgage loans with shorter maturities followed the 30 year with very little change in the average rates however; the jumbo mortgage market and FHA rates displayed a little more momentum as they followed long term Treasuries lower.  The average 30 year FHA mortgage rate was cut back 1.3 basis points to 3.525 percent and jumbo mortgage rates retreated by 2.7 basis points to 3.885 percent.

CD interest rates maintained their part in the holding pattern for bank rates this week.  The average CD rate in the SelectCDrates.com CD rates index slipped by just 4/1000ths of a percent.  The average CD rate in the SelectCDrates.com CD rate index measures the average rate for the top ten highest CD rates on the three month bank CDs, six month CDs, one year CDs, two year CDs and five year CDs.  The average CD rate moved down to 1.035 percent from 1.039 percent in the week earlier.

Bank money market rates, savings account rates and credit card rates remained composed throughout the week.  The average rate on consumer credit cards was unaltered at 13.76 percent with only mild changes taking place among the vast array of consumer credit cards offered to the public.  The average rate on the top money market accounts and savings accounts was unaltered at 0.942 percent.

As mentioned earlier, ten year Treasury rates dipped down to 1.97 percent on Friday after closing at 2.01 percent on the previous Friday.  The five year Treasury bond was down by a similar amount, slipping to 0.84 percent from 0.87 percent in the prior week.  The two year Treasury was off by two basis points and closed at 0.27 percent.  The one year was lower by just one basis point and ended the week at 0.16 percent and the six month T-bill actually ticked higher by one basis point to 0.14 percent.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending February 22, 2013.  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 for February 22, 2013

CD interest rates:
Composite CD interest rate index 1.035 percent (down .004 percent)
 3 month CD rates 0.465 percent (down .015 percent)
 6 month CD rates 0.748 percent (down .005 percent)
 1 year CD rates 1.037 percent (unchanged)
 2 year CD rates 1.187 percent (down .002 percent)
5 year CD rates 1.736 percent (unchanged)   

Money market and savings account rates:
Bank money market rates and savings account rates 0.942 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.688 percent (up .009 percent)
 15 year mortgage rates 2.867 percent (up .007 percent)
 20 year mortgage rates 3.590 percent (down .021 percent) 
30 year jumbo mortgage rates 3.885 percent (down .027 percent) 
30 year FHA mortgage rates 3.525 percent (down .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.76 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.14 percent (up .01 percent) 
One year Treasury rate 0.16 percent (down .01 percent)
Two year Treasury rate 0.27 percent (down .02 percent)
Five year Treasury rate 0.84 percent (down .03 percent)
Ten year Treasury rate 1.97 percent (down .04 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 22, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending February 22, 2013 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates Higher on Savings and Loan Products February 18, 2013

Bank rates were higher across the board this past week with the rise in lending rates remaining relatively light while the rise in savings products was more pronounced.  Mortgage rates inched a little higher over the course of the week along with consumer credit card rates.  Bank CD rates increased by a slightly larger magnitude as did the average rates on money market accounts and savings accounts. 

Bank rates appear to be reacting more to the ups and downs of the stock market as opposed to the release of new economic data points.  The outlook for the economy has rapidly improved after many of the big tax and spending issues facing Congress had passed with the resolutions agreed to in the first week of January.  Note, not all issues spending and tax issues were resolved with the sequester spending cuts still scheduled to kick in March 1st. 

The improved outlook has set off a shift in assets by investors from bonds and bond funds and into stocks.  The Dow Jones Industrial Average has recently approached an all-time high.  The shift to riskier assets classes has reduced the demand for fixed income securities such as Treasury bonds and mortgage backed securities, pushing their prices lower and interest rates higher.  As a result of the changing economic outlook, mortgage rates have increased steadily albeit, moderately, almost every week in 2013.

Optimism and growth in the housing market is contributing to the current optimistic economic landscape.  More housing gauges are showing increased prices which is being matched with increased building activity and increased sales.  The housing recovery however, does remain fragile with prices and sales varying widely by region across the country.  

For a more pessimistic look, the economic recovery will depend not on just improved housing numbers but sustained job growth as well.  Housing is improving but very slowly with much of the improvement coming from the reduction in foreclosure inventories.  Job growth is even more questionable and has taken place with sporadic improvements as the nation’s unemployment rate remains elevated at 7.9%.
 
As the outlook for sustained growth in the economy remains uncertain the rise in interest rates is not.  Mortgage rates moved up again for the most popular home loan products in the current SelectCDrates.com bank rate survey.  The average 30 year fixed rate mortgage moved up to 3.679 percent while the average 30 year FHA mortgage rate climbed to 3.538 percent.

Credit card rates ticked up by one basis point or .01 percent for the week, after holding firm in the week earlier.  The average rate for new credit card offers ended the week at 13.76 percent.  The average rate covers credit card offers from dozens of credit cards across multiple card categories from cash back credit cards to low rate credit cards.  The credit card rate excludes promotional credit card offers such as zero rate introductory credit card promotions.

CD rates showed a greater rate change in this week survey over that of the bank lending products.  The average CD rate found in the SelectCDrates.com CD rate index rose to 1.039 percent from 1.024 percent in the week earlier. Three month CD rates, one year CD rates, two year CD rates and five year CD rates all showed incremental rate increases, only the six month CD failed to show an uptick on the week.  As is often the case with bank savings rates, CD rates have lagged the recent rise in both short term and long term interest rates and may still show considerable variations in the coming weeks as money market rates rise even as most banks do not need to compete for depositor funds due to slack loan demand and a mass of excess reserves.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending February 15, 2013.  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 for February 15, 2013

CD interest rates:
Composite CD interest rate index 1.039 percent (up .015 percent) 
3 month CD rates 0.480 percent (up .008 percent) 
6 month CD rates 0.753 percent (unchanged) 
1 year CD rates 1.037 percent (up .005 percent) 
2 year CD rates 1.189 percent (up .025 percent) 
5 year CD rates 1.736 percent (up .039 percent)   

Money market and savings account rates:
Bank money market rates and savings account rates 0.942 percent (down .002 percent)

Mortgage rates:
 30 year mortgage rates 3.679 percent (up .004 percent) 
15 year mortgage rates 2.860 percent (up .014 percent)  
20 year mortgage rates 3.611 percent (up .016 percent) 
30 year jumbo mortgage rates 3.912 percent (down .025 percent) 
30 year FHA mortgage rates 3.538 percent (up .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.76 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.13 percent (up .02 percent) 
One year Treasury rate 0.17 percent (up .03 percent)
Two year Treasury rate 0.29 percent (up .04 percent)
Five year Treasury rate 0.87 percent (up .03 percent)
Ten year Treasury rate 2.01 percent (up .02 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 15, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending February 15, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Edge Up along with CD Rates while Credit Card Rates Hold February 11, 2013

The past weeks interest rate round up showed most bank rates edging just slightly higher.  Mortgage rates continued to be under pressure as they have been since the start of the year, although the rate changes for the most popular home loan products were relatively small over the course of the week.  For the week, the 30 year mortgage rate ratcheted up by 4.5 basis points, almost identical to the previous week’s rate increase of 4.2 basis points, bringing the average rate of up to 3.675 percent.  One basis point is equal to 1/100th of a percent.

CD rates also moved higher on the week mostly due to action of the top three banks with the highest CD rates available nationally jockeying for top position on specific CD maturities.  The SelectCDrates.com CD rate index, which measures the top ten highest CD rates across several different maturities, advanced by 5/1000ths of a percent or .005 percent.  The rate increases for the top CD rates moved the average up to 1.024 percent from 1.019 percent in the week earlier.

The best credit card rates available to consumers held steady again, making it three weeks in a row without a measurable change in the average consumer credit card rate.  The start of 2013 has showed a real slow down in the marketing drives by the big credit card companies regarding long term interest rate changes.  While some credit cards show movements in the promotional interest rates, most notably the length of time that zero percent introductory rates last, short term promotional offers are not included in the weekly credit card rate survey results.  The top tier credit card rates remained at 13.75 percent in the most recent with only slight changes in the individual credit card rates included in the weekly survey.

The data driving the market remains mixed with pressure on bank interest rates coming from more confidence in riskier asset classes such as stocks.  The economic recovery continues to show mixed or maybe slightly stronger numbers and inflation has showed no change in quite some time. 

The biggest factor showing any consistent change that is influencing the market this year may very well be progress on resolving Europe’s debt crisis.  While, the individual nations in the Euro zone are considerable smaller than the US, the overall production and consumption of Europe surpasses our economy.  Stabilization will hopefully lead to growth which will certainly provide a lift to our economy however; though the news on Europe’s financial front may be better, it is far from turning the corner and may very well just ended a period of deterioration with a long sideways movement yet to come. 

The China growth story is less certain as is the job growth in the US economy.   In addition, while the fiscal cliff morass has passed us by, political craziness is stilling casting a cloud on the economy with the budget cuts coming from the sequester coming just over the horizon, March 1st to be precise. 

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending February 8, 2013.  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 for February 8, 2013

CD interest rates:
Composite CD interest rate index 1.024 percent (up .005 percent) 
3 month CD rates 0.472 percent (down .009 percent)
6 month CD rates 0.753 percent (unchanged) 
1 year CD rates 1.032 percent (up .005 percent)
2 year CD rates 1.164 percent (up .020 percent) 
5 year CD rates 1.697 percent (up .006 percent)   

Money market and savings account rates:
Bank money market rates and savings account rates 0.944 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.675 percent (up .045 percent) 
15 year mortgage rates 2.846 percent (down .034 percent)  
20 year mortgage rates 3.595 percent (up .005 percent) 
30 year jumbo mortgage rates 3.937 percent (up .025 percent) 
30 year FHA mortgage rates 3.525 percent (up .062 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (unchanged) 
One year Treasury rate 0.14 percent (down .01 percent)
Two year Treasury rate 0.25 percent (down .02 percent)
Five year Treasury rate 0.84 percent (down .04 percent)
Ten year Treasury rate 1.99 percent (down .05 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of February 8, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending February 8, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Up Again, CD Rates and Credit Card Rates Stand Still February 4, 2013

The perception that stronger economic growth is here is pushing interest rates higher along with the stock market and many commodity markets.  Treasury rates moved higher this past week with the ten year crossing the 2.00 percent threshold, mortgage rates climbed just modestly higher and CD rates showed almost no change with some maturities moving higher and other terms dipping slightly lower.

Perception is the key word for the week when it comes to market moving forces since the data released last week on the US markets was indifferent at best.  Weekly unemployment claims jumped this past week, GDP results for the fourth were surprisingly poor and the employment report on Friday showed monthly employment gains that were slightly below expectations with the nation adding just 157,000 new jobs in January.  The employment report was more confusing than most monthly reports with large positive revisions to previous months and less than stellar data produced in the current month such as a decrease in the average work week fell from 34.5 to 34.4 hours, a drop in temporary help and no change in overtime hours.

The domestic economic news is not the only news impacting bonds prices and interest rates.  An underlying current of cyclical change in the world economy is making many economists adjust their growth forecast higher.  The risks from the euro zone defaults and budgets problems has waned significantly and a cyclical change from slower growth to greater expansion in China is leading to an improved outlook for the world economy into 2013.

The perception of god news or at least the mix of good economic news over the past week caused many investors to move their money out of bonds, which is considered the safe and secure investment choice, and into equity markets which resulted in higher stock prices up, lower bond prices and elevated interest rates.

As the last week of January closed out, the average 30 year mortgage rate in the weekly SelectCDrates.com bank rate survey moved higher by just over four basis points to 3.630 percent.  One basis point is equal to 1/100th of a percent or .01 percent.  The 30 year jumbo mortgage rate was elevated by a similar amount, rising almost five basis points to 3.912 percent.  FHA mortgage rates, on average, held their ground with the interest rate offered on these government insured loans holding at 3.463 percent.

CD interest rates were a lot more stable over the week.  While many long term rates move higher with the new perception of economic expansion, there will likely be a large delay ion the movement in bank CD rates.  The primary reason for the lack of upward action in CD yields is the competitive landscape.  Banks have ample reserves and cash on hand to meet increased loan demand as the economy expands and therefore are not beating each other up to attract new depositors as would normally be in the case in economic expansions.  The biggest competition to a safe and secure bank CD is a short term Treasury bills, notes or bonds and these securities are yielding far less than comparable term bank CDs.

The average CD rate as measured by the SelectCDrates.com CD rate index, was unchanged on the week, the average CD rate remained at 1.019 percent.  The SelectCDrates.com CD rate index measures the top ten best CD rates with the following terms; 3 months, 6 months, 1 year, 2 year and 5 years.  This past week, two of the maturities in the index experienced rate increases, one maturity was lower in yield and one was unchanged from the prior week.  3 month CD rates were unchanged at 0.481 percent, 6 month CD rates and 2 year CD rates moved fractionally lower to 0.753 percent and 1.144 percent, 1 year CD rates and 5 year CD closed higher at 1.027 percent and 1.691 percent.

Credit card rates held their ground again this week.  Credit card rates have remained in a very tight range since the middle of 2012.  Much of the stability is attributed to the lack of movement in midterm rates especially the prime rate along with little competitive pressures in the credit card industry among the large bank credit card issuers.  The average rate for the top tier credit card rates or best credit card rates held at 13.75 percent.

Short term bank savings rates were also unaltered in the current bank rate survey.  After dropping rather measurably in the previous week, the average rate on the top ten bank money market account rates and savings account rates was untouched at 0.944 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending January 25, 2013.  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 for February 1, 2013

CD interest rates:
Composite CD interest rate index 1.019 percent (unchanged) 
3 month CD rates 0.481 percent (unchanged)
6 month CD rates 0.753 percent (down .01 percent) 
1 year CD rates 1.027 percent (up .006 percent) 
2 year CD rates 1.144 percent (down .008 percent) 
5 year CD rates 1.691 percent (up .004 percent)   

Money market and savings account rates:
Bank money market rates and savings account rates 0.944 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.630 percent (up .043 percent) 
15 year mortgage rates 2.880 percent (up .038 percent)  
20 year mortgage rates 3.590 percent (up .071 percent) 
30 year jumbo mortgage rates 3.912 percent (up .049 percent) 
30 year FHA mortgage rates 3.463 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (unchanged) 
One year Treasury rate 0.15 percent (unchanged)
Two year Treasury rate 0.27 percent (down .01 percent)
Five year Treasury rate 0.88 percent (up .01 percent)
Ten year Treasury rate 2.04 percent (up .06 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of February 1, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending February 1, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

CD Rates Down, Mortgage Rates Up, Credit Card Rates Hold for January 28, 2013

Mortgage rates pushed higher with the renewed optimism over global economic growth however, bank savings rates and CD rates failed to match the move in mortgage market and dipped modestly lower.  The rationale behind the mortgage rate increases is relatively easy to understand but the move downward in CD rates and savings rates is a bit mystifying.

The mortgage market started moving higher on Thursday with the release of the weekly jobless claims report.  New jobless claims were down again this past with fewer Americans filing for unemployment benefits.  A strong sign of a healthier employment market and hence a stronger economy which leads to increased demand on bank loans and increased pressure on higher inflation rates as the economy shows greater strength in demand and production.  Friday the selloff in mortgage bonds, leading to higher mortgage rates, continued as news was released about better than expected growth in China and greater stability in Europe.  A stable Europe diminishes the value of holding safe and secure investments in the U.S. market such as Treasuries and mortgage bonds.

CD rates and savings rates did not match the move in mortgage rates and in fact, headed in the other direction by a small sum.  Part of the explanation is the change in the yield curve.  The yield curve, which measures interest rates on a specific interest bearing security for various maturities, has been getting steeper with long term interest rates rising and short term interest rates holding steady. 

By looking at the yield curve for Treasury rates, we can see over the past week that the five year and ten year Treasury rate had jumped by approximately ten basis points this past week.  One basis point is equal to 1/100th of a percent or 0.01 percent.  The five year Treasury rate moved from 0.77 percent on January 18 to 0.87 percent on January 25 while the ten year Treasury rate was elevated to 1.98 percent from 1.87 percent over the same time period.  During that same one week period, the six month Treasury rate moved up just one basis point, from 0.10 percent to 0.11 percent, the one year Treasury also moved higher by one basis point to close at 0.15 percent and the two year Treasury was up by only two basis points to close at 0.28 percent after starting out the week at 0.26 percent.  Long term rates rising and short term rates holding ends with the outcome of a steeper curve.

Bank savings rates and CD rates are more sensitive to changes in short term securities especially competitive products such as safe and secure Treasury rates.  Thus it may not be quite as surprising that CD rates, money market rates and savings account rates failed to move higher this past week.  The SelectCDrates.com CD rate index, which measures the top ten best CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs dropped lower by 6/1000ths of a percent.  The CD rate index slipped to 1.019 percent from 1.025 percent in the week earlier.  Within the index, the long term CD rates or five year maturities actually increased in yield rising to an average interest rate of 1.687 percent from 1.685 percent in last week’s survey.

The top ten bank money market account rates and savings account rates made a weightier downward slide, pushing lower by 2.4 basis points to 0.944 percent from 0.968 percent in the previous week.

In contrast to changes in CD rates and savings account rates, the average 30 year mortgage rate in this week’s bank rate survey climbed higher by 7.2 basis points.  The average 30 year mortgage rate ended the week at 3.587 percent after closing at 3.515 percent in the prior week.  Jumbo mortgage rates made a similar jump to the upside, rising by four basis points to an average rate of 3.863 percent from 3.824 percent in the preceding week.

Credit card rates were muted in the current bank rate survey.  The average top tier credit card rate was held steady after climbing by two basis points in the previous week.  The average interest rate for the best credit card rates available in the consumer credit card market remained at 13.75 percent.  Credit card rates were held in check as were new credit card offers.  The top credit card companies made very few changes to the current array of credit card offers on the market.

The SelectCDrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending January 25, 2013.  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 for January 25, 2013

CD interest rates:
Composite CD interest rate index 1.019 percent (down .006 percent) 
3 month CD rates 0.481 percent (unchanged) 
6 month CD rates 0.754 percent (unchanged) 
1 year CD rates 1.021 percent (down .011 percent)
2 year CD rates 1.152 percent (down .019 percent) 
5 year CD rates 1.687 percent (up .002 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.944 percent (down .024 percent)

Mortgage rates:
 30 year mortgage rates 3.587 percent (up .072 percent) 
15 year mortgage rates 2.842 percent (up .059 percent)  
20 year mortgage rates 3.519 percent (up .072 percent) 
30 year jumbo mortgage rates 3.863 percent (up .039 percent) 
30 year FHA mortgage rates 3.463 percent (up .033 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (up .01 percent) 
One year Treasury rate 0.15 percent (up .01 percent)
Two year Treasury rate 0.28 percent (up .02 percent)
Five year Treasury rate 0.87 percent (up .10 percent)
Ten year Treasury rate 1.98 percent (up .11 percent)

All bank savings rates and lending rates are based on surveys conducted by SelectCDrates.com at the close of January 25, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending January 25, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates, CD Rates and Mortgage Rates Show Little Change January 21, 2013

Bank rates were fairly contained for the third week of the New Year with CD rates and mortgage rates showing very little movement from the previous week.  What movement there was in bank interest rates was slightly to the downside.  The Federal Reserve’s monetary stimulus programs that includes the purchase of mortgage bonds and Treasury bonds  has continued to help keep a cap on rising mortgage rates at the same time suppressing savings rates while continued news of economic strength is keeping pressure on interest rates to move higher.

The balance or calm in the markets this week was well represented by the activity in the Treasury market.  Treasury rates from the short end of the curve up to the long end showed almost no change from the previous week.  Six month Treasury rates, one year Treasury rates and two year Treasury rates ended the week right where they started.  The six month rate held at 0.10 percent, the one year was unaltered at 0.14 percent and the two year Treasury rate remained at 0.26 percent.  The five year Treasury rate dropped by just one basis point to 0.77 percent and the ten year Treasury bond yield was cut back by two basis points, one basis point is equal to 1/100th of a percent, to 1.87 percent.  Weeks with this action in the Treasury market are not terribly common.

Bank rates showed a similar pattern as that found in the Treasury market.  The average 30 year mortgage rate coming from the top 10 bank mortgage lenders in the weekly Selectcdrates.com bank rate survey was lower by one basis point to 3.525 percent.  30 year FHA mortgage rates declined by almost the same amount, slipping by 1.3 basis points to an average rate of 3.430 percent.  The rate on the 15 year mortgages was not far off giving up less than one basis point which pushed the average 15 year home loan rate from 2.789 percent to 2.783 percent.

CD rates were almost as confined in their rate actions over the week.  The average CD rate in the Selectcdrates.com CD rate index was lower by .5 basis points or 5/1000ths of a percent.  The average CD rate available at the nation’s top bank CD rates running across multiple maturities was lowered to 1.025 percent from 1.030 percent in the previous week. 

The average rate on the best three month bank CD rates  barely moved, slipping 1/1000th of a percent to an average rate of 0.481 percent.  Six month CD rates slid by less the ½ of a basis point to an average rate of 0.754 percent.  The average rate on the one year bank CDs was unchanged and held at 1.032 percent.  Two year CDs dipped by 4/1000ths of a percent, sliding to 1.171 percent from 1.175 percent in the week earlier. Five year CD rates showed the greatest rate change for this week with a drop of two basis points to 1.685 percent.

The average rate on the top ten highest savings account rates and bank money market account rates were unchanged for the second consecutive week.  The average rate on bank savings programs remained at 0.968 percent. 

The average rate on the best consumer credit card rates made its first big move in several weeks.  The average interest rate on new credit card offers jumped by two basis points from the previous week.  Consumers sticking with credit cards that offer the top credit card rate can expect to see an average rate of 13.75 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending January 18, 2013.  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 for January 18, 2013

CD interest rates:
Composite CD interest rate index 1.025 percent (down .005 percent) 
3 month CD rates 0.481 percent (down .001 percent) 
6 month CD rates 0.754 percent (down .004 percent) 
1 year CD rates 1.032 percent (unchanged) 
2 year CD rates 1.171 percent (down .004 percent) 
5 year CD rates 1.685 percent (down .02 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.968 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.515 percent (down .01 percent) 
15 year mortgage rates 2.783 percent (down .006 percent)  
20 year mortgage rates 3.447 percent (up .014 percent) 
30 year jumbo mortgage rates 3.824 percent (up .012 percent) 
30 year FHA mortgage rates 3.430 percent (up .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (up .02 percent)

Treasury rates:
Six month Treasury rate 0.10 percent (unchanged) 
One year Treasury rate 0.14 percent (unchanged)
Two year Treasury rate 0.26 percent (unchanged)
Five year Treasury rate 0.77 percent (down .01 percent)
Ten year Treasury rate 1.87 percent (down .02 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 18, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending January 18, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates Slip January 14, 2013

Bank rates moved lower to close out the second week of January with the exception of credit card rates and bank money market rates.  CD rates dropped modestly over the week as did most mortgage rates.  The market is still trying to find direction after Congress and the President have worked out a deal on the taxes debate but have yet to address the bigger problem of spending.  Equally important, the strength of the economy is hotly debated.  Many sectors are showing steady growth with fewer and fewer segments of the economy contracting but how much force is behind the growth is far from certain. 

The growth in the economy is the key to the direction and scale of future interest rates and inflation rates.  This point is made abundantly clear by the Federal Reserve which has targeted monetary stimulus programs on the strength of the economy particularly by measuring the unemployment rate.  In general, higher economic output or growth rates leads to greater demand for lending and higher output prices.  Both of these factors lead to higher inflation rates and interest rates.  For those armchair economist who think that this relationship in a global market gets watered down, the simple fact that the Fed will scale back on monetary easing as economic output rises should be enough in itself to cause interest rates, from mortgage rates to CD rates, to move higher.

This past week the market pulled back slightly from this recent end of year rate increases.  The pullback did not come close to matching the rise in mortgage rates seen in the previous week, however.  The average 30 year mortgage rate in the Selectcdrates.com weekly bank rate survey pulled back by just under six basis points to 3.525 percent.  One basis point is equal to 1/100th of a percent or .01 percent.

The 30 year jumbo mortgage rates experienced a similar cut back, dropping by just over six basis points.  The average 30 year jumbo rates dropped down to 3.812 percent by the end of the week.  The 30 year FHA mortgages did not follow the downward move and ended the week moderately higher.  The average 30 year FHA mortgage moved higher by just a hair, rising 1.3 basis points to an average rate of 3.443 percent.

CD rates also moved lower on the week with two of the CD maturities measured in the weekly bank rate survey falling lower, two maturities showing no change in rates and just one term or maturity displaying a rate increase.  The SelectCDrates.com CD rate index fell by .004 percent on the week to an average rate of 1.030 percent.  The CD rate index takes the average rate on the top ten highest bank CDs for the three month term CDs, six month CDs, one year CDs, two year CDs and five year CDs.

The long term, five year CD rates were the one category or term showing a rate increase.  The average CD rate for the top ten highest five year CDs moved up by one full basis point to 1.705 percent.  The average rate on the top two year CD rates and three month CD rates were unchanged on the week with rates holding at 1.175 percent for the best two year CDs and 0.482 percent for the best three month CD rates.  One year CD rates dropped by one basis point to 1.032 percent and the six month CD rates fell by a more dramatic 1.6 basis points to 0.758 percent.

Both, bank money market rates and credit card rates were unchanged on the week.  The average rate found on the top ten highest savings account rates and money market rate held at 0.968 percent.  The best credit card rates offered on new consumer credit cards showed no change at 13.73 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending January 11, 2013.  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 for January 11, 2013

CD interest rates:
Composite CD interest rate index 1.030 percent (up .004 percent) 
3 month CD rates 0.482 percent (unchanged) 
6 month CD rates 0.758 percent (down .016 percent) 
1 year CD rates 1.032 percent (down .01 percent) 
2 year CD rates 1.175 percent (unchanged) 
5 year CD rates 1.705 percent (up .01 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.968 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.525 percent (down .059 percent) 
15 year mortgage rates 2.789 percent (down .014 percent)  
20 year mortgage rates 3.433 percent (down .103 percent) 
30 year jumbo mortgage rates 3.812 percent (down .062 percent) 
30 year FHA mortgage rates 3.443 percent (up .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.73 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.10 percent (down .01 percent) 
One year Treasury rate 0.14 percent (down .01 percent)
Two year Treasury rate 0.26 percent (down .01 percent)
Five year Treasury rate 0.78 percent (down .04 percent)
Ten year Treasury rate 1.89 percent (down .04 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 11, 2013 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending January 11, 2013can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Mortgage Rates Spike and CD Rates Get a Lift to Start the Week January 7, 2013

CD rates moved higher for the first week of January moving in concert with most bank rates and bond rates.  It is certainly no time to pop the champagne for CD investors as the rate increase for bank CDs was quite mild.  On the other side of the bank’s balance sheet, loan rates in the form of mortgage rates were measurably higher.  After the fiscal cliff was settled, mortgage bonds and mortgage rates were rather contained but by the close of the week, mortgage rates had made their biggest weekly rate increase since early November.

The bank rate changes this week match the changes found in the yield curve with short term rates remaining rather firm and long term rates pushing quite a bit higher.  Six month Treasury rates moved up by just one basis point this past week or .01 percent, rising to 0.11 percent from 0.10 percent in the previous week.  The one year Treasury didn’t even budge over the course of the week, holding at 0.15 percent.  In contrast to this limited activity, long term rates were notable higher for the week.  The five year Treasury rate advanced by ten basis points, moving from 0.72 percent to 0.82 percent at week’s end.  The ten year Treasury rate closed out at 1.93 percent, a full 20 basis points higher than the start of the week.

The Fed is still buying lots and lots of long term Treasury bonds and mortgage bonds which will help contain the upside movement in interest rates.  There is speculation that the Fed intervention with bond buying may end towards the end of 2013.  While this will be a hot conversation in the interest rate markets in the coming months, the writing is on the wall and it says interest rates are heading higher. 

For the better part of 2012, the economic discussion has been the headwinds blowing against the US economy.  Those headwinds have included a high unemployment rate, lackluster housing activity, fiscal challenges at the federal and state levels and stresses in the national and international credit and financial markets.  Forecasting interest rates is a very difficult proposition whether they are CD rates or mortgage rates with numerous factors influencing the ebbs and flows in the credit markets; however market watchers should read the list of headwinds one more time and assess how they have changed for start of 2013.

The unemployment rate is falling, slowly but it is moving lower.  Along with the unemployment rate, the weekly unemployment claims has been falling.  For the longest time, claims of 390,000 or higher was considered recessionary, last week the claims number spiked slightly to 372,000 but has been on the decline for several weeks.  The fiscal cliff issue is resolved with a fairly decent deal being made on taxes, slight increases for the very wealthy and increases in both capital gains taxes and dividend income taxes.  The debt ceiling battle should be a lot less eventful, contrary to media coverage.  The debt deal will be made, the upside would be a big push to sign a deal with across the board spending cuts and the downside being a deal with very little spending cuts (whether you are a Republican or Democrat, spending cuts have to be made). 

The housing market is rebounding with existing sales moving higher and prices stable to slightly higher.  Finally the banks are in good shape bringing credit expansion back to the markets and while the international credit and banking markets are still weak, time does heal many of the wounds.  The longer period of time that foreign banks have to clean up their balance sheets the stronger they become.  This is a slow process, but the passing of time has allowed the banks to absorb losses, sell some bad debts and improve their balance sheets.

An added note on improving employment front is the job creation numbers reported each month have include losses in the government sector almost every month.  Expansion in government jobs is certainly questionable regarding the value to sustainable economic growth but the losses in jobs coming from the government sector will eventually end which will make the monthly numbers look even better.

With that summary, the headwinds facing the economy in 2012 have all but faded away for the start of 2013.  The next stage is stronger economic growth.  Growth that will push interest rates higher with greater loan demand and higher inflation.  The two factors that will contain the magnitude of the push higher is the Feds continued accommodation and the incredible amount of liquidity in the market.  The banking system is a awash in cash which should lead to contained increases in savings account rates and CD rates since the banks will not need to aggressively compete for new funds.  The biggest factor leading to higher rates will be inflation and the Fed.

Now, on to the weekly numbers for bank savings rates and lending rates.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending January 4, 2013.  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 for January 4, 2013

CD interest rates:
Composite CD interest rate index 1.034 percent (up .002 percent)
3 month CD rates 0.482 percent (up .005 percent) 
6 month CD rates 0.774 percent (unchanged) 
1 year CD rates 1.042 percent (unchanged) 
2 year CD rates 1.175 percent (up .003 percent) 
5 year CD rates 1.695 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.968 percent (up .002 percent)

Mortgage rates:
 30 year mortgage rates3.584 percent (up .151 percent) 
15 year mortgage rates 2.803 percent (up .070 percent)  
20 year mortgage rates 3.536 percent (up .215 percent) 
30 year jumbo mortgage rates 3.874 percent (up .134 percent) 
30 year FHA mortgage rates 3.430 percent (up .047 percent)

Credit card rates:
Credit card rates for new credit card offers 13.73 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (up .01 percent) 
One year Treasury rate 0.15 percent (unchanged)
Two year Treasury rate 0.27 percent (unchanged)
Five year Treasury rate 0.82 percent (up .10 percent)
Ten year Treasury rate 1.93 percent (up .20 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 4, 2013with 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending January 4, 2013can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

Bank Rates Drift Marginally Lower During Christmas Week December 31, 2012

Bank rate changes over the holiday week were all very modest from CD rates and mortgage rates to Treasury rates and savings account rates.  The bulk of the interest rate adjustments took place towards the end of the week as the market became very nervous over the lack of progress in settling the fiscal cliff in Washington.  With the market keying off such a volatile discussion or action, increased volatility and potential upside interest rate movements in the coming weeks is likely. 

The crisis over the stalemate to settle the fiscal cliff is likely to be bad news for the economy with less government spending and higher taxes in one form or another coming to your community.  The impact this may have on the economy however, is most likely exaggerated, housing is improving and the labor market has continued to improve in the fourth quarter, both key signs of a growing economy.  In addition, the resurgence in energy development and production in the U.S. is expediting the growth in the manufacturing sector of the economy including the presence of more foreign manufacturers, long term growth prospects that will not feel an immediate change due to government inaction. 

And while the fiscal cliff issues will surely put the brakes on some of the positive developments in the economy, the Fed is still there to help.  The Federal Reserve has made their position clear; they will continue to pour money into the economy in the form of increased monetary stimulus as long as the economy remains tepid.

The scene looks like a push me – pull you with some factors leading to higher interest rates and other factors leading to lower rates, the direction of the push me – pull you looks very uncertain.  At this time the upside risks for interest rates outweigh the possibility of significant improvements, good news for savers renewing bank CDs and bad news for new home loan borrowers.

Last week’s figures are not uncertain; the weekly bank rate survey figures have been tabulated.  Bank rates drifted modestly lower on most home loan products.  With back to back shortened holiday work weeks, mortgage lenders remained conservative with their pricing with a number of mortgage lenders displaying little to no change on their borrowing costs.

The average 30 year mortgage in the weekly bank rate survey received a minor cut back ending the week just 1.8 basis points lower.  That rate reduction brought the average 30 year mortgage rate down to 3.433 percent.  30 year FHA mortgage rates and 30 year jumbo mortgage rates were down by almost the same amount with the FHA mortgage rates skimming off 1.2 basis points to an average rate of 3.383 percent and the jumbo rates losing just .9 basis points to an average mortgage rate of 3.740 percent.

CD rates moved mostly sideways with the Selectcdrates.com CD rate index slipping lower by just 3/1000ths of a percent.  The Selectcdrates.com CD rat index measures the average rate on the top ten best three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.  The CD rate index dropped to 1.032 percent from 1.035 percent in the previous week.

Out of the five different maturities surveyed for the CD rate index only the two year CD rate showed any rate change dipping down to 1.172 percent from 1.185 percent in the week earlier.  The average rate on the top ten best three month CDs, six month CDs, one year CDs and five year CDs showed no change from the previous week.

Bank money market account rates and savings accounts rates were unchanged for the second week in a row.  The average rate found on the top ten highest savings accounts rates and money market rates held at 0.966 percent.

There was a minor bump up in consumer credit card rates.  The average rate found on the best credit card rates available across all credit card categories rose to 13.73 percent from 13.72 percent where the rate had held for several weeks.  The rate change in new consumer credit cards was driven mostly by only a few of the 100’s of credit cards included in the survey, the vast majority of credit card offers showed no change in interest rate terms over the week.

Treasury rates looked much like the bank rates with very little change week over week.  The six month Treasury bill dropped two basis points to 0.10 percent.  The one year Treasury rate remained at 0.15 percent.  Five year Treasury rates fell to 0.72 percent, a three basis point drop.  The ten year Treasury yield gave up four basis points and ended the week at 1.73 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending December 28, 2012.  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 for December 28, 2012

CD interest rates:
Composite CD interest rate index 1.032 percent (down .003 percent)
 3 month CD rates 0.477 percent (unchanged)
 6 month CD rates 0.774 percent (unchanged)
 1 year CD rates 1.042 percent (unchanged)
 2 year CD rates 1.172 percent (down .013 percent)
 5 year CD rates 1.695 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.966 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.433 percent (down .018 percent)
 15 year mortgage rates 2.733 percent (up .008 percent) 
20 year mortgage rates 3.321 percent (up .001 percent) 
30 year jumbo mortgage rates 3.740 percent (down .009 percent) 
30 year FHA mortgage rates 3.383 percent (down .012 percent)

Credit card rates:
Credit card rates for new credit card offers 13.73 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.10 percent (down .02 percent) 
One year Treasury rate 0.15 percent (unchanged)
Two year Treasury rate 0.27 percent (up .01 percent)
Five year Treasury rate 0.72 percent (down .03 percent)
Ten year Treasury rate 1.73 percent (down .04 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 28, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending December 28, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, best interest checking accounts.

Mortgage Rates Start the Week Mixed as CD Rates Tumble and Credit Card Rates Yawn December 24, 2012

Political uncertainty pushed and pulled bank rates while the Christmas holiday approached.  As the week before Christmas came to a close, interest rates came well off of their high points that had been reached early in the week and started to march modestly lower.  Friday’s news of a clear problem with any resolution to the fiscal cliff pushed Treasury bond and mortgage bond prices higher which pushed down the interest rates on these securities. 

After sorting through the week of political announcements regarding the division between Congress and the White House, mortgage rates ended the week mixed and CD rates ended just plumb lower – which just always seems to be the case.  Credit card rates, once again, decided to stay out of the limelight and remained impervious to the movements in other bank lending rates as did bank savings account rates.

The mixed results for mortgage rates had some loan products ending the week with higher costs and others lower.  The average 30 year mortgage rate was slightly elevated on the week, rising by just 2.3 basis points.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage rate ended at 3.451 percent as compared to 3.428 percent in the previous week.

30 year jumbo mortgage rates were also slightly more costly for new borrowers.  The average 30 year jumbo mortgage rate ratcheted up to 3.749 percent from 3.703 percent in the prior week.  FHA mortgage rates gyrated moderately during the week and then closed with no change at 3.395 percent.

The movement in short term mortgage rates were more favorable to borrowers, with both the 15 year term home loans and 20 year term loans dropping lower on the week.  The average 15 year mortgage rate came in at 2.725 percent and the average 20 year ended at 3.320 percent.

CD rates were decidedly lower, showing no change to the upside for any of the maturities measured in the selectcdrates.com weekly bank rate survey.  The average CD rate in the Selectcdrates.com CD rate index dropped down by 4/1000ths of a percent over the course of the week, dipping to 1.035 percent from 1.039 percent in the week earlier.  The CD rate index measures the average rate on the top highest three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.

The interest rates found on the best three month CDs and six month bank CDs were unchanged while the one year CD rates, two year CD rates and five year CD rates all displayed a reduction in yield week over week.

Bank money market account rates and savings accounts rates held firm leading up to the holidays.  The average interest rate on the top ten highest savings accounts rates and money market rates was left unchanged at 0.966 percent.

Consumer credit card rates were also placed in the unchanged category of bank rates this past week.  The average interest rate on new credit cards held at 13.72 percent.

As bank rates jumped around, Treasury rates ended the week higher across the board from the short term six month Treasury bills up to the long term ten year Treasury bonds.  The six month T-bill rate was bumped up by three basis points to 0.12 percent.  The one year Treasury rate moved up to 0.15 percent from 0.13 percent last week.  The five year and ten year, both climbed five basis points to end at 0.75 percent and 1.77 percent, respectively. 

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending December 21, 2012.  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 for December 21, 2012

CD interest rates:
Composite CD interest rate index 1.035 percent (down .004 percent) 
3 month CD rates 0.477 percent (unchanged) 
6 month CD rates 0.774 percent (unchanged) 
1 year CD rates 1.042 percent (down .005 percent) 
2 year CD rates 1.185 percent (down .012 percent) 
5 year CD rates 1.695 percent (down .005 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.966 percent (unchanged) 

Mortgage rates:
 30 year mortgage rates 3.451 percent (up .023 percent) 
15 year mortgage rates 2.725 percent (down .005 percent)  
20 year mortgage rates 3.320 percent (down .054 percent) 
30 year jumbo mortgage rates 3.749 percent (up .046 percent) 
30 year FHA mortgage rates 3.395 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.72 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.12 percent (up .03 percent) 
One year Treasury rate 0.15 percent (up .02 percent)
Two year Treasury rate 0.26 percent (up .02 percent)
Five year Treasury rate 0.75 percent (up .05 percent)
Ten year Treasury rate 1.77 percent (up .05 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 21, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending December 21, 2012 can be found at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

Mortgage Rates Edge Higher, CD Rates Slip Lower, Credit Card Rates Mind Their Own Business for December 17, 2012

While the data reported over the past week wasn’t good news for the mortgage bond market, the reports failed to make any kind of overall significant change in bank rates.  The recent Fed report, fiscal cliff soap opera and economic reports did in fact move mortgage rates slightly higher, but the opposite effect was felt in bank CD rates.  Credit card rates continued to take their role as the Rock of Gibraltar seriously and showed no change over the week and finally, bank savings account rates and money market accounts rates showed a minor push higher to end the week. 

The bank rate changing news that was released over the week was fairly heavy but at the end of the week, the most significant data in need of analysis was the steepening yield curve.  The yield curve represents the change in interest rates between short term interest bearing securities and long term interest bearing securities.  A yield curve could be constructed on rate differences for short term and long term CD rates or car loan rates or just about any interest bearing securities with varying terms or maturities but the most frequently analyzed yield curve is the one for Treasury rates. 

On December 7th, the yield spread between a 6 month Treasury bills and a ten year Treasury bonds was 1.50 percent with the six month Treasury yielding 0.14 percent and the ten year Treasury yielding 1.64 percent.  On Friday, the yield curve steepened to 1.63 percent brought on by the six month rate falling to 0.09 percent in conjunction with the ten year rate rising to 1.72 percent.  The spread between the short end of the curve and the long end of the curve was pretty pervasive with the three month through two year Treasuries all displaying a drop in rates while the three year term Treasuries up to the 30 year closed with a rise in rates.

A steepening yield curve generally indicates that stronger economic growth is on the horizon as well as increased inflation rates. 

Since CD rates are influenced more by short term Treasury rates and mortgage rates are influenced more by long term Treasury rates, it comes as no surprise that mortgage rates were more costly this past week while the rate of return on bank CDs dipped

The changes that resulted from the Feds changing monetary policy and the stronger economic news that included lower than expected jobless claims, stronger than expected retail sales did not push bank rates terribly far in either direction.

The average 30 year mortgage rate in the weekly bank rate survey conducted by Selectcdrates.com was higher by 3.7 basis points which drove the average 30 year mortgage rate up to 3.428 percent from 3.391 percent in the previous week.  The average bank CD rate, measured by the Selectcdrates.com CD rate index, was down by 3/1000ths of a percent.  The average CD rate moved down to 1.039 percent from 1.042 percent in the week earlier.

Money market rates and savings rates moved against this trend.  These bank savings vehicles are short term instruments and should move in concert with other short term securities or lower for this particular week.  The top ten bank money market rates and savings account rates failed to follow and actually moved slightly higher with the top bank rates rising to 0.966 percent from 0.964 percent in the week earlier.  Technically, such a small move that the competition among the top online banks that dominate this category easily explains the rate divergence.

Credit card rates once again held firm at 13.72 percent.  Credit card rates generally follow midterm securities and the Prime Rate with competition among the credit card companies offering the best credit card rates also influencing the push and pull on consumer credit card rates.  Since the Prime Rate has not changed all year and midterm rates have held in an extremely tight range, the lack of movement among credit card rates is not surprising.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending December 14, 2012.  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 for December 14, 2012

CD interest rates:
Composite CD interest rate index 1.039 percent (down .003 percent)
3 month CD rates 0.477 percent (unchanged) 
6 month CD rates 0.774 percent (down .001 percent) 
1 year CD rates 1.047 percent (down .012 percent) 
2 year CD rates 1.197 percent (down .001 percent) 
5 year CD rates 1.700 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.966 percent (up .002 percent) 

Mortgage rates:
30 year mortgage rates 3.428 percent (up .037 percent
15 year mortgage rates 2.730 percent (down .048 percent)  
20 year mortgage rates 3.374 percent (up .028 percent) 
30 year jumbo mortgage rates 3.703 percent (up .038 percent) 
30 year FHA mortgage rates 3.395 percent (unchanged)

Credit card rates:
 Credit card rates for new credit card offers 13.72 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.09 percent (down .05 percent) 
One year Treasury rate 0.13 percent (down .05 percent)
Two year Treasury rate 0.24 percent (down .01 percent)
Five year Treasury rate 0.70 percent (up .07 percent)
Ten year Treasury rate 1.72 percent (up .08 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 14, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending December 14, 2012 can be found at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

Key Mortgage Rates and CD Rates Lower, Credit Card Rates and Savings Rates Hold December 10, 2012

Interest rates remained in tight range once again this past week with a blip in some bank rates occurring at the tail of the week in response to the better than expected monthly jobs report.  Mortgage rates and CD rates were on divergent paths over the course of the week but ended up in the same general direction even with a jump in mortgage rates on Friday after the release of the employment report.  Credit card rates and savings account rates were completely flat to close out the week and Treasury rates were not far off from that scenario showing very little deviation from the start of the week to the close of the week.

The monthly employment report released on Friday by the Bureau of Labor Statistics moved the mortgage market for that day but had very little impact on most other bank lending rates and savings rates.  The impact on mortgage rates pushed most loan programs higher for the day which erased most of the gains or mortgage interest rate improvements that had occurred during the week.  The average 30 year fixed arte home loan closed the week lower by just 1/1000ths of a percent.  The 30 year mortgage rate in the weekly Selectcdrates.com bank rate survey ended at 3.391 percent from 3.392 percent in the prior week.

The rate change in mortgages was actually rather surprising considering how strong the employment report was relative to expectations.  The report showed that 146,000 jobs were created in November, far more than expected.  A major condition to these numbers was the revisions that have been taking place, the previous two months were revised lower with the October employment numbers getting revised by almost 25 percent.  The report may not have been taken seriously due to the impact that the storm in the Northeast may have had on the results or that investors and economists are starting to place less weight on this report due to the large revisions that are made over time.

Short term mortgage rates were somewhat higher that the 30’s with the 15 year mortgage rate increasing by 2.5 basis points bringing the average rate up to 2.778 percent.  One basis point is equal to 1/100th of a percent.  30 year FHA mortgage rates were unchanged at 3.395 percent and the 30 year jumbo loans experienced a decline of 1.3 basis points leaving the average 30 year jumbo mortgage rate at 3.665 percent.

CD rates were down modestly with the average CD rate in the Selectcdrates.com CD rate index dropping by 4/1000ths of a percent, moving to 1.042 percent from 1.046 percent in the previous week.  Short term CD rates showed very little variability with the best six month CD rates holding steady at 0.775 percent while the average rate on the best three month CDs slipped by a mere 1/1000ths of a percent to 0.477 percent.  The best one year CD rates closed lower by 7/1000ths of a percent, pushing the average one year CD rate down to 1.059 percent.  Two year CD rates gave up 4/1000ths of a percent leaving the average yield at 1.198 percent.  The five year CDs were cut down by 6/1000ths of a percent which brought the average five year CD rate to 1.700 percent.

The fiscal cliff bickering and employment report surprise had no impact on credit card rates and bank savings account rates.  The average rate on the top ten best money market account rates and bank savings rates remained at 0.964 percent.  The best credit card rates available to consumers were not bothered by the weekly news releases and held at 13.72 percent.  Both of these bank rates showed greater volatility as a result of big changes in short term rates or significant changes in competition, neither of these events have taken place in these markets recently.

Treasury rates may have been one of the best barometers for the market reaction to the monthly jobs report and constant chatter on the debate over the fiscal cliff.  Most Treasury securities showed very little change from the week earlier.  Six month Treasury bills ticked up one basis point to 0.14 percent, a very mild change.  The one year and two year rates were entirely unmoved holding at 0.18 percent on the one year and 0.25 percent on the two year.  Even the long term Treasuries were unimpressed with the week’s activity.  The five year and ten year Treasury rates were both up by a minor, two basis points leaving these securities with yields of 0.63 percent and 1.64 percent, respectively.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending December 7, 2012.  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 for December 7, 2012

CD interest rates:
Composite CD interest rate index 1.042 percent (down .004 percent) 
3 month CD rates 0.477 percent (down .001 percent) 
6 month CD rates 0.775 percent (unchanged) 
1 year CD rates 1.059 percent (down .007 percent) 
2 year CD rates 1.198 percent (down .005 percent) 
5 year CD rates 1.700 percent (down .007 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.964 percent (unchanged) 

Mortgage rates:
 30 year mortgage rates 3.391 percent (down .001 percent)  
15 year mortgage rates 2.778 percent (up .025 percent)  
20 year mortgage rates 3.346 percent (up .030 percent) 
30 year jumbo mortgage rates 3.665 percent (down .013 percent) 
30 year FHA mortgage rates 3.395 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.72 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.14 percent (up .01 percent) 
One year Treasury rate 0.18 percent (unchanged)
Two year Treasury rate 0.25 percent (unchanged)
Five year Treasury rate 0.63 percent (up .02 percent)
Ten year Treasury rate 1.64 percent (up .02 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 7, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending December 7, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates,  4 year CD rates, and best interest checking accounts.

Mortgage Rates and CD Rates Slip as Credit Card Rates Hold December 3rd, 2012

Mortgage rates and CD rates moved lower for the last week of November while credit card rates and money market rates held their positions.  The drop in mortgage rates brought the average rates for most home loan products just a hair off of the best levels found in the month of November.  The drop in CD rates was barely perceptible and these rates along with money market rates and credit card rates have held in a very narrow range throughout the month.

Uncertainty over the resolution to the fiscal cliff is one of the key market movers this week.  As the week came to a close our politicians expressed just how far apart they were in coming up with a comprise on tax increases and spending cuts, the bond market experienced a jump in prices and drop in yields.  The flow of funds into fixed income bonds pushed interest rates for these bonds lower resulting in lower bank rates and mortgage rates.  Bonds and mortgage loan rates should continue to benefit from the continued uncertainty regarding this topic. 

In addition to the fiscal cliff dilemma facing the nation, the key economic figures released last week were not particularly upbeat.  The October Personal Income and Outlays report showed that income was unchanged from the figures released in September and the spending side fell 0.2%.  Not good numbers.  On the other hand there has been some good numbers for the long term outlook, rising homeownership numbers and what appears to be some moderate price appreciation will help the economy with increased spending and investment.

When all is said and done, the lack of clear evidence for a growing economy and increased uncertainty are good news for the bond market and mortgage rates and bad news for CD rates and savers. 

For the week ending November 30, 2012 the average 30 year mortgage rate dropped by almost six basis points to an average rate of 3.392 percent.  One basis point is equal to 1/100th of a percent.  The previous weekly mortgage rate survey showed the average 30 year rate at 3.451 percent.

The 30 year FHA mortgage rate was lower by an almost identical amount to the 30 year conforming rate, dropping just over six basis points.  FHA mortgage rates with a 30 year term slipped down to 3.395 percent from 3.458 percent in the prior week.

Jumbo mortgage rates picked up a little speed on the move to the downside.  The average 30 year jumbo mortgage rate was lower by ten basis points pushing the average jumbo loan rate to 3.678 percent from 3.778 percent in the week earlier.

CD rates were just marginally lower for the last week of November.  The average bank CD rate in the Selectcdrates.com CD rate index slumped by just 2/1000ths of a percent.  The CD rate index ended the week at 1.046 percent after a start of the week at 1.048 percent.

Three month CD rates and six month CD rates were unchanged on the week with the average rate available from the top ten highest bank CDs with these terms holding at 0.478 percent and 0.775 percent, respectively.  One year CD rates dipped down by the same amount as the average rate found on the index or .002 percent.  The interest rate drop places the average rate on the top ten best one year CDs at 1.068 percent.  Two year CD rates made a modest uptick on the week rising by 1/1000ths of a percent to 1.203 percent from 1.202 percent in the preceding week.   The long term, five year CDs were once again the big movers on the week, falling almost one basis point.  The average five year CD rate slipped to 1.706 percent from 1.715 percent found in last week’s bank rate survey.

The best credit card rates available on new consumer credit cards were unchanged this past week.  When bank rates hold in a fairly narrow range there is often very little movement in credit card rates.  Credit card rates generally display significant rate changes when medium to long term rates show measurable and sustained rate changes.  This past week, the average consumer credit card rate remained at 13.72 percent.

Money market account rates and savings account rates were also unchanged on the week.  The average rate coming from the top ten best money market and savings rates held at 0.964 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending November 30, 2012.  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 for November 30, 2012

CD interest rates:
Composite CD interest rate index 1.046 percent (down .002 percent) 
3 month CD rates 0.478 percent (unchanged) 
6 month CD rates 0.775 percent (unchanged) 0
1 year CD rates1.066 percent (down .002 percent) 
2 year CD rates 1.203 percent (up .001 percent) 
5 year CD rates 1.706 percent (down .009 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.964 percent (unchanged) 

Mortgage rates:
30 year mortgage rates 3.392 percent (down .058 percent)  
15 year mortgage rates 2.753 percent (down .022 percent)  
20 year mortgage rates 3.316 percent (down .034 percent) 
30 year jumbo mortgage rates 3.678 percent (down .010 percent) 
30 year FHA mortgage rates 3.395 percent (down .063 percent)

Credit card rates:
Credit card rates for new credit card offers 13.72 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.13 percent (down .01 percent) 
One year Treasury rate 0.18 percent (down .01 percent)
Two year Treasury rate 0.25 percent (down .04 percent)
Five year Treasury rate 0.61 percent (down .09 percent)
Ten year Treasury rate 1.62 percent (down .08 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 30, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending November 30, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts..

Mortgage Rates Up Again while CD Rates Slip November 26, 2012

Pressure from the equities markets took a little wind out of the bond market sails and pushed mortgage rates slightly higher.  CD rates went in the other direction and dipped slightly, though most of the top CD rates available nationally were unchanged.  Credit card rates finally showed some sign of life with a minor tick higher, the first change in variable credit card rates in several weeks.  Overall, bank rates showed a minor move to the upside during the shortened holiday week.

Market uncertainty in the minds of investors has kept interest rates low on most bank savings and lending products with Fed mortgage market intervention keeping interest rates especially low on mortgage loans.  Unfortunately, the elections did not resolve any significant issues to alleviate market concerns.  The economic data coming from Europe only stimulates investor’s fears about the economic growth here and abroad.  Add to this mix a new level of uncertainty that is sure to come with distorted economic data produced in the US because of Hurricane Sandy and it’s no wonder that rates remain low.  

The jump in the stock market drew some funds out of fixed income securities and into equities which pushed prices on mortgage bonds down and mortgage rates higher.  Almost all mortgage loan products in the current bank rate survey were higher with the exception of the average rate on the 30 year jumbo loan which displayed a small rate decrease on the week.

The 30 year conventional loan showed a modest jump in the average rate, rising by almost five basis points to 3.451 percent, up from 3.405 percent in the previous week.  A basis point is one-hundredth of 1 percentage point.  The average rate on the 30-year FHA mortgage was higher by just over six basis points, climbing to 3.458 percent from 3.395 percent in the week earlier.  15 year rates along with 10 year and 20 year mortgage rates were higher on the week as well.  The 30 year jumbo mortgage rate gave up a little less than four basis points, sliding down to 3.778 percent from 3.815 percent in the preceding week.

CD rates were moderately lower with the average rate in the Selectcdrates.com CD rate index dipping down by just 3/1000ths of a percent to 1.048 percent from 1.051 percent in the prior week.  The best three month CD rates, six month CD rates and two year CD rates were all unchanged on the week.  The average CD rate on the best one year CD bank CDs was off by 6/1000ths of a percent, drifting to 1.068 percent from 1.074 percent last week.  The five year CD rates also moved lower falling over one basis point to 1.715 percent after ended the previous week with a yield of 1.726 percent.

Bank money market account rates and savings rates took a snooze this week with the average rate on the top money market accounts and savings accounts showing no change in yield.  The average rate found on the top ten highest savings accounts and money market accounts remained at 0.964 percent.  

Credit card rates showed new life this week, but new credit card shoppers may have preferred they stayed dead.  The new life in credit card rates brought the average rate up on new credit card offers up by one basis point, the first weekly rise in credit card rates since September.  The average rate on new credit card offers ticked up to 13.72 percent after holding at 13.71 percent in the previous surveys.  Although, the rate change is garnering some attention by us, this is the smallest interest rate change measured in this category and is driven by changes in the credit card rates offered by a very small fraction of the credit card companies surveyed.  

Treasury rates were higher for all maturities.  The six month Treasury rate was higher by just one basis point to 0.14 percent while the ten year jumped by 12 basis points to 1.70 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending November 23, 2012.  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 for November 23, 2012

CD interest rates:
Composite CD interest rate index 1.048 percent (down .003 percent) 
3 month CD rates 0.478 percent (unchanged) 
6 month CD rates 0.775 percent (unchanged) 
1 year CD rates 1.068 percent (down .006 percent)
2 year CD rates1.202 percent (unchanged) 
5 year CD rates 1.715 percent (down .011 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.964 percent (unchanged) 

Mortgage rates:
 30 year mortgage rates3.451 percent (up .046 percent)  
15 year mortgage rates 2.775 percent (up .012 percent)  
20 year mortgage rates 3.350 percent (up .027 percent) 
30 year jumbo mortgage rates 3.778 percent (down .037 percent) 
30 year FHA mortgage rates 3.458 percent (up .063 percent)

Credit card rates:
Credit card rates for new credit card offers 13.72 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.14 percent (up .01 percent) 
One year Treasury rate 0.19 percent (up .03 percent)
Two year Treasury rate 0.29 percent (up .05 percent)
Five year Treasury rate 0.70 percent (up .08 percent)
Ten year Treasury rate 1.70 percent (up .12 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 23, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending November 23, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

Treasury Rates Lower Across the Board, Bank Rates Refuse to Follow November 19, 2012

Fiscal cliff uncertainty and trouble in the Middle East pushed US Treasury rates lower for the week ending November 16, 2012.  Treasury rates ended the week on a down note for most all terms from the short term, three month rates to the ten year rates.  All in all, a fairly significant move in the Treasury market.  The action in the Treasury markets however, did not spill over or influence bank rates.  Mortgage rates ticked up by a very small amount this past week, CD rates were completely unresponsive, money market rates displayed a minor bounce and credit card rates stood in the corner without moving for what now seems like an eternity.

Trouble between Israel and Hamas brought a flight to quality with investors increasing their demand for safe and secure US Treasuries and thereby pushing prices higher and the yields or interest rates on these securities lower.  Apprehension over the solutions to the budget issues facing the US government, referred to as the fiscal cliff, started off the week of uneasiness.  And while these two news items dominated the headlines, the debt problems and recession worries in Europe are still very much front and center. 

Going forward, the interest rate picture does not get any more clarity.  The fiscal cliff is just a hurdle that will likely be easily crossed and may bring higher rates and stock market euphoria.  However, it is the underlying debt build up of the US government that is the real problem and the odds are, the solution that will be created to solve the fiscal cliff will bring great short term relief but do very little to actually end the debt build up that is oddly, crushing many European nations and bringing about prolonged financial crisis and recession across the pond (yes, we have different monetary programs to aid with our debt build up but the long term impact of an overly indebted nation is similar regardless of the institutions available to handle the problem).

Anyway, the week came to a close and bank rates did not follow Treasury rates lower.  Based on the most recent survey of bank rates performed by Selectcdrates.com on November 16, 2012 mortgage rates were higher for all mortgage terms from the 30 year fixed rate mortgage to the 30 year jumbo mortgage.  Fortunately, for new home loan borrowers, the rise in mortgage rates was rather restrained.  Mortgage rates increased, on average by 1.7 basis points or .017 percent for the week.

The average 30 year mortgage rate offered by the top ten bank mortgage lenders closed the week at 3.405 percent which compares to the previous week’s average rate of 3.388 percent.  30 year jumbo mortgage rates showed a slightly more elevated rise of 2.5 basis points which pushed the average jumbo mortgage rate up to 3.815 from 3.790 in the previous week.  FHA mortgage rates lagged behind both the conventional rates and the jumbo rates, rising just 1.2 basis points to an average interest rate of 3.395 percent after ending the previous week at 3.383 percent.

CD rates were absolutely stuck in neutral this week.  The average CD rate in the Selectcdrates.com CD rate index was unaltered at 1.051 percent.  Not only was the average rate unmoved but all of the individual components or CD maturities that comprise the CD rate index were unchanged week over week.  The top three month CD rates held at 0.478 percent, the best six month CD rates held at 0.775 percent, the highest one year CD rates stayed put at 1.074 percent, two year CD rates were steadfast yielding 1.202 percent and the five year CD rates remained unyielding at 1.726 percent (unyielding, that’s sort of funny).

Bank money market account rates and savings rates showed some remarkable vigor in light of the rest of the market reactions for the week.  The average rate found on the top ten highest savings accounts and money market accounts jumped by 1.2 basis points to 0.964 percent.  This is the second consecutive significant increase in bank savings rates.

Credit card rates were as rigid as ever.  The average rate on new credit card offers failed to move by as much as one basis point leaving the consumer credit card rate at 13.71 percent.  Stasis in new credit card offers is becoming the norm with practically no changes in new interest rates and fewer and fewer changes in promotional offers. 

Treasury rates were lower across the board.  The short term, six month and one year Treasury rates dipped by two basis points each reducing the yields to 0.13 percent and 0.16 percent, respectively.  The two year and five year Treasuries slipped lower by three basis points pushing these yields down to 0.24 percent and 0.65 percent.  The ten year was down by a mild three basis points to 1.58 percent, this marks the third weekly drop in the ten year.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending November 16, 2012.  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 for November 16, 2012

CD interest rates:
Composite CD interest rate index 1.051percent (unchanged)
3 month CD rates 0.478 percent (unchanged)
6 month CD rates 0.775 percent (unchanged)
1 year CD rates 1.074 percent (unchanged)
2 year CD rates 1.202 percent (unchanged)
5 year CD rates 1.726 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.964 percent (up 0.12) 

Mortgage rates:
30 year mortgage rates 3.405 percent (up .017 percent) 
15 year mortgage rates 2.763 percent (up .025 percent) 
20 year mortgage rates 3.323 percent (up .006 percent) 
30 year jumbo mortgage rates 3.815 percent (up .025 percent) 
30 year FHA mortgage rates 3.395 percent (up .012 percent)

Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.13 percent (down .02 percent) 
One year Treasury rate 0.16 percent (down .02 percent)
Two year Treasury rate 0.24 percent (down .03 percent)
Five year Treasury rate 0.62 percent (down .03 percent)
Ten year Treasury rate 1.58 percent (down .03 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 16, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending November 16, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

Bank Rates Mixed, Everybody Wins November 12, 2012

After the election on November 6th, the consumer came out ahead for both savers and borrowers.  Not because of the election results, those idiots couldn’t manage Romper Room let alone a nation.  Democrats run debt through the roof, economy stays stagnant, government gets bigger, the Republicans say no to all taxes because they live in La-La land and also want a strong military because the Canadians may invade our nation or some such nonsense.  Elected officials are there to represent the will of the people and lead the people.  Democracy has taken over 200 years to show it may just fail after all.  Tirade is over, back to why the consumer came out ahead regarding bank rates.

As the week of the election came to a close, the stock market investors got whacked upside the head, which is going to bring about another mini tirade.  Obama was favored to win the election since day one.  Sure, the Republicans had hope and kept building excitement, but the numbers were never there in the key battleground states.  Why is that important you ask?  The market should have built in an Obama win which is generally perceived as bad for business, more taxes and especially more regulation which is not conducive to growth which in turn leads to stock market losses.  If the market is efficient, there should be no reason for the sizeable sell off that was experienced immediately after the election.  The Dow, S&P 500 and Nasdaq all lost over two percent last week with all of the losses taking place immediately after the election results.  Curious reaction if the market is truly efficient and processes all available information.

The standard consequence of market losses in equities is bond market gains and that is exactly what happened.  As the stock market slipped, bond prices moved higher and interest rates for Treasuries and mortgages moved lower.  The average 30 year mortgage rate in the Selectcdrates.com bank rate survey was lower by almost 12 basis points dropping to 3.388 percent from 3.507 percent in the previous week.  All mortgage loan products in the survey followed suit with the 30 year jumbo mortgage rate dipping down by just under ten basis points to 3.790 percent and the 30 year FHA rates falling by nine basis points to an average rate of 3.383 percent.  That’s the first part of the good news for consumers.

The second part of the good news was the opposite reaction in bank savings products to that of the mortgage rates.  CD rates, money market rates and savings account rates were all higher on the week.  The increase in CD rates and savings account rates appears to be the result of aggressive pricing by the banks jostling for the top spot for the best rates in the nation. 

The average CD rate coming from the top ten best bank CD rates measured by the Selectcdrates.com CD rate index rose by 6/1000ths of a percent to 1.051 percent.  The best one year CD rates were up by almost one basis point to 1.074 percent from 1.063 percent in the prior week.  The best six month CD rates and two year CD rates were also higher on the week with the six month rising by not quite one basis point to 0.775 percent and the two year increasing by over one basis point to an average yield of 1.202 percent.  The three month rates and long term, five year CD rates, failed to take part in the little rate rally, but the news wasn’t all bad.   The top three month CD rates and five year CD rates held their ground and were unchanged from the prior week.

The top savings account rates and money market account rates moved higher along with CD rates.  The average rate on the top ten highest bank money market account rates and savings accounts rates was boosted by 1.2 basis points to an average yield of 0.964 percent.

Credit card rates failed to pay attention to the market action and sat on the sidelines as other lending rates moved lower.  The average rate for new credit card offers stayed at 13.71 percent.   This is the third consecutive week of no change in the average credit card rate and the second week in which there was very little activity among the major credit card issuers regarding new promotions over new perks and benefits including credit card cash rewards and short term promotional interest rates.  Of course, there remains a wide spread between the various credit card offers from the best credit card rates to the longest term zero interest rate card promotions.  As always, buyer beware when selecting a new credit card, the field is filled with a number of winners and losers.

Treasury rates were lower on the week for all but the short term securities.  The six month Treasury rate was unchanged at 0.15 percent.  The one year and two year Treasury securities both gave up one basis point to end the week at 0.18 percent and 0.28 percent, respectively.  The five year Treasury rate was off by eight basis points bringing the rate down to 0.65 percent.  The ten year took a noteworthy cut of 14 basis points to yield 1.61 percent at the close of the week.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending November 9, 2012.  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 for November 9, 2012

CD interest rates:
Composite CD interest rate index 1.051percent (up .006 percent)
3 month CD rates 0.478 percent (unchanged)
6 month CD rates 0.775 percent (up .005 percent)
1 year CD rates 1.074 percent (up .011 percent)
2 year CD rates 1.202 percent (up .015 percent)
5 year CD rates 1.726 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.952 percent (up 0.12) 

Mortgage rates:
30 year mortgage rates 3.388 percent (down .119 percent) 
15 year mortgage rates 2.738 percent (down .065 percent) 
20 year mortgage rates 3.317 percent (down .081 percent) 
30 year jumbo mortgage rates 3.790 percent (down .097 percent) 
30 year FHA mortgage rates 3.383 percent (down .087 percent)

Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.15 percent (unchanged) 
One year Treasury rate 0.18 percent (down .01 percent)
Two year Treasury rate 0.27 percent (down .01 percent)
Five year Treasury rate 0.65 percent (down .08 percent)
Ten year Treasury rate 1.61 percent (down .14 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 9, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending November 9, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

Bank Rates Mildly Lower Ahead of Election November 5, 2012

Even with the better than expected monthly jobs report released on Friday, interest rates managed to move lower on the week.  The monthly employment report is often a significant market moving economic release and with this month’s number coming in higher than expected, an increase in rates would have been the expected outcome.  Of course, the opposite reaction took place with most all bank rates reported in the weekly bank rate survey conducted by Selectcdrates.com dipped lower on the week.

U.S. equity markets posted a small loss for the week which may explain the flow of funds into fixed income markets including mortgage backed bonds and Treasury securities.  Weakness in the energy sector continued through the week which dampens down the fear of rising inflation which also holds interest rates lower.

However, the big story that is muting the reaction to any economic data is the uncertainty over the outcome of the November elections.  The election is almost upon us and who knows what impact that might have on interest rates.  Note – the big story for the financial markets is upcoming election, the big national story was clearly the tragic outcome brought on by hurricane Sandy.

Market data has moved from positive to negative to indifferent throughout this year.  Given that the economic outlook and market perspectives appear to have not made a material change since the beginning of the year, the impact the elections may bring on Tuesday has become increasingly important to the financial markets and has kept investors on the sidelines keeping more money in fixed income securities and keeping interest rates low until the uncertainty is lifted.

In the mortgage market, all mortgage products measured in the weekly bank rate survey moved down for the week with the exception of FHA mortgage rates which were unchanged at 3.470 percent.  The more popular home loan borrowing choice, the 30 year fixed rate mortgage, dropped this week by 1.5 basis points or 0.015 percent to an average rate of 3.507 percent.  The 30 year jumbo mortgage rates were less costly for nee borrowers by a greater margin, dipping 6.3 basis points to an average rate of 3.887 percent.

In the bank CD market, CD interest rates were down by the smallest of margins for the second consecutive week.  The Selectcdrates.com CD rate index was lower by just 1/1000th of a percent to an average interest rate of 1.045 percent.  The CD rate index measures the top ten best CD rates available nationally for the three month term CD, six month CD, one year CD, two year and five year term bank CDs.  The best three month CD rates dropped by just 4/1000ths a percent to an average CD interest rate of 0.478 percent.  Most all other maturities followed along this angle with the exception of the one year CD rates which were unchanged over the course of the week with an average yield of 1.063 percent.

The best credit card rates available held steady, returning to a holding pattern that has dominated the second half of this year.  The average credit card interest rate on new card offers remained at 13.71 percent.   This week showed the least amount of activity in new card offers for quite some time.  Almost all credit card offers showed no rate change and even the usual activity in new promotions with credit card rewards and short term rate promotions were held in limbo. 

The best bank money market rates and savings account rates were also unchanged this week.  The list of the top ten bank money market account rates and top ten best bank savings account rates showed no change in composition, all bank participants remained the same as did the interest rates offered on these products.  The average interest rate continued at 0.952 percent.

Treasury rates followed the path of the bank rates with most all Treasury rates headed lower with the exclusion of the very short term securities.  The six month and one year Treasury rates held firm at 0.15 percent and 0.19 percent, respectively.  The two year Treasury rate was lower by two basis points to 0.28 percent for the week, the five year gave up three basis points to yield 0.73 percent and the ten year Treasury was also down by three basis points placing the yield at 1.75 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending November 2, 2012.  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 for November 2, 2012

CD interest rates:
Composite CD interest rate index 1.045 percent (down .001 percent)
3 month CD rates 0.478 percent (down .004 percent)
6 month CD rates 0.770 percent (down .001 percent)
1 year CD rates 1.063 percent (unchanged)
2 year CD rates 1.187 percent (down .001 percent)
5 year CD rates 1.726 percent (down .002 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.952 percent (unchanged) 

Mortgage rates:
30 year mortgage rates 3.507 percent (down .015 percent) 
15 year mortgage rates 2.803 percent (down .06 percent) 
20 year mortgage rates 3.398 percent (down .04 percent) 
30 year jumbo mortgage rates 3.887 percent (down .063 percent) 
30 year FHA mortgage rates 3.470 percent (unchanged)

Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.15 percent (unchanged) 
One year Treasury rate 0.19 percent (unchanged)
Two year Treasury rate 0.28 percent (down .02 percent)
Five year Treasury rate 0.73 percent (down .03 percent)
Ten year Treasury rate 1.75 percent (down .03 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 2, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending November 2, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

High Anxiety Keeps Interest Rates Low October 29, 2012

Interest rates market movements were fairly subdued with the all of weeks trading in Treasuries and mortgage markets contained inside a fairly narrow range.  The news for borrowers was mostly positive with mortgage rates moving to the downside and credit card rates holding even.  CD rate investors have nothing to cheer about with pathetic yields remaining in place, but there was no significant bad news as bank CD rates mostly held steady.

Yields decreased this week even while the news on the European debt and banking problems stayed mostly out of the headlines and the domestic economic data showed some strength.  These are usually actions or news items that are the precursors to rising bank rates.

The strength of the week was continued strong housing data.  Existing and new home sales, along with home prices and home inventories have been making some swings to the upside and back to the downside throughout the year but the overall trend in these statistics have been performing better in 2012 over that of 2011.  The significance here is that housing is a very important industry in the US and growth in housing can lead to strength in additional sectors which is why you frequently hear the Federal Reserve chairman reflect on this sector as the Fed tries to gauge future economic growth. .

A key downbeat tone came from the recent releases on earnings reports.  The week showed a greater than expected release of disappointing earnings results.  Some companies reported greater earnings declines than had been expected only weeks earlier.  In addition, the comments and outlook reported by many of the largest companies reporting earnings were somewhat uncertain if not a tad bit gloomy.  Note – the Dow was down over 1 percent for the week along with the S&P 500, oil dropped over 4 percent and even gold ended the week on a down beat.

Mortgage rates were down almost across the board for the most popular home loan products.  The one exception to lower mortgage rates for the week came from FHA loans.  The average FHA mortgage rate ticked up by a smidgen, rising by just over one basis point or .01 percent to 3.470 percent.

The 30 year fixed rate mortgage was rather solidly lower, sliding down nine basis points for the week.  The average 30 year mortgage rate was reduced to 3.522 percent from 3.612 percent in the previous week.  30 year jumbo mortgage rates were lower with a little less conviction, falling 3.3 basis points.  The average jumbo mortgage rated closed the week at 3.950 percent after starting the week at 3.983 percent.

CD interest rates barely budged on the week.  The average CD rate in the current bank rate survey drifted down by just 1/1000ths of a percent, dipping to 1.046 percent from 1.047 percent in the week earlier.  The best six month CD rates and two year CD rates were unchanged from the prior week with average yields of 0.771 percent and 1.188 percent, respectively.  The best three month CD rates available nationally slipped by 1/1000th of a percent to 0.482 percent.  The highest one year CD rates displayed a rate increase, rising to 1.063 from 1.060 percent in the week earlier and the average rate for the top five year bank CDs took a hit of 5/1000ths of a percent to an average yield of 1.728.  All in all, very modest rate changes this past week.

Credit card rates one new credit card offered went back to being unchanged this week after experiencing a small rate decrease in the week earlier.  The average credit card interest rate for new card offers across all consumer credit card categories remained at 13.71 percent.

The top yielding bank money market rates and savings account rates were left unaltered as the week came to a close.  The average found on the top ten highest savings account rates and money market rates available nationally remained at 0.952 percent.

Talk about a narrow trading range, Treasury rates pretty much ran in place.  Most all Treasury bills and bonds ended the week with a rate that was within one basis point of where they started the week.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending October 26, 2012.  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 for October 26, 2012

CD interest rates:
Composite CD interest rate index 1.046 percent (down .001 percent) 
3 month CD rates 0.482 percent (down .001 percent)
6 month CD rates 0.771 percent (unchanged) 
1 year CD rates 1.063 percent (up .003 percent) 
2 year CD rates 1.188 percent (unchanged) 
5 year CD rates 1.728 percent (down .03 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.952 percent (unchanged) 

Mortgage rates:
 30 year mortgage rates3.522 percent (down .09 percent)  
15 year mortgage rates 2.863 percent (down .027 percent)  
20 year mortgage rates 3.438 percent (down .053 percent) 
30 year jumbo mortgage rates 3.950 percent (down .033 percent) 
30 year FHA mortgage rates 3.470 percent (up .012 percent)

Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.15 percent (up .01 percent) 
One year Treasury rate 0.19 percent (up .01 percent)
Two year Treasury rate 0.30 percent (unchanged)
Five year Treasury rate 0.76 percent (down .01 percent)
Ten year Treasury rate 1.78 percent (down .01 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 26, 2012 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending October 26, 2012 can be found at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

Mortgage Rates and Credit Card Rates Up and CD Rates are Down October 22, 2012

Building support in the US economy and local markets has pushed mortgage rates and credit card rates higher over the past week.   Confidence in the housing market and the stronger jobs number, though it was shrouded in questions regarding the validity of the data, has provided some support for growth in the US economy.  At a minimum, the consensus seems to be that the downward risk for the US economy has been eliminated.  Interest rates remain restrained with regard to any upset actions due to the thorny issues on European growth, the fiscal cliff, the presidential race and an assortment of global events.

Along with the economic forces that have held interest rates down, the Fed action over the past two years has kept a flood of cash on the books of the money center banks.  The large reserves of the banks which are a result of slow loan growth and Fed bond buying programs, holds bank savings rates down.  With little need to boost high interest rate deposits, since there is no corresponding loan demand to match those deposits, bank CD rates and money market rates continue to bounce along the bottom.

The increased confidence on domestic growth pushed the average 30 year mortgage rate up to 3.612 this past week.  This week’s average 30 year rate change was a moderate increase of 8.3 basis points; one basis point is equal to 1/100th of a percent.  Since banks are not pricing their savings products aggressively to court new customers the average CD rate, measured by the Selectcdrates.com CD rate index of the best CD rates available nationally, declined by 2/1000th of a percent, almost standing still.  The CD rate index now stands at 1.047 percent.  Bank money market rates and savings account rates showed absolutely no change with the average interest rate holding at 0.952 percent.

Individual CD terms or maturities that comprise the CD rate index mostly followed the overall index with minor changes of 1/1000th to 3/1000th of a percent, the one exception being the five year term CDs.  The average rate found on the top ten highest five year CD rates declined by one basis point moving from 1.741 percent to 1.731 percent.  The top two year CD rates dipped by just 1/100th of a percent to an average yield of 1.188 percent.  The six month CD rates were down by the same amount pushing the average rate to 0.771 percent.  Three month CD rates gave up 2/1000ths of a percent which move the average rate down to 0.483 percent.  The best one year CD rates fought the downward wave and bounced slightly higher to 1.060 percent, an increase of 3/1000ths of a percent.

Along with the more popular 30 year fixed rate mortgage loan, all home loan products showed a jump in the average rate offered this week.  The 30 year FHA mortgage rate was higher by almost six basis points to 3.458 percent.  30 year jumbo mortgage rates advanced by almost as much, five basis points, to end the week at 3.983 percent.

The best credit card rates displayed their first rate change in several weeks.  The average interest rate on new credit card offers for the best credit card rate tier climbed by a mere one basis point to 13.71 percent.  With midterm bank lending rates holding firm especially the prime rate, credit card rates have stayed in a very narrow range for the second half of this year.  Opportunities abound for consumers to obtain better credit card rates and term with creative reward offers and promotional interest rates advertised by the major credit card companies. 

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending October 19, 2012.  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 for October 19, 2012

CD interest rates:
Composite CD interest rate index 1.047 percent (down .002 percent)
3 month CD rates 0.483 percent (down .002 percent)
6 month CD rates 0.771 percent (down .001 percent)
1 year CD rates 1.060 percent (up .003 percent)
2 year CD rates 1.188 percent (down .001 percent)
5 year CD rates 1.731 percent (down .01 percent)

Money market and savings account rates:

Bank money market rates and savings account rates 0.952 percent (unchanged) 

Mortgage rates:
30 year mortgage rates 3.612 percent (up .083 percent) 
15 year mortgage rates 2.890 percent (up .077 percent) 
20 year mortgage rates 3.491 percent (up .105 percent) 
30 year jumbo mortgage rates 3.983 percent (up .048 percent) 
30 year FHA mortgage rates 3.458 percent (up .058 percent)

Credit card rates:

Credit card rates for new credit card offers 13.71 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.14 percent (down .01 percent) 
One year Treasury rate 0.18 percent (unchanged)
Two year Treasury rate 0.30 percent (up .03 percent)
Five year Treasury rate 0.77 percent (up .10 percent)
Ten year Treasury rate 1.79 percent (up .10 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 19, 2012 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.

Bank Rate Summary: Mortgage Rates Down, CD Rates Even and Credit Card Rates Stuck October 15, 2012

Mortgage rates came off of their brief upside movement from the previous week and continued the trend of moving lower once again.  While mortgage rates dropped on the week, CD interest rates held their ground with some spotty modest increases in the top ten CD rates for the midterm maturities.  The best credit card rates available were held firm, a position they have been in for several weeks now.  Rounding out the bank rates in this week’s survey, bank savings account rates and money market rates jumped slightly as the big Internet bank slug it out to offer the best rates in the market.

Plenty of bad news in the marketplace has kept a lid on bank rates.  The economy’s slow growth or at least questionable prospects for solid growth dominate the domestic headlines.  The economy’s prospects are not likely to improve measurably until the election is over for one and more importantly, the problems with the current policies and the fiscal cliff are straightened out.  The fiscal cliff is a reference to the expiration of numerous tax cuts presently on the books and the implementation of a series of mandatory spending cuts that are currently set in law.

In addition, Europe continues to erode and news of economic slowdowns in emerging economies is surfacing.  Emerging market central banks have recently reduces interest rates over concerns of a deeper global growth slump.  In a nutshell, the slow growth and troubling developments in North America, Europe, and China may very well pull down US production and international trade.  All of these factors leads to low rates and continued government intervention to keep interest rates low.  Inflation pressures may be the only factor that could push bank rates higher and for now the results on inflation pressures has been benign.

By the time the week came to a close, mortgage rates were mainly lower across all home loan products with the exception of FHA mortgage rates.  The 30 year fixed rate mortgage dipped ever so slightly to 3.529 percent.  The average rate for 30 year jumbo mortgages, or loan amounts greater than $417,000, slipped lower by almost 3 basis points to 3.935 percent.  One basis point is equal to one-hundredth of 1 percentage point.  The 30 year FHA mortgage rates bucked the trend and nudged higher by just over one basis point to 3.400 percent.  With the minimal rate changes, mortgage rates remain near all time lows

Interest rates on certificates of deposit showed very little activity for the week.  The CD rate index which measures the best CD rates across several maturities (three month CD, six month CDs, one year CDs, two year CDs and five year CDs) was down by 1/1000th of a percent to 1.049 percent.   Three month CD rates were unchanged over the course of the week as were the six month CD rates.  Two year CD rates were lifted by less than one basis point, the only term showing a rate increase, and the two and five year CD rates tumbled modestly lower.

The best credit card rates have nothing to report once again as rates have held at 13.70 percent since the start of the fourth quarter and the better part of the third quarter.  Credit card companies have played with the marketing of promotions slightly without altering long term credit card rate offers to acquire new good credit customers and the companies continue to make tidy profits as their cost of funds remain low and credit card delinquencies fall.

Bank savings accounts rates and money market rates displayed a minor rate increase.  The average interest rate found on the top savings accounts and money market account was up by 3/1000ths of a percent to 0.952 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending October 12, 2012.  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 for October 12, 2012

CD interest rates:
Composite CD interest rate index 1.049 percent (down .001 percent)
3 month CD rates 0.485 percent (unchanged)
6 month CD rates 0.772 percent (unchanged)
1 year CD rates 1.057 percent (down .001 percent)
2 year CD rates 1.189 percent (up .004 percent)
5 year CD rates 1.741 percent (down .007 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.952 percent (up .003 percent) 

Mortgage rates:
30 year mortgage rates 3.529 percent (down .003 percent) 
15 year mortgage rates 2.813 percent (down .015 percent) 
20 year mortgage rates 3.386 percent (down .049 percent) 
30 year jumbo mortgage rates 3.935 percent (down .028 percent) 
30 year FHA mortgage rates 3.400 percent (up .012 percent)

Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.15 percent (unchanged) 
One year Treasury rate 0.18 percent (unchanged)
Two year Treasury rate 0.27 percent (unchanged)
Five year Treasury rate 0.67 percent (unchanged)
Ten year Treasury rate 1.69 percent (down .06 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 12, 2012 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.

Mortgage Rates, CD Rates and Treasury Rates Tick Higher October 8, 2012

There were mild increases across the board for mortgage rates, CD rates and Treasury rates for the week ending October 5, 2012.  The stronger than expected jobs report on Friday was the biggest catalyst of the week that nudged bank rates higher.  New loan borrowers and savers need not whimper or cheer, even with the upward movement in interest rates, mortgage rates remain near all time lows and CD rates are doing a lot of running in place.

The week over week change in bank rates displayed a small incremental change.  The 30 year mortgage rate in the weekly Selectcdrates.com bank rate survey was higher by eight basis points or 8/100ths of a percent.  The interest rate increase pushed the average 30 year mortgage rate up to just over 3 ½ percent to 3.532 percent.  The 30 year jumbo mortgage rates and 30 year FHA mortgage rates were more reserved and closed out the week with even smaller increases in their average costs.  The average jumbo mortgage rate was up by just under four basis points to 3.963 percent.  FHA mortgage rates were boosted up by a near identical sum and ended the week at 3.388 percent

The increase in the employment report should generally lead to greater production and spending which should drive inflation and interest rates higher, eventually.  The Feds action to keep short term rates low via the Fed Funds rate and the latest decision to buy mortgage backed bonds each month until growth shows consistent improvement puts a fairly large cap on bank rates and the overall level of interest rates.  In addition, the troubles the Europe scares worldwide investors into the safety of US based fixed income investments. 

One big caveat, while the consensus view appears to be that the employment report was fairly robust, it was far from a growth number.  The current figures and revisions should be just enough to keep the economy where it is and will not provide enough added employment to grow the economy significantly.

The action in CD rates was even more muted than that found in mortgage rates.  The Selectcdrates.com CD rate index advanced by less than one basis point on the week.  The Selectcdrates.com CD rate index measures the average rate found on the highest three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates available nationally.  The index was up by .001 percent on the week to close out at 1.050 percent.  Six month CD month CD rates, one year CD rates and five year CD rates moved modestly higher on the week while the three month CD rates and two year CD rates moved mildly lower.

The best savings accounts rates and money market rates were entirely unchanged on the week.  The average interest rate found on the top ten highest bank savings account rates and money market account rates remained at 0.949 percent.

The best credit card rates refused to move once again.  The average credit card interest rate on new credit card offers held at 13.70 percent for the fifth week, the longest streak this year without a change in the average rate offered to consumers.  Note, no change in the best credit card rates offered does not mean that the marketing departments of the large credit card companies are sitting on their hands.  There continues to be moderate activity in various credit card terms advertised including changes in the shorter term introductory credit card rates, credit card cash back terms and especially changes in air miles or credit card travel rewards recently.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending October 5, 2012.  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 for October 5, 2012

CD interest rates:
Composite CD interest rate index 1.050 percent (up .001 percent)
3 month CD rates 0.485 percent (down .002 percent)
6 month CD rates 0.772 percent (up .001 percent)
1 year CD rates 1.058 percent (up .001 percent)
2 year bank CD rates 1.185 percent (down .001 percent)
5 year CD rates 1.748 percent (up .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.949 percent (unchanged) 

Mortgage rates:
30 year mortgage rate 3.532 percent (up .081 percent) 
15 year mortgage rate 2.828 percent (up .032 percent) 
20 year mortgage rate 3.435 percent (up .043 percent) 
30 year jumbo mortgage rate 3.963 percent (up .039 percent) 
30 year FHA mortgage rate 3.388 percent (up .038 percent)

Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.15 percent (up .01 percent) 
One year Treasury rate 0.18 percent (up .01 percent)
Two year Treasury rate 0.27 percent (up .04 percent)
Five year Treasury rate 0.67 percent (up .05 percent)
Ten year Treasury rate 1.75 percent (up .10 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 5, 2012 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.

Record Low on Mortgage Rates as Credit Card Rates and CD Rates Standby October 1, 2012

Mortgage rates plunged to absolute record lows this past week as CD rates and credit card rates stood by and watched.  The average 30 year fixed rate mortgage was reduced to 3.451 percent, a drop of just over seven basis points from the previous week’s average rate of 3.527 percent.  In contrast to this rather sizeable drop, the average CD interest rate ascended by a very small fraction, just 1/1000th of a percent, to 1.049 percent from 1.048 percent in the prior week.  The best credit card rates on the market will entirely unaffected, with no change in the average interest rate from the prior week.  One basis point is equivalent to 1/100th of a percent.

Along with the dip in the conventional 30 year mortgage, the average 30 year jumbo mortgage and 30 year FHA mortgage rates declined by similar sums.  The average 30 year jumbo mortgage slipped by almost nine basis points to a rate of 3.924 percent and the 30 year FHA mortgage rate was cut back by six basis points to 3.350 percent.

The driving force for the change in mortgage rates, as well as Treasury rates this week, was the continued impact of the Fed’s QE3 monetary easing plan combined with sluggish economic data that is predominantly coming from international results.  The debt fire in Europe continues to burn with the unmanageable debt problems in Greece resurfacing along with bank and government debt burdens in Spain hitting the population hard.  The world economic slowdown keeps a lid on inflation, one of the largest components to long term interest rates, and the concern over European debts directs fund flows into safe and secure US fixed income securities such as Treasury bonds and mortgage backed bonds.  The QE3 program put direct pricing pressure on mortgage bonds, pushing prices higher and interest rates lower.

Credit card rates remained unchanged again this week, based on the latest survey of best credit card rates available on the market performed by Selectcdrates.com.  The average annual percentage rate did not move again in the current survey and remained at 13.70 percent for the fourth consecutive week.  Credit card rates move based on midterm interest rates and the Prime Rate and these interest rates have showed little action throughout the month of September. The five year Treasury rate started the month of September with a yield of 0.62 percent and ended the month with the exact same yield and, of course, the Prime Rate has not moved all year.

Bank money market rates and savings account rates showed a rather sizeable drop in yield on the week.  The rate drop was entirely the result of the loss of the top yielding bank, TIAA Direct or TIAA-CREF Trust Company, from the list of the best savings account and money market account rates available nationwide.   TIAA Direct stopped accepting new accounts; the bank had been offering the best savings account rate and money market account rate for several weeks.  The average rate for savings rates has now fallen to 0.949 percent from 0.984 percent in the preceding week’s survey.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 28, 2012.  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 for September 28, 2012

CD interest rates:
Composite CD interest rate index 1.049 percent (up .001 percent)
3 month CD rates 0.487 percent (up .003 percent)
6 month CD rates 0.771 percent (unchanged)
1 year CD rates 1.057 percent (up .006 percent)
2 year bank CD rates 1.186 percent (unchanged)
5 year CD rates 1.743 percent (down .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.949 percent (down .035 percent) 

Mortgage rates:
30 year mortgage rate 3.451 percent (down .076 percent) 
15 year mortgage rate 2.796 percent (down .037 percent) 
20 year mortgage rate 3.392 percent (down .008 percent) 
30 year jumbo mortgage rate 3.924 percent (down .089 percent) 
30 year FHA mortgage rate 3.350 percent (down .063 percent)

Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.14 percent (unchanged) 
One year Treasury rate 0.17 percent (down .01 percent)
Two year Treasury rate 0.23 percent (down .04 percent)
Five year Treasury rate 0.62 percent (down .06 percent)
Ten year Treasury rate 1.65 percent (down .12 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 28, 2012 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 information detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending September 28, 2012 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, best interest checking accounts and best credit card rates.

Mortgage Rates Drop While Savings and CD Rates Remain Steady September 24, 2012

Mortgage rates reached near record low levels once again.  With the announcement of more easing by the Fed in the previous week targeted at mortgage backed securities it comes as no surprise that mortgage rates have dropped, the surprising bank rate data for the week is the resilience in CD rates and savings rates while mortgage rates plummet.  CD interest rates and savings account rates showed no significant change while mortgage rates bounce along the bottom.

After the Fed announced on the 13th of this month, mortgage bond prices have risen and mortgage rates have fallen almost every day.  Since the Fed program targeted only mortgage backed bonds, Treasury securities did not improve on par with mortgage bonds nor did bank rates in general.  

For the week ending September 21, 2012 the average 30 year fixed rate mortgage had shifted lower by almost ten basis points or .10 percent.  The average 30 year mortgage rate available at the nation’s leading bank mortgage lenders decreased to 3.527 percent from 3.623 percent in the week earlier.  While long term Treasury rates pretty much followed that move this week, the short term and midterm Treasury rates were not following the same path.  The five year Treasury rate dipped just four basis points to 0.68 percent and the two year and one year Treasury rates were unchanged at 0.27 percent and 0.18 percent, respectively.

The lack of change in the mid and short term Treasuries reflects the lack of change in bank CD rates, savings account rates and money market rates.  The average CD rate measured by the Selectcdrates.com CD rate index was bumped up higher by 1/1000th of a percent, almost standing still.  The average rate in the index, which measures the highest CD rates across multiple CD maturities, moved to 1.048 percent from 1.047 percent from the previous week.

The greatest rate changes among the different CD maturities in the index took place in the two year term bank CDs.  The average two year CD rate for the top ten highest CDs with this term made a modest move higher to 1.186 percent from 1.180 percent in the week earlier.  All other terms were altered by less than 3/1000ths of a percent.

The average rate on the top money market accounts and savings accounts indicated no change at all for the week.  The average interest rate for these bank savings products held at 0.984 percent.

The lack of movement in midterm interest rates also effected credit card rates.  The average rate for new credit card offers spent another week idling in neutral.  The best credit card rates available on the market held firm at 13.70 percent for the third consecutive week.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 21, 2012.  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 for September 21, 2012

CD interest rates:
Composite CD interest rate index 1.048 percent (up .001 percent)
3 month CD rates 0.484 percent (down .002 percent)
6 month CD rates 0.771 percent (unchanged)
1 year CD rates 1.051 percent (down .002 percent)
2 year bank CD rates 1.186 percent (up .006 percent)
5 year CD rates 1.748 percent (up .001 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.984 percent (unchanged) 

Mortgage rates:
30 year mortgage rate 3.527 percent (down .096 percent) 
15 year mortgage rate 2.833 percent (down .057 percent) 
20 year mortgage rate 3.400 percent (down .038 percent) 
30 year jumbo mortgage rate 4.013 percent (down .050 percent) 
30 year FHA mortgage rate 3.413 percent (down .065 percent)

Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.14 percent (up .01 percent) 
One year Treasury rate 0.18 percent (unchanged)
Two year Treasury rate 0.27 percent (unchanged)
Five year Treasury rate 0.68 percent (down .04 percent)
Ten year Treasury rate 1.77 percent (down .11 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 21, 2012 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 information detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending September 21, 2012 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, best interest checking accounts and best credit card rates.

After Fed Action Mortgage Rates Dip and CD Rates…Rise September 17, 2012

On Thursday the Federal Reserve announced they were engaging in another round of monetary stimulus.  This round would entail and open ended commitment to buy mortgage bonds each month until the Fed sees fit that the economy is finally turning the comer.  The reaction in the markets was strikingly powerful.  Mortgage rates fell, long term Treasury rates moved higher, CD rates were up, but just ever so slightly and the stock market absolutely loved it and climbed 200 points on the day. 

The speech that Fed Chairman made with the announcement clearly identified the housing market as being one of the drags on the US economy along with the job market.  The mortgage bond purchases is their solution for helping things along by keeping mortgage rates at their current, near record low levels for some time.  Of course, a key part of the whole announcement is that the economy is not picking up steam.  After a mild recovery in the first and second quarter of this year, the economy has hit a wall.

Mortgage rates were little changed up to the day of the announcement and then moved measurably lower for almost all mortgage products as soon as the announcement was made.  The one exception was the jumbo mortgage loans.  Since jumbo mortgages are not part of FNMA and FHMLC mortgage bonds, these bond prices were not bid higher along with the agency bonds and hence the prices and mortgage rates were unaltered by the Fed announcement.

Thirty year mortgage rates were lower by almost nine basis points for the week or 9/100ths of a percent.  The average 30 year mortgage rate in the Selectcdrates.com weekly bank rate survey moved down to 3.623 percent from 3.712 percent in the previous week.  15 year mortgage rates were less costly on the week by almost as much as the longer term, 30 year home loans.  The rate on the 15 year mortgage was off by eight basis points to an average rate of 2.890 percent.

The 30 year FHA mortgage rate followed right along and was cheaper by seven basis points.  The average rate on the FHA mortgage loans dipped down to 3.478 percent at week’s end.  The 30 year jumbo loan was the outlier and is now slightly more expensive for new jumbo loan borrowers.  The jumbo loan rate shifted higher by just 2.5 basis points to an average rate of 4.063 percent.

CD interest rates closed higher on the week, on average.  Among the best CD rates available nationally, most bank CD terms showed very little change for the week.  The rate action for the CD market happened on the long end of the curve with the five year CD rates advancing noticeably on the week.  The move in CD rates matches the action in the credit markets with long rates moving much higher after the Fed announcement, the ten year Treasury rate was higher by 21 basis points, and short to mid term rates displaying little movement up or down.

The average rate on the best CD rates available nationally measured by the Selectcdrates.com CD rate index moved higher by just 2/1000ths of a percent.  The average CD rate closed out at 1.047 percent from 1.045 percent in the previous week.  The best 3 month CD rates ticked down to 0.486 percent from 0.491 percent in the prior week.   The best 6 month CD rates, one year CD rates and two year CD rates held steady with no change in the average yield.  The five year CD rates pushed ahead by just 2.0 basis points bringing the average rate up to 1.747 percent from 1.729 percent in the week earlier. 

The best bank money market rates and savings account rates showed no change in yield.  Money market rates and savings account rates are variable rate accounts that closely follow short term rate changes and it was no surprise that these savings products would have no impact by the Federal Reserve’s new developments.  The average rate on these bank products held at 0.984 percent.

New credit card rates were also unchanged over the course of the week.  Credit card rates are more closely tied to changes in the Prime Rate or at a minimum, changes in the mid term rates.  With little change this week at the portion of the yield curve, credit card rates held firm.  The average credit card interest rate for new card offers remains at 13.70 percent.

The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending September 14, 2012.  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 for September 14, 2012

CD interest rates:
Composite CD interest rate index 1.047 percent (up .002 percent)
3 month CD rates 0.486 percent (down .005 percent)
6 month CD rates 0.771 percent (unchanged)
1 year CD rates 1.053 percent (unchanged)
2 year bank CD rates 1.180 percent (unchanged)
5 year CD rates 1.747 percent (up .018 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.984 percent (unchanged) 

Mortgage rates:
30 year mortgage rate 3.623 percent (down .089 percent) 
15 year mortgage rate 2.890 percent (down .081 percent) 
20 year mortgage rate 3.438 percent (down .027 percent) 
30 year jumbo mortgage rate 4.063 percent (up .025 percent) 
30 year FHA mortgage rate 3.478 percent (down .072 percent)

Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.13 percent (down .01 percent) 
One year Treasury rate 0.18 percent (unchanged)
Two year Treasury rate 0.27 percent (up .02 percent)
Five year Treasury rate 0.72 percent (up .08 percent)
Ten year Treasury rate 1.88 percent (up .21 percent)

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 14, 2012 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 information detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending September 14, 2012 please see: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 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, best interest checking accounts and best credit card rates.

Mortgage Rates, CD Rates and Credit Card Rates Tip Toe Higher September 10, 2012

For the better part of the first week in September bank rates climbed higher with consumer borrowing rates rising more than savings rates.  That situation turned around on the last day of the week with the release of the monthly employment report by the Bureau of Labor Statistics.  The poor showing in the monthly jobs report reversed the rising trend in interest rates and bank rates, on average, with interest rates closing out the week only slightly higher than they were in the prior week.

The reversal in the weekly rise in bank interest rates was only slowed mildly on Friday.  While the reversal in rates increases was good for borrowers including those consumers searching for new car loans and mortgage loans, it also crushed any benefits investors may have gained from slight increases in CD rates and savings rates.  The surprising aspect regarding the brake on rates was its lack of strength considering just how dismal the results of the employment report were.  The stock and bond market have been giving a great deal of attention to this monthly report for quite some time.  In fact, the monthly jobs report probably has the greatest influence on the bond market and interest rates of all monthly statistically releases.

Now, for the depressing stats that came with the jobs report.  The U.S. economy added 96,000 jobs in August which was less than expected and less than is needed to maintain the current level of employment when the number of workers and the worker participation rate is held constant.  More importantly, the previous monthly numbers were all revised lower.  The change in total nonfarm payroll employment for June was revised from already crappy gain of 64,000 to an increase of just 45,000, and the change for July was revised from a very respectable increase in 163,000 new jobs to a less robust increase of 141,000.  This data will generally be gauged as mildly sobering to somewhat foreboding.  On August 31, before the release of the most recent jobs stats, the Fed Chairman evaluated the current labor market with this statement, “The stagnation of the labor market in particular is a grave concern…”  Now the numbers look worse.

The end result for the week showed bank rates bumping up just fractionally.  The average 30 year mortgage rate in the Selectcdrates.com weekly bank rate survey advanced by less than one basis point to a rate of 3.712 percent.  One basis point is equal to 1/100th of a percent.  15 year mortgage rates and 20 year mortgage rates moved up by a similar sum to end the week at 2.971 percent and 3.465 percent, respectively.  The average 30 year FHA mortgage rate did not follow the conventional loan rates and moved slightly lower, dipping down to 3.550 percent from 3.573 percent.

The average CD rate in the Selectcdrates.com CD rate index moved higher by 2/1000ths of a percent to 1.045 percent.  The good news for CD investors and savers was that meat of the CD yield curve moved higher with the average CD interest rate on one year and two year bank CDs making a measurable advance with the one year climbing from 1.041 percent to 1.053 percent and the two year rising from 1.169 percent to 1.18 percent.  The three month rates held firm at 0.491 percent, one year CD rates barely changed slipping down to 0.771 percent from 0.773 percent in the week earlier and five year CD rates pulled back rather significantly from an average rate of 1.741 percent last week to 1.729 percent in the current survey.

Credit card rates on new credit card offers bounced up by one basis point this week.  The average interest rate for new credit cards across all credit card categories ticked up to 13.70 percent from 13.69 percent in the prior week.  Credit card rates have been holding amazingly steady for the past few months were very few measurable changed in the average rates for the best credit card rate tiers.  The changes in credit card offers continue to stay in the rewards arena with aggressive marketing more than aggressive pricing being the theme of the year.

Bank money market rates and savings rates held steady at 0.984 percent.  Steady looks pretty good after last weeks increase in the average money market and savings ac