CD interest rates were little changed for the week ending February 3, 2012 along with credit card rates and savings account rates. Mortgage rates, on the other hand, were boosted up slightly along with Treasury rates after the better than expected jobs report on Friday.
Working against savers, those consumers holding funds in bank savings accounts and certificates of deposit and working for borrowers are three forces that show no signs of letting up. The first factor impacting low CD rates and mortgage rates is the flight to quality. The flight quality refers to investments in safe and secure Treasury securities and mortgage backed bonds which has arisen due to the ongoing debt uncertainty in Europe. Settling the debt problems of Greece has cast a pall over the Euro zone and if and when the Greece debt issued is settled there are other countries in the Euro zone that are on the brink of similar debt payment problems.
The second factor keeping a lid on CD rates and mortgage rates is the Federal Reserve. The Fed has been a big buyer of Treasury securities and mortgage backed bonds over the past few quarters pushing bond prices higher and interest rate slower. The last statement by Chairman Bernanke was clear that this accommodative stance will continue through 2014. Unless the Fed changes course, short term interest rates are not moving in 2012.
The third factor holding rates down is more or less a result of number two. Banks are awash with cash. Reserves held at banks are at record levels. With large reserve holdings, banks are not in a position to aggressively price savings products or raise the rates on CDs, savings accounts and money market accounts to attract new funds. Furthermore, loan demand or loans being made are not increasing at an earth shattering pace.
A fourth factor is low inflation rates. Under normal circumstances, the position the Fed holds regarding the large purchases of Treasury securities and the current huge budget deficits leading to larger sales of Treasury securities would result too much money and higher rates of inflation. However, the Fed releases show no sign of inflation nor is the Fed concerned about rising inflation in the near future. We could question that stance, but the Fed is never wrong – ok, the Fed is rarely wrong. A general recommendation that goes contrary to the majority of the pundits on Wall St. is, don’t fight the Fed. Just listen to their short term and long term announcements. Bernanke is the smartest guy in the room, period.
CD interest rates were mostly unchanged on the week. The Selectcdrates.com CD rate index was off by just 3/100ths of a percent this week. The weekly survey resulted in an index reading of 1.078 percent compared to 1.081 percent in the previous week. One year CD rates were unchanged, six month CD rates and one year CD rates ticked up by a small fraction and three month CD rates moved lower along with the five year term certificates.
Mortgage rates moved somewhat higher after hitting new lows during the week. The surprisingly strong monthly jobs report released on Friday pushed mortgage rates northbound. The increase was measurable compared to the mid week low point however, when measured week over week the increase in mortgage interest rates was quite mild. The average 30 year mortgage rate was up by just over one basis point or 1/100th of a percent to 4.053 percent.
Bank savings account rates and credit card rates were unchanged for the week. Treasury rates were up slightly. Again, if compared to the mid week lows, the change in Treasury rates would be more significant.
The Selectcdrates.com weekly bank rate survey results listed below provides a detailed report on bank savings rates and lending rates by category for the week ending February 3, 2012. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.078 percent (down .003 percent)
3 month CD rates 0.478 percent (down .007 percent)
6 month CD rates 0.774 percent (up .004 percent)
1 year CD rates 1.053 percent (up .005 percent)
2 year bank CD rates 1.215 percent (unchanged)
5 year CD rates 1.868 percent (down .017 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.904 percent (unchanged)
Mortgage rates:
30 year mortgage rate 4.053 percent (up .012 percent)
15 year mortgage rate 3.313 percent (up .063 percent)
20 year mortgage rate 3.859 percent (up .062 percent)
30 year jumbo mortgage rate 4.305 percent (unchanged)
30 year FHA mortgage rate 3.925 percent (up .012 percent)
Credit card rates:
Credit card rates for new credit card offers 13.68 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.10 percent (up .02 percent)
One year Treasury rate 0.14 percent (up .02 percent)
Two year Treasury rate 0.23 percent (down .01 percent)
Five year Treasury rate 0.78 percent (up .03 percent)
Ten year Treasury rate 1.97 percent (up .04 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of February 3, 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 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.
Bank rates trended lower for the week ending January 27, 2012. Interest rates for loans and savings were sitting tight up to the Federal Open Market Committee or Fed announcement on Wednesday and then took a tumble. Expectations regarding the announcement were mostly reserved with few credit market watchers calling for a profound or market moving statement from the Fed. Significant and market moving is just what the Fed delivered, however.
The Fed surprised the markets by including language that extends the time frame that the Fed will maintain the current, ultra low short term bank interest rates. The Fed included in their statement that it will keep the Fed Funds Rate at exceptionally low levels through late-2014. The previous release called for low interest rates through mid-2013. Since market watchers were forecasting a growing economy through this year and next, the Fed’s decision to make an extremely accommodative monetary policy seemed to contradict the economic forecasts and interest rates were pulled lower.
After the announcement, long term rates fell measurably while short terms rates ticked down slightly. Mortgages rates had held steady up to the meeting and then dropped the afternoon of the announcement and continued downwards for the remaining two business days left in the week. By weeks close the average 30 year mortgage rate from the nation’ top ten bank mortgage lenders dropped by nine basis points or 9/100ths of a percent to 4.041 percent. The 30 year FHA mortgage rate was cheaper by four basis points, falling to an average rate of 3.913 percent. The 15 year mortgage rate slumped by 13 basis points and now costs new home loan borrower’s just 3.250 percent, based on the current survey of bank mortgage rates.
The best CD rates available were off slightly for the week. The lighter rate change was mostly due to short term rates changing less than long term interest rates for the week or simply because CD interest rates have less distance to fall. The average CD interest rate in the Selectcdrates.com CD rate index was lower by less than one basis point with the average rate coming in at 1.081 percent. Three month CD rates displayed a very slight gain in yield for the week rising to 0.488 percent. Six month CD rates were unchanged at 0.770 percent. The average rate on the best one year CD rates was lower by less than one basis point with an average yield of 1.048 percent. The two and five year certificates were lower by similar amounts.
Bank savings account rates and money market account rates lost one basis off the average yield. The average rate for the top ten highest savings account rates and money market rates dipped down to 0.904 percent from 0.914 percent in the prior week’s survey. With one year Treasury rates hovering at just over 0.10 percent, it is no surprise that the top savings account rates continue to move lower.
Credit card interest rates also dipped in this week’s bank rate survey. The average rate on new credit card offers is cheaper this week by one basis point. The rate on consumer credit cards, excluding introductory credit card rates offers, now stands at 13.68 percent, down from last week’s average rate of 13.69 percent.
Treasury rates were quite noticeably lower on the long end of the curve but were held in check for the shorter term securities. The ten year Treasury bond gave up 12 basis points to an average yield of 1.93 percent. The five year Treasury was down by 16 basis points placing the average five year rate at just 0.75 percent. The two year Treasury rate slipped four basis points to 0.22 percent. In contrast to large rate reductions, the six month Treasury rate gained one basis point as did the one year leaving the yields on the se securities at 0.08 percent and 0.12 percent, respectively.
The Selectcdrates.com weekly bank rate survey results listed below provides a detailed report on bank savings rates and lending rates by category for the week ending January 27, 2012. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.081 percent (down .005 percent)
3 month CD rates 0.485 percent (up 0.005)
6 month CD rates 0.770 percent (unchanged)
1 year CD rates 1.048 percent (down .005 percent)
2 year bank CD rates 1.215 percent (down .009 percent)
5 year CD rates 1.885 percent (down .018 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.904 percent (down .01 percent) 0.
Mortgage rates:
30 year mortgage rate 4.041 percent (down .089 percent)
15 year mortgage rate 3.250 percent (down .131 percent)
20 year mortgage rate 3.797 percent (down .145 percent)
30 year jumbo mortgage rate 4.305 percent (up .011 percent)
30 year FHA mortgage rate 3.913 percent (down .037 percent)
Credit card rates:
Credit card rates for new credit card offers 13.68 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.08 percent (up .01 percent)
One year Treasury rate 0.12 percent (up .01 percent)
Two year Treasury rate 0.22 percent (down .04 percent)
Five year Treasury rate 0.75 percent (down .16 percent)
Ten year Treasury rate 1.93 percent (down .12 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 27, 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 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.
The equity markets have started 2012 on a very upbeat note which is putting some pressure on interest rates to finally move higher. As the week ending January 20th came to a close, mortgage rates worsened by a good margin while CD rates and credit card rates were kept in a holding pattern. The stress over the debt burdens of Greece have certainly not gone away but the U.S economy has been consistently producing fairly good production numbers which for now, is moving U.S interest rates up modestly.
The direction of interest rates is uncertain as the ongoing crisis in Europe is by no means over and will continue to cause turmoil in the bond and stock markets in the coming weeks. However, this quagmire is by far the biggest drain on the world economies, including the U.S economy, once that problem comes to a harmonious resolution interest rates should begin a long climb higher. When interest rates will rise is any ones guess, since the driving force remains the time frame over a debt settlement crisis in Europe.
The best CD interest rates available nationally were almost entirely unchanged for the week. The average CD rate in the Selectcdrates.com CD rate index remained at 1.087 percent, no change from the prior week. The top ten best three month CD rates and two year CD rates showed no movement with the average rates in these CD terms holding at 0.483 percent and 1.224 percent, respectively.
The average rate on six month CD rates ticked up slightly, rising to 0.770 percent from 0.766 percent in the previous week. One year certificates lost less than one basis point, slipping to 1.053 percent from 1.060 percent. The five year CDs were also changed by less than one basis point, closing the week at 1.903 percent after reaching 1.908 percent in the week earlier.
Mortgage rates were up for all mortgage terms in the weekly bank rate survey. The 30 year mortgage rate moved enough on Friday to break back above 4.00 percent. The average rate on a 30 year fixed rate home loan from the top ten bank mortgage lenders ended the week at 4.130 percent, a rise of 15 basis points for the week. 30 year jumbo mortgage rates edged up just slightly. The average jumbo mortgage rate in the survey increased to 4.330 percent from 4.294 percent found in last week’s survey. 30 year FHA mortgage rates increased by a similar amount. The average 30 year FHA mortgage rate ratcheted up to 3.988 percent, a rise of just under four basis points.
The average credit card rate on new credit card offer remained at 13.69 percent. New changes in credit card marketing this year include focusing on zero rate introductory credit card rate terms and new balance transfers fee changes. Neither of these actions impacts the average, standard credit card rates but, they do make enticing offers for consumer shopping for a better credit card. Both Chase and Discover have come out with credit card promotions that eliminate the credit card balance transfer fee and a number of credit cards continue to promote extended zero percent introductory rate offers that run in excess of 12 months.( see new Discover Card promotion )
Bank savings account rates and money market account rates lost yield in this week’s rate survey. The average interest rate on the top ten highest savings account rates and money market account rates dropped by a little more than one basis point. The rate drop brought the average rate down to 0.914 percent.
Treasury rates increased on all maturities with short term Treasury rates moving up by just a hair while the long term rates were solidly higher. The six month T-bill increased by only one basis point to 0.07 percent. The one year also increased by one basis point to 0.11 percent. The five year shot up by 11 basis points to 0.91 percent and the ten year spiked up 16 basis points to 2.05 percent.
The Selectcdrates.com weekly bank rate survey results listed below provides a detailed report on bank savings rates and lending rates by category for the week ending January 20, 2012. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.087 percent (unchanged)
3 month CD rates 0.483 percent (unchanged)
6 month CD rates 0.770 percent (up .004)
1 year CD rates 1.053 percent (down .007 percent)
2 year bank CD rates 1.224 percent (unchanged)
5 year CD rates 1.903 percent (down .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.914 percent (down .013 percent)
Mortgage rates:
30 year mortgage rate 4.130 percent (up .152 percent)
15 year mortgage rate 3.381 percent (up .128 percent)
20 year mortgage rate 3.942 percent (up .096 percent)
30 year jumbo mortgage rate 4.294 percent (up .036 percent)
30 year FHA mortgage rate 3.950 percent (up .038 percent)
Credit card rates:
Credit card rates for new credit card offers 13.69 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.07 percent (up .01 percent)
One year Treasury rate 0.11 percent (up .01 percent)
Two year Treasury rate 0.26 percent (up.02 percent)
Five year Treasury rate 0.91 percent (up .11 percent)
Ten year Treasury rate 2.05 percent (up .16 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 20, 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 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.
Trouble with the U.S. economy and the European debt crisis stay front and center in 2012 when it comes to the direction of interest rates. In the past week, we found out that December retail sales were disappointing with a rise of just .01 percent and Standard & Poor’s is getting ready to change the credit ratings for some of the European nations with mounting debt servicing issues. Data that is bad news for business expansion and bank savings rates but good news for borrowers and mortgage rates. When the week came to a close almost all bank savings products and lending products in the weekly Selectcdrates.com bank rate survey were lower.
Fortunately for savers, the drop in CD interest rates was negligible. Based on the Selectcdrates.com CD rate index, the average CD rate was down by just 2/1000ths of a percent. The Selectcdrates.com CD rate index measure the top ten best CD rates on the three month CDs, six month CDs, one year CDs, two year CDs and five year CDs and dipped from 1.089 percent to 1.087 percent for the week ending January 13, 2012.
Three month CD rates were unchanged at 0.483 percent as were six month CD rates holding at 0.766 percent and five year CD rates which remained at 1.908 percent. The only rate action came in the one year maturities and two year maturities. The one year CD rates slid down from 1.060 percent to 1.053 percent while the two year bank CD rates were cut by a hair from 1.228 percent to 1.224 percent.
Bank money market rates and savings account rates were not treated as lightly as CD rates. The average rate for the top ten best savings accounts rates and money market rates slumped by 1.4 basis points, one basis point is equal to 1/100th of a percent. The average rate this week was knocked down to 0.927 percent.
Home loan borrowing costs were down rather measurably over the period of one week. Due to higher bond prices and lower interest rates, the average 30 year mortgage rate has dipped below 4.00 percent once again. The average 30 year mortgage rate from the top ten bank mortgage lenders came in at 3.978 percent.
The dip in 30 year jumbo mortgage rates pushed the average jumbo loan rate to 4.294 percent. FHA mortgage rates showed little change but remained under 4.00 percent with an average cost of 3.950 percent.
In this week’s bank rate survey, credit card rates finally learned to play well with others and moved lower too. The average credit card rate for new credit card offers slipped down to 13.70 percent. Credit card rates had remained fickle by remaining elevated as other consumer lending rates have become significantly less costly over the past few months.
Treasury rates did follow the direction of bank rates or lead depending on your perspective. The ten year Treasury lost nine basis points to yield 1.89 percent. Five year rates decreased by six basis points, falling to 0.80 percent. The one year Treasury rate gave back two basis points to close at 0.10 percent. Six month bills gained a basis point, ending the week at 0.06 percent.
The Selectcdrates.com weekly bank rate survey results listed below provides a detailed report on bank savings rates and lending rates by category for the week ending January 13, 2012. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.087 percent (down .002 percent)
3 month CD rates 0.483 percent (unchanged)
6 month CD rates 0.766 percent (unchanged)
1 year CD rates 1.060 percent (down .007 percent)
2 year bank CD rates 1.224 percent (down .004 percent)
5 year CD rates 1.908 percent (unchanged)
Money market and savings account rates:
Bank money market rates and savings account rates 0.927 percent (down .014 percent)
Mortgage rates:
30 year mortgage rate 3.978 percent (down .062 percent)
15 year mortgage rate 3.253 percent (down .076 percent)
20 year mortgage rate 3.846 percent (down .040 percent)
30 year jumbo mortgage rate 4.294 percent (down .054 percent)
30 year FHA mortgage rate 3.950 percent (down .038 percent)
Credit card rates:
Credit card rates for new credit card offers 13.69 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.10 percent (down .02 percent)
Two year Treasury rate 0.24 percent (down.01 percent)
Five year Treasury rate 0.80 percent (down .06 percent)
Ten year Treasury rate 1.89 percent (down .09 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 13, 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 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.
With few exceptions, mortgage rates were higher on the week as were the rates on Treasury bills, notes and bonds. Although Treasury securities and mortgage backed securities traded in a fairly narrow range over the week, the interest rate changes were almost entirely to the upside. In contrast to these higher interest rates, CD interest rates and bank savings account rates moved lower.
The average CD interest as measured by the Selectcdrates.com weekly CD rate index fell by one basis point or 1/100th of a percent. The index measures the average rate for the top ten highest six month CD rates, one year CD rates, two year CD rates and five year CD rates. The index dipped down to 1.089 percent from 1.099 percent in the week earlier. The rate changes in the individual bank CD maturities were mild, the largest rate decrease coming the three month CDs which were lower by just over one basis point.
Mortgage rate increases were up for all home loan products with the exception of the 30 year jumbo mortgage rate which moved modestly lower in this week’s survey. The average 30 year mortgage rate based on the rates from the top ten bank mortgage lenders in this week’s survey increased by six basis points to an average rate of 4.040 percent. The 15 year mortgage rate was up by almost as much, rising five basis points to 3.329 percent.
The ten year Treasury rate moved up by nine basis points, keeping the rate under 2.00 percent. The ten year Treasury closed Friday with a yield of 1.98 percent. The five year rose by three basis points, ending the week at 0.86 percent. The six month bill lost one basis point with an interest rate of 0.05 percent. The one year and two year Treasuries were unchanged on the week with yields of 0.12 percent and 0.25 percent, respectively.
The impetus behind the rise in mortgage rates and Treasury rates was better than expected economic news including the jobs report results reported on Friday. Even with the reported creation of 200,000 new jobs, interest rates displayed only a muted response to the economic data as the market continues to be far more focused on the troubles in Europe.
While a rise in borrowing costs may concern some prospective home loan borrowers, at these levels, mortgage rates and costs continue to operate near all time best levels.
Credit card rates moved very little from the levels at which they began the week. The average credit card rate for new credit card offers was down by less than one basis point, which left the average rate posted in the weekly credit card rate survey unchanged at 13.70 percent.
Bank money market account rates and savings account rates slipped ever so slightly this week. The average rate on the top ten best savings account rates and money market account rates dropped by well under one basis point, falling from 0.944 percent in the prior week’s survey to 0.941 percent this week.
The Selectcdrates.com weekly bank rate survey listed below provides a detailed report on bank savings rates and lending rates by category for the week ending January 6, 2012. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.089 percent (down .01 percent)
3 month CD rates 0.483 percent (down .015 percent)
6 month CD rates 0.766 percent (down .005 percent)
1 year CD rates 1.060 percent (unchanged)
2 year bank CD rates 1.228 percent (down .008 percent)
5 year CD rates 1.908 percent (down .022 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.941 percent (down .003 percent)
Mortgage rates:
30 year mortgage rate 4.040 percent (up .06 percent)
15 year mortgage rate 3.329 percent (up .046 percent)
20 year mortgage rate 3.886 percent (up .051 percent)
30 year jumbo mortgage rate 4.348 percent (down .038 percent)
30 year FHA mortgage rate 3.988 percent (up .013 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
One year Treasury rate 0.12 percent (unchanged)
Two year Treasury rate 0.25 percent (unchanged)
Five year Treasury rate 0.86 percent (up .03 percent)
Ten year Treasury rate 1.98 percent (up .08 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of January 6, 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 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.
No need to review the action regarding consumer rates last week, this title sums it up just fine. It was a week of light trading as many investors and traders took time off between Christmas and New Years. As this week of light trading came to a close, long term interest rates moved measurably lower, driving mortgage rates to record lows while having only a minimal impact on credit card rates and leaving CD rates mostly intact.
Looking at Treasury rates as a guide to the week, the ten year Treasury bond started the week with a yield at 2.03 percent and closed out on Friday at just 1.89 percent. The five year Treasury rate made a similarly spectacular move, starting at 0.97 percent and then closing down at 0.83 percent, a 14 basis points drop on a bond that yields less than one percent. Short term interest rate changes stayed on the sidelines or moved in the opposite direction of the long term rates.
Short term Treasury rates, overall, were little changed week over week. The six month Treasury rate moved up by two basis points, going from 0.04 percent to 0.06 percent at week’s end. The one year Treasury rate was unchanged, holding in place at 0.12 percent. The two year dipped by three basis points to 0.25 percent, a far cry from the five year Treasuries downward movement of 14 basis points.
Watching Treasury rate changes is always significant since they are the largest and most liquid market involving interest rates. Equally important, the rates investors are willing to pay for these liquid and mostly, riskless returns will dictate the rates on other bond rates, consumer lending rates and savings rates.
This week’s Treasury rate changes couldn’t be more on point. Long term Treasury rates fell measurably as did long term mortgage rates. Short term rates were unchanged, as were CD interest rates which are generally short term securities. Credit card rates, which more closely follow midterm interest rates, followed midterm Treasuries and moved lower by just a fraction.
As the week came to a close, the average 30 year mortgage rates had crossed under 4.00 percent once again to an interest rate of 3.980 percent, a drop of 12 basis points. Jumbo mortgage rates ducked lower by just three basis points to an average rate of 4.386 percent. 30 year FHA mortgage rates also dropped under 4.00 percent, the average 30 year FHA mortgage rate was cheaper by four basis points putting the average rate at 3.975 percent.
CD interest rates were just about unchanged for the week. The only maturity displaying a rate change for the week, among the top ten best CD rates available nationally was the five year term. The average rate on the top ten best five year CD rates was lower by less than ten basis points. All other CD terms, from the three month bank CDs to two year CDs, displayed no change week over week. The average CD rate as measured by the SelectCDrates.com CD rate index of the top three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates was unchanged at 1.099 percent.
The average rate on the top ten best savings account rates and money market account rates was also unchanged this week, leaving the average rate at 0.944 percent.
Credit card rates moved a little lower on the week. Most new credit card offers were unchanged this week, but a few less popular credit card rate changes brought down the average credit card rate by one basis point. The average consumer credit card rate for new card offers closed the week at 13.70 percent after remaining unchanged in the previous week at 13.71 percent.
The Selectcdrates.com weekly bank rate survey listed below provides a detailed report on bank savings rates and lending rates by category for the week ending December 30, 2011. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.099 percent (unchanged)
3 month CD rates 0.498 percent (unchanged)
6 month CD rates 0.771 percent (unchanged)
1 year CD rates 1.060 percent (unchanged)
2 year bank CD rates 1.236 percent (unchanged)
5 year CD rates 1.930 percent (down .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.944 percent (unchanged)
Mortgage rates:
30 year mortgage rate 3.980 percent (down .123 percent)
15 year mortgage rate 3.283 percent (down .060 percent)
20 year mortgage rate 3.835 percent (down .064 percent)
30 year jumbo mortgage rate 4.386 percent (down .036 percent)
30 year FHA mortgage rate 3.975 percent (down .038 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.06 percent (up .02 percent)
One year Treasury rate 0.12 percent (unchanged)
Two year Treasury rate 0.25 percent (down .03 percent)
Five year Treasury rate 0.83 percent (down .14 percent)
Ten year Treasury rate 1.89 percent (down .14 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 30, 2011 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 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.
Bank rates were little changed during the holiday week with the exception of Treasury rates. Sure, CD interest rates moved lower and mortgage rates pushed slightly higher, but the overall level of rate changes in these categories was fairly muted. On the other hand, long term Treasury rates displayed a note worthy uptick on the week.
CD rates, based on the Selectcdrates.com CD rate index, dropped by well under one basis point or 1/100th of a percent. The average CD rate on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs was down by 0.003 percent to an average rate of 1.099 percent. Of the five CD maturities used to compile the CD rate index, only the five year term CD displayed a change in rate. The five year CD rates fell 1.5 basis points while the other four terms remained unchanged week over week.
Consumer home loan costs edged up slightly on the week. All mortgage loan products surveyed by Selectcdrates.com showed a rise in rates. The mortgage rate increases were relatively mild when compared to how far rates had fallen in the subsequent weeks.
The average 30 year mortgage rate from the top ten bank mortgage lenders increased by just under eight basis points to a rate of 4.103 percent. FHA mortgage rates for 30 year term loans spiked up by only five basis points to an average rate of 4.013 percent. The 30 year jumbo mortgage loan rate was up by only a hair more than the average FHA rate, climbing 5.3 basis points to 4.422 percent.
Bank savings account rates showed little activity. The average rate for the top ten highest bank savings account rates and money market rates shed just one half of one basis point to 0.944 percent.
Credit card rates held steady once again. The average rate on consumer credit card offers remained at 13.71 percent as credit card issuers tweaked their cash reward offers and introductory credit card rates while leaving the base credit card rates unchanged.
U.S. Treasury rates were a hotbed of activity compared to bank savings rates and lending rates. The long term, ten year Treasury bond jumped 17 basis points over the span of a week to land at 2.03 percent. The five year made a similar move, advancing 16 basis points to a yield of 0.97 percent. Even the shorter term maturities showed some movement with the two year Treasury rising four basis points to 0.28 percent.
The Selectcdrates.com weekly bank rate survey listed below provides a detailed report on bank savings rates and lending rates by category for the week ending December 23, 2011. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.099 percent (down .003 percent)
3 month CD rates 0.498 percent (unchanged)
6 month CD rates 0.771 percent (unchanged)
1 year CD rates 1.060 percent (unchanged)
2 year bank CD rates 1.236 percent (unchanged)
5 year CD rates 1.9305 percent (down .015 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.944 percent (down .005 percent)
Mortgage rates:
30 year mortgage rate 4.103 percent (up .078 percent)
15 year mortgage rate 3.343 percent (up .039 percent)
20 year mortgage rate 3.899 percent (up .029 percent)
30 year jumbo mortgage rate 4.422 percent (up .053 percent)
30 year FHA mortgage rate 4.013 percent (up .050 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.04 percent (unchanged)
One year Treasury rate 0.12 percent (up .01 percent)
Two year Treasury rate 0.28 percent (up .04 percent)
Five year Treasury rate 0.97 percent (down .16 percent)
Ten year Treasury rate 2.03 percent (down .17 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 23, 2011 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 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.
CD interest rates were prodded lower again this week while mortgage rates were driven down to all time record lows. The continued debt dilemma facing European nations outweighed some positive economic news in the U.S. Scheduled Treasury bond purchases made by the Fed combined with heavy bond purchases brought on by skittish investors eyeballing the ongoing debt debacle overseas pushed Treasury rates down.
Strong demand for U.S Treasury securities pushes the prices higher and the interest rates lower. As Treasury rates move down so do mortgage rates, savings rates and CD rates. At week’s end, the ten year Treasury rate had broken below 2.00 percent and slipped all the way down to 1.86 percent.
The Treasury auction this past week displayed extremely strong demand even with some positive news on the employment front. Thursday’s Jobless Claims report was lowest level of claims thus far this year. A positive report like would normally cause the stock market to rally and bond prices to fall and interest rates to move higher. The demand for the safety of US Treasuries outweighed all other news and lower rates was the theme of the week.
The result of this week’s flight to safety was generally unpleasant for CD rate shoppers and good news for mortgage shoppers. The SelectCDrates.com CD rate index was down but shed less than one basis point; there are one hundred basis points in 1.00 percent. After giving up .5 basis points, the CD rate index ended the week at 1.102 percent. The SelectCDrates.com CD rate index measures the top ten best CD rates available nationally for three month term CDs, six month CDs, one year CDs, two year CDs and bank CDs with a five year maturity.
For the week ending December 16, 2011 only two out of the five terms in the survey experienced interest rate changes. The best three month CD rate held at 0.498 percent, six month CD rates remained at 0.771 percent and the five year term was unchanged with a yield of 1.945 percent. Rates changes were seen in the one year maturities which lost 1.5 basis points off the average rate to 1.060 percent and the two year maturities which gave back less than one basis point, compressing the average two year CD rate to 1.236 percent.
For home buyers searching for a new mortgage loan and existing home owners searching for a refinance, all mortgage rates were lower this past week. The rate reduction on the week was seen on all loan products but was will not change the average loan cost by much due to the relatively minor reduction. The average 30 year mortgage rate from the top bank mortgage lenders was lower by just over one basis point to an average rate of 4.025 percent. 15 year mortgage rates showed an even smaller discount, dipping by less than a basis point which moved the average 15 year rate to 3.304 percent.
FHA mortgage rates and jumbo mortgage rates matched these movements in the conventional loans. The 30 year FHA mortgage rate was lower by slightly more than one basis point which pushed the average rate to 3.963 percent. 30 year jumbo mortgage rates were off by under a basis point to an average rate 4.377 percent.
Though most bank rate followers pay little attention to bank savings rates, this category has taken a beating this year. Savings account rates and money market account rates are variable rate accounts with the rate being susceptible to changes by the bank offering the accounts at anytime. This feature has allowed a number of banks to offer abnormally high rates to bring in new funds and clients without having to lock in the rate paid which could result in mismatched liability and assets rates for the bank. As rates have steadily declined this year, unusually high yielding savings accounts and money market accounts are getting harder to find. This past week, the average interest rate on the top ten highest savings accounts and money market accounts slipped to 0.949 percent.
The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates for the week ending December 16, 2011. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.102 percent (down .005 percent)
3 month CD rates 0.498 percent (unchanged)
6 month CD rates 0.771 percent (unchanged)
1 year CD rates 1.060 percent (down .015 percent)
2 year bank CD rates 1.236 percent (down .009 percent)
5 year CD rates 1.945 percent (unchanged)
Money market and savings account rates:
Bank money market rates and savings account rates 0.949 percent (down .006 percent)
Mortgage rates:
30 year mortgage rate 4.025 percent (down .013 percent)
15 year mortgage rate 3.304 percent (down .006 percent)
20 year mortgage rate 3.870 percent (down .04 percent)
30 year jumbo mortgage rate 4.369 percent (up .008 percent)
30 year FHA mortgage rate 3.963 percent (down .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.04 percent (down .01 percent)
One year Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.24 percent (up .02 percent)
Five year Treasury rate 0.81 percent (down .08 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 December 16, 2011 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 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.
CD interest rates, mortgage rates, savings account rates and credit card rates were all down for the week ending December 9, 2011. The rate reduction among the various bank savings rates and lending rates was relatively weak, but the downward trend was experienced across the board for all bank products surveyed.
With this recent slip in interest rates, many bank products are at or near all time lows. The best three month CD rates have slipped under 0.500 percent for the first time this year as an example on the savings side while 30 year FHA mortgage rates have dipped under 4.00 percent for the first time this year on the lending side.
Longer term US Treasury rates was one outlier this past week as rates on these term securities did move higher in yield as the week came to a close, however, short term and midterm Treasuries led the other bank rates and closed lower for the week. Rate changes on the week were relatively mild but may be telling a story since these reductions over the past two months have taken place when the stock market has risen measurably.
For the week, CD interest rates measured by the best CD rates available in the Selectcdrates.com weekly CD rate survey, slumped by less than one basis point or 1/100th of a percent. The Selectcdrates.com survey revealed that the index of the top CD rates available nationally dropped down to 1.107 percent from 1.115 percent in the week earlier. All CD maturities in the survey displayed lower rates for the week from the three month rates up to the five year rates.
The biggest decline in CD interest rates occurred in the short term maturities. Three month CD rates were off by 1.5 basis points to an average rate of 0.498 percent and the six month rates gave up one basis point, leaving the average six month CD rate at 0.771 percent.
There were several rate shuffles among the top ten best bank savings account rates and money market account rates this week, but when the dust settled, the average interest rate was down by less than 1/00th of percent. The average rate for the top ten highest savings account rates and money market rates was listed again this week at 0.955 percent, the drop in rates not being significant enough to impact the average rate.
New home buyers and exiting home owners looking to refinance are once again staring at very desirable borrowing costs. The average 30 year mortgage rate from the top ten bank mortgage lenders was reduced by over eight basis points, bringing the 30 year rate down to 4.038 percent. The 30 year jumbo mortgage rate was cut back by almost ten basis points to an average rate of 4.377 percent. As noted above, the FHA 30 year rate was down by almost four basis points with the cost of the average FHA mortgage now coming in at 3.988 percent.
Credit card rates for the best credit card rates available on new credit card offers were cheaper by one basis point this past week. The average rate for new card offers from the nations’ largest credit card issuers moved down to 13.71 percent from 13.72 percent in the prior week. This average rate covers the lowest credit card rates marketed by the credit card issuers for the best qualifying tier of credit. The credit card rate survey covers all credit card categories from cash back credit cards to business credit cards.
Treasury rates mimicked the action of the previous week with all maturities moving lower with the exception of the ten year. The six month T-bill slipped one basis point to 0.05 percent from 0.06 percent. One year Treasury rates were also off a basis point to close at 0.11 percent. Two year rates dipped three basis points to move from 0.25 percent to 0.22 percent. The ten year Treasury was higher and closed with a yield of 2.07 percent after closing at 2.05 percent in the previous week.
The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates for the week ending December 9, 2011. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.107 percent (down .008 percent)
3 month CD rates 0.498 percent (down .015 percent)
6 month CD rates 0.771 percent (down .01 percent)
1 year CD rates 1.075 percent (down .003 percent)
2 year bank CD rates 1.245 percent (down .006 percent)
5 year CD rates 1.945 percent (down .006 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.955 percent (unchanged)
Mortgage rates:
30 year mortgage rate 4.038 percent (down .083 percent)
15 year mortgage rate 3.310 percent (down .09 percent)
20 year mortgage rate 3.910 percent (down .009 percent)
30 year jumbo mortgage rate 4.377 percent (up .098 percent)
30 year FHA mortgage rate 3.988 percent (down .037 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
One year Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.22 percent (down .03 percent)
Five year Treasury rate 0.89 percent (down .03 percent)
Ten year Treasury rate 2.07 percent (up .02 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 9, 2011 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 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.
Bank lending rates and bank savings rates moved marginally lower this past week. The range that interest rates moved was once again very tight. While the trading range for bank rates was quite narrow, the direction of rates was decidedly lower. All interest rate categories measured in the Selectcdrates.com weekly bank rate survey turned down with the exception of the 30 year jumbo mortgage. The only other exception to lower interest rates was the ten year U.S Treasury bond which moved slightly higher and was the only Treasury security displaying a higher yield on the week.
CD interest rates dipped down by less than one basis point or 1/100th of a percent. The average rate for the top ten best CD interest rates across all bank CD maturities moved down to 1.115 percent from 1.119 percent. The largest rate change among between the three month CDs, six month CDs, one year CDs, two year CDs and five years CD occurred on the six month maturity. The average rate for the top ten highest six month CD rates was off by 1.0 basis point, pushing the average six month CD rate to 0.781 percent from 0.791 percent in the previous week.
Bank money market account rates and savings account rates took a fairly sizeable hit this week. The average rate on the top highest bank savings accounts and money market accounts gave up 1.1 basis points. The average rate for bank savings rates ended the week at 0.955 after starting the week with a yield at 0.966 percent.
Borrowing costs dropped for home loan borrowers for almost every mortgage loan product with the exception of jumbo mortgage rates which experienced a mild increase. The average 30 year mortgage rate from then top ten bank mortgage lenders was cheaper by just under three basis points. The rate reduction was relatively tame but in the end, the average 30 year rate came down to 4.121 percent.
The 15 year mortgage rate was less expensive by half as much as the 30 year loan. The average 15 year mortgage dropped down to 3.400 percent from 3.417 percent in the week earlier. The 20 year home loan rate met the shorter and longer term loans in the middle and was less costly by 2.6 basis points leaving the 20 year mortgage rate this week at 3.919 percent.
The 30 year jumbo mortgage rate was the only mortgage product to move higher in the weekly survey. The average rate for the 30 year jumbo home loan was up by just 1.2 basis points. The average 30 year jumbo mortgage rate now stands at 4.475 percent after closing at 4.463 percent last week.
Credit card rates were held in place this week after rising one basis point in the prior week. The average rate for new credit card offers remains at 13.72 percent.
Treasury rates were all lower this past week with the exception of the ten year which moved modesty higher. Six month Treasury rates were lower by one basis point, slipping down to 0.06 percent. The one year Treasury also lost one basis point, ending the week with a yield of 0.12 percent. Two year Treasuries fell four basis points to push the yield down to a paltry 0.25 percent. The ten year Treasury moved in the other direction and gained yield over the week. The ten year Treasury rate ended the week at 2.05 percent after a start below 2.00 percent (1.97 percent).
The Selectcdrates.com weekly bank rate survey provides a detailed report on bank savings rates and lending rates for the week ending December 2, 2011. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.115 percent (down .004 percent)
3 month CD rates 0.513 percent (down .005 percent)
6 month CD rates 0.781 percent (down .01 percent)
1 year CD rates 1.078 percent (down .002 percent)
2 year bank CD rates 1.251 percent (down .005 percent)
5 year CD rates 1.951 percent (unchanged)
Money market and savings account rates:
Bank money market rates and savings account rates 0.955 percent (down .011 percent)
Mortgage rates:
30 year mortgage rate 4.121 percent (down .028 percent)
15 year mortgage rate 3.400 percent (down .017 percent)
20 year mortgage rate 3.919 percent (down .026 percent)
30 year jumbo mortgage rate 4.475 percent (up .012 percent)
30 year FHA mortgage rate 4.025 percent (unchanged)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.12 percent (up .01 percent)
Two year Treasury rate 0.25 percent (down .04 percent)
Five year Treasury rate 0.92 percent (down .01 percent)
Ten year Treasury rate 2.05 percent (up .08 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of December 2, 2011 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 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.
Bank rates bounced around within a narrow range during the shortened, Thanksgiving holiday week. The week turned out to be a mixed bag regarding the direction of interest rates; however consumers were on losing the side of the interest rate action whether they were acting as borrowers or savers.
Bank savings rates turned lower by the time the week came to a close with CD interest rates falling just marginally to an average rate of 1.119 percent and bank savings account rates slipping a bit more to an average rate of 0.966 percent. The average bank CD rate is measured by the weekly Selectcdrates.com CD rate index that evaluates the top ten highest CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs. Savings account rates are measured by the weekly bank savings rate index that measures the average rate for the top ten highest bank savings account rates and money market account rates.
While savings rates ticked lower, lending rates ratcheted up higher. As with bank savings rates and CD rates, the change in lending rates was relatively restrained. Rates on new credit card rates were elevated by just one basis point to an average rate of 13.72 percent. Mortgage rates were higher for all loan products in the weekly mortgage rates survey with the exception of the 20 year term loan which was reduced by less than one basis point. The average 30 year mortgage arte advanced five basis points to 4.149 percent while the average FHA mortgage rate moved up by 2.5 basis points to an average rate of 4.025 percent.
Treasury rates moved in the opposite direction of bank lending and savings rates. Bank savings rates are generally influenced by short term rate changes while lending rates, especially mortgage rates, are more heavily influenced by long term rate actions. Mortgage rates were up this past week and long term Treasury rates actually turned lower. The ten year Treasury dipped down four basis points, breaking 2.00 percent, to end the week at 1.97 percent. The five year Treasury rate also moved lower to close the week at 0.93 percent. On the other end of the yield curve, six month Treasury rates gained three basis points to end the week at 0.07 percent and the one year Treasury moved up one basis point to 0.13 percent.
The Selectcdrates.com weekly bank rate survey for November 25, 2011 provides a more detailed report of the bank savings rates and lending rates for the week. The weekly rate survey presented the following interest rate and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.119 percent (down .009 percent)
3 month CD rates 0.518 percent (down .009 percent)
6 month CD rates 0.791 percent (down .015 percent)
1 year CD rates 1.080 percent (down .007 percent)
2 year bank CD rates 1.256 percent (down .012 percent)
5 year CD rates 1.951 percent (unchanged)
Money market and savings account rates:
Bank money market rates and savings account rates 0.966 percent (down .01 percent)
Mortgage rates:
30 year mortgage rate 4.149 percent (up .05 percent)
15 year mortgage rate 3.417 percent (up .037 percent)
20 year mortgage rate 3.945 percent (down .005 percent)
30 year jumbo mortgage rate 4.463 percent (unchanged)
30 year FHA mortgage rate 4.025 percent (up .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (up 0.01)
Treasury rates:
Six month Treasury rate 0.07 percent (up .04 percent)
One year Treasury rate 0.13 percent (up .01 percent)
Two year Treasury rate 0.29 percent (down .01 percent)
Five year Treasury rate 0.93 percent (down .01 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 November 25, 2011 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 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.
While the U.S. economy appears to be moving forward, trouble in Euro land sent bank rates lower once again. CD interest rates, mortgage rates and savings account rates all moved lower for the week ending November 18, 2011. Credit card rates remained unchanged and Treasury rates were mixed with a slight bias to the upside.
The European debt crisis shows no sign of coming to a close. Even though there are a number of financial pundits that believe that a quick resolution can be worked out if the Euro leaders take concerted actions, the problem in Europe is extremely difficult to repair. The nations in Europe that have accumulated large deficits and big debts are not likely to see significant economic growth in the coming years. Without strong growth, higher tax revenues and lower social costs will not materialize. That means debt payments will not go down and will most likely increase, making their debt payment issues worse as time goes on.
Without increasing revenue, default looms on the horizon. Even when the ECB buys the government debt of the weaker countries, principal and interest payments still have to be made on the bonds that would be held by the ECB. The bottom line, when the individual countries have debt payments that strain the government budgets the two key solutions are greater revenue (when the US ran a large budget surplus in 2000, tax revenue had increased measurably as the economy expanded) or lower payments via fewer outstanding bonds which is accomplished with a default on all or part of the debt.
A third solution is to inflate the currency and make the debt payments lower in value with higher inflation rates, but the ECB doesn’t really have that option like the Federal Reserve of the U.S.
The moral of the story is that the European leaders have very few options to handle the debt bubble and it is not going to be resolved this year.
While Europe drowns in debt, the positive economic signs in the U.S economy are not enough to push interest rates higher. Based on the most recent survey of bank rates performed by Selectcdrates.com, bank savings rates and lending rates moved marginally lower again.
Bank rates were down across the board, although the rate decreases were fairly mild for some products. Highlights of the week’s interest rate activity include: 30 year mortgage rates dropping 2.5 basis points to 4.099 percent, average CD interest rates for the top CD rates across multiple maturities moved down by slightly more than one basis point to 1.128 percent, bank savings and money market rates dipped by a little under one basis point to an average rate of 0.976 percent and credit card rates remained intact.
One twist in the interest rate data this week was the direction of Treasury rates. Treasury rates remained in a very narrow range for the week but, in contrast to bank rates, Treasury rates ended the week higher for almost all maturities.
A more detailed report of bank savings rates and lending rates is detailed below. The Selectcdrates.com weekly bank rate survey for November 18, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.128 percent (down .011 percent)
3 month CD rates 0.527 percent (unchanged)
6 month CD rates 0.806 percent (unchanged)
1 year CD rates 1.087 percent (up .01 percent)
2 year bank CD rates 1.268 percent (down .005 percent)
5 year CD rates 1.951 percent (down .041 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.976 percent (down .009 percent)
Mortgage rates:
30 year mortgage rate 4.099 percent (down .025 percent)
15 year mortgage rate 3.380 percent (down.008 percent)
20 year mortgage rate 3.950 percent (down .008 percent)
30 year jumbo mortgage rate 4.463 percent (unchanged)
30 year FHA mortgage rate 4.000 percent (down .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.04 percent (up .01 percent)
One year Treasury rate 0.12 percent (up .02 percent)
Two year Treasury rate 0.29 percent (up .05 percent)
Five year Treasury rate 0.94 percent (up .04 percent)
Ten year Treasury rate 2.01 percent (down .03 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 18, 2011 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 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.
Changes in bank rates on both lending and savings side were very limited in the shortened week that ended November 11, 2011. Treasury rates also showed very little activity for the week with most maturities have current yields that stayed within two basis points or 2/100’s of a percent from the prior week’s closing yield.
The average rate for the top bank CD interest rates as measured by the Selectcdrates.com index of the top ten highest CD rates across various maturities was unchanged from the preceding week. Mortgage rates displayed the greatest variation in rates over the week yet most mortgage loan products were offered with interest rates that were within five basis points of the rates offered in the prior week.
The average rate in the Selectcdrates.com CD rate index held at 1.139 percent. The short term, 3 month CD rates in the weekly survey, were unchanged at 0.527 percent. Six month CD rates were off by less than one basis point, ending the week with an average interest rate of 0.806 percent. The top ten one year CD rates closed out higher, albeit by an extremely slim margin. The average rate for the best one year CD rates ended the week at 1.097 percent. Two year CD rates were undisturbed on the week at 1.273 percent. The rate for the highest five year CD rates experienced a minor gain, less than one basis point, and ended the week with an average yield of 1.992 percent.
Mortgage rates were mixed with most mortgage loan products ending the week just slightly lower from where they started. The average rate on the 30 year fixed rate mortgages dipped by 1.4 basis points to 4.124 percent. The 15 year mortgage rates were cheaper for new home loan borrowers by just slightly more than the 30 year. The average rate for the 15 year mortgage moved down to 4.124 percent from 3.416 percent in the week earlier. Twenty year mortgage rates moved in the opposite direction and were more expensive by five basis points, pushing the average rate up to 3.958 percent.
Jumbo mortgage rates were little changed over the week. The average 30 year jumbo mortgage rate was less costly by 2.5 basis points which brought the average rate on a jumbo loan down to 4.463 percent. The 30 year FHA mortgage rate was remained in place. The average 30 year FHA mortgage rate form the top ten bank mortgage lenders held at 4.025 percent.
The average rate for new credit card offers was unchanged. This week saw another big round of credit card promotions and marketing initiatives by the big credit card companies. The new promotions included new card names, new rewards and some changes to introductory credit card rates. However, excluding the introductory rates there was no net change in the average long term rates offered on new credit cards and rates remained at 13.71 percent
Bank money market rates and savings account rates displayed some variability this week, but the average rate change was almost imperceptible. The average rate for the top ten highest savings account rates and money market account rates was lower by 1/1000th of a percent. The average rate ended the week at 0.985 percent after closing at 0.986 percent in the previous week.
Treasury rates traded in a very tight range. The six month Treasury rate was unchanged at 0.03 percent. The one year rate was lower by one basis point at 0.10 percent. The two year and five year Treasury each gained two basis points to close at 0.24 percent and 0.90 percent, respectively. The ten year Treasury moved the other way and was lower in yield by two basis points to end the week at 2.04 percent.
A more detailed report of bank savings rates and lending rates is detailed below. The Selectcdrates.com weekly bank rate survey for November 11, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.139 percent (unchanged)
3 month CD rates 0.527 percent (unchanged)
6 month CD rates 0.806 percent (down .006 percent)
1 year CD rates 1.097 percent (up .002 percent)
2 year bank CD rates 1.273 percent (unchanged)
5 year CD rates 1.992 percent (up .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.985 percent (down .001 percent)
Mortgage rates:
30 year mortgage rate 4.124 percent (down .014 percent)
15 year mortgage rate 3.388 percent (down.028 percent)
20 year mortgage rate 3.9586 percent (up .052 percent)
30 year jumbo mortgage rate 4.463 percent (down .025 percent)
30 year FHA mortgage rate 4.025 percent (unchanged)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.03 percent (unchanged)
Two year Treasury rate 0.24 percent (up .02 percent)
Five year Treasury rate 0.90 percent (up .02 percent)
Ten year Treasury rate 2.04 percent (down .02 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 11, 2011 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 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.
The factors contributing to low bank rates not only remain unabated but picked up some wind this past week. The direction of Treasury rates, mortgage rates, bank rates, savings rates and CD rates have been subject to the debt overload and governing spectacle in Europe as well as the low demand for bank funds in the U.S.
The Feds decision to put the gas pedal on monetary policy throughout the year has flooded banks with excess reserves. Combined excess reserves with a slow economy and banks have no need to compete for consumers savings, since their vaults are already full with cash.
Bank savings rates and CD rates are influenced by the banks need to compete to attract deposits and the overall level of interest rates that sets the benchmark for rates on comparable low risk savings alternatives. With little demand for funds and an overall bounty of excess reserves, the banking industry is not fighting to gain depositors funds as they have no need to. Combine that with the extremely low Treasury rates, a key indicator for comparable low risk investment alternatives to bank savings rates, and bank rates are offering absolutely dismal rates of return for savers and investors.
Of course, the other side of the equitation are lending rates. Bank lending rates are at or near historically lows for most loan products. Mortgage rate moved decidedly lower again this week as did auto loans rates. Credit card rates fell as well, but credit card rates have been running in a different direction all year, moving higher throughout the year as most all bank lending rates moved lower.
For the week ending November 4, 2011 bank rates were lower for all bank products in the weekly bank rate survey performed by Selectcdrates.com. Mortgage rates were measurably lower with the 30 year fixed rate home loan falling by 15 basis points or 15/100s of a percent to close the week at 4.138 percent. 30 year jumbo mortgage rates were down by a similar amount, cutting almost 13 basis points off the average rate top 4.488 percent.
CD interest rates were off by one basis point as measured by the Selectcdrates.com composite CD rate index. The index measures the average rate for the top ten highest CD rates with terms of three months, six months, one year, two year and five years. The CD interest rate index ended the week at 1.139 percent after opening the week at 1.150 percent. The biggest rate changes occurred in the long end of the CD rate curve with the average five year CD rate down by over five basis points to 1.987 percent. In contrast to the large dip in long rates, the top ten best three month CD rates were unchanged at 0.527 percent and the best one year CD rates were down by just one basis point to 0.812 percent.
Bank money market rates and savings account rates barely budged for the week but were in fact down for the week. The average rate for the top ten highest savings account rates and money market account rates drifted down by less than one basis point. The average rates for savings accounts ended the week at 0.986 percent, off of last week’s close of 0.988 percent.
Treasury rates were down across the board, some terms falling by astonishing margins. The six month Treasury rate coasted down three basis points to close with a yield of 0.03 percent. The two year treasury gave back six basis points from the yield to end the week with a rate of 0.22 percent. The five year was thumped and dropped 25 basis points, falling from above 1.00 percent at the start of the eek to 0.88 percent on Friday.
A more detailed report of bank savings rates and lending rates is detailed below. The Selectcdrates.com weekly bank rate survey for November 4, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.139 percent (down .011 percent)
3 month CD rates 0.527 percent (unchanged)
6 month CD rates 0.812 percent (down .015 percent)
1 year CD rates 1.095 percent (up .005 percent)
2 year bank CD rates 1.273 percent (down .007 percent)
5 year CD rates 1.987 percent (down .052 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.986 percent (down .002 percent)
Mortgage rates:
30 year mortgage rate 4.138 percent (down .15 percent)
15 year mortgage rate 3.416 percent (down.117 percent)
20 year mortgage rate 3.906 percent (down .165 percent)
30 year jumbo mortgage rate 4.488 percent (down .125 percent)
30 year FHA mortgage rate 4.025 percent (down .075)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.03 percent (down .03 percent)
Two year Treasury rate 0.22 percent (down .06 percent)
Five year Treasury rate 0.88 percent (down .25 percent)
Ten year Treasury rate 2.06 percent (down .28 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of November 4, 2011 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 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.
Interest rate markets had a fairly active week. Interest rates swirled up and down as the markets continued to shrug off some of the issues in Europe and a slow U.S. economy. By the time the week came to a close, the greatest interest rate changes were in the Treasury market. Mortgage rates moved higher but the change was quite modest. Credit card rates also posted an increase on the week, also quite mild. CD interest rates and bank savings account rates on the other hand, went the other way and moved slightly lower as the week came to a close.
The biggest upside movement came from the Treasury market, specifically the long term bonds. Ten year Treasury rates bumped 11 basis points or 11/100ths of a percent to end the week at 2.34 percent. Five year Treasury rates were up five basis points to close the week at 1.13 percent. On the other end of the curve, six month Treasury rates moved up by just one basis point to 0.06 percent and the two year lost two basis points to end at 0.28 percent.
When it comes to discussing the dismissal performance of bank CD rates it really helps to put these rates in a good light by opening the discussion with Treasury rates. For those savers and investors who are disappointed in CD yields just make sure you compare the top ten best CD rates with those rates offered on U.S Treasuries.
This past week, the average yield for the top ten highest six month bank CDs fell by over three basis points, placing the average rate for the best six month CD rates at 0.827 percent. While this is unquestionably a pathetic rate of return, this yield is over 13 times higher than the rate on the six month Treasury security. Moving slightly further out in the yield curve, the average rate on the one year CDs moved lower by just over one basis point to an average yield of 1.090 percent. Again, a rather anemic return except when compared to a similar risk free rate of return found in Treasuries where the one year rate is just 0.28 percent.
Overall CD interest rates as measured by the Selectcdartes.com CD rate index, dropped by less than one basis point. The average CD rate for the top ten best CD rates on CD terms from six months to five years ended the week at 1.150 percent after ending the previous week at 1.158 percent.
Along with declining rates in six month CDs and one year CDs, two year CD rates dipped lower by 1.2 basis points, moving the average rate down to 1.266 percent. The three month bank CDs walked away without damage, the average arte for the top ten best three month CDs held at 0.527 percent. The five year CDs saw an increase in yield this week. The increase was brought on by one key rate change among the top ten best five year CD rates. The average rate in this term category bounced up almost two basis points to 2.039 percent.
Mortgage rates watched CD rates dip and decided not to play along. Mortgage rates over this past week moved higher for all mortgage terms measured in the weekly bank mortgage rate survey performed by Selectcdrates.com with the exception of the twenty year mortgage which moved ever so slightly lower. The rate increases for the 30 year, 15 year, FHA mortgages and jumbo mortgages were relatively mild.
30 year mortgage rates were up on the week by just under five basis points. The average rate for the 30 year fixed rate mortgage from the top ten bank mortgage lenders in the weekly survey ended at 4.288 percent. 15 year mortgage rates increased by an almost identical amount, the average 15 year mortgage rates moved up to 3.533 percent from 3.488 percent in the prior week.
The 30 year FHA mortgage rate increased by over three basis points to 4.100 percent from 4.063 percent in the week earlier. The 30 year jumbo was higher by 2.5 basis points to 4.613 percent. The twenty year, the only mortgage rate that was cheaper this week, was lower by .001 percent to an average rate of 4.071 percent.
Bank money market rates and savings account rates were down by just a hair. The average rate for the top ten highest savings account rates and money market account rates was down by only .005 percent leaving the average yield on these savings products at 0.988 percent.
Credit card companies decided to raise rates again. The average rate on new credit card offers this week were higher by one basis point. Not much of a gain, but unlike most every other category of bank rates that moved lower this year, credit card rates are higher now than where they started the year. The average rate on new credit card offers is now at 13.72 percent.
The Selectcdrates.com weekly bank rate survey for October 28, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.150 percent (down .008 percent)
3 month CD rates 0.527 percent (unchanged)
6 month CD rates 0.827 percent (down .033 percent)
1 year CD rates 1.090 percent (down .014 percent)
2 year bank CD rates 1.266 percent (down .012 percent)
5 year CD rates 2.039 percent (up .019 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.988 percent (down .005 percent)
Mortgage rates:
30 year mortgage rate 4.288 percent (up .048 percent)
15 year mortgage rate 3.533 percent (up .045 percent)
20 year mortgage rate 4.071 percent (down .001 percent)
30 year jumbo mortgage rate 4.613 percent (up .025 percent)
30 year FHA mortgage rate 4.100 percent (up .037)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (up .01 percent)
Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
Two year Treasury rate 0.28 percent (down .02 percent)
Five year Treasury rate 1.13 percent (up .05 percent)
Ten year Treasury rate 2.34 percent (up .11 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 28, 2011 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 please see: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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.
Interst rates have been fairly volatile over the past several days with mortgage rates hitting record lows and then bouncing higher, Treasury rates also dropping and bouncing up and the only stable movement comes from CD interest rates which unfortunately, just continue to move lower.
Mortgage rates improved over the course of the week across all mortgage terms measured in the Selectcdrates.com weekly mortgage rate survey. Granted, the rate reduction was relatively mild. 30 year mortgage rates were down by almost 6 basis points or 6/100’s of a percent. The average rate for a 30 year fixed rate mortgage from the top ten bank mortgage lenders ended the week at 4.240 percent after rising to 4.299 percent in the previous week.
CD interest rates were driven lower with a little more vigor than that found in mortgage rates. The average CD rate as measured by the top ten best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates available nationally shed 1.4 basis points. The average CD rate closed the week at 1.158 percent, off of the prior week’s average rate of 1.172 percent.
Bank savings account rates and money market account rates also took a pretty good beating this week. The average rate on the top ten highest bank savings account rates and bank money market account rates was slashed by just shy of two basis points putting the average rate under 1.00 percent for the first time this year. The average rate on these bank accounts fell to 0.993 percent from 1.012 percent in the week earlier.
Credit card rates remained in check this week. Credit card rates this year have no bearing on the activity of the overall interest rate market. While car loan rates, mortgage rates, CD rates and Treasury rates remain highly correlated and move in the same direction, the vast majority of the time credit card rates continue to be an outlier. Credit card rates have increased for most of the year and remained stable on the weeks they didn’t increase with very few weeks showing falling rates. There are a number of explanations for this phenomenon ranging from the recent credit card laws and regulations to limited competition among the large credit card issuers. Whatever the cause, there is no question that credit card rates remain elevated and that the banks are making outsized profits on their credit card portfolios.
Treasury rates were modestly lower on the week with some divergence between short term and long term rates. The ten year Treasury bond rate was off by just three basis points, ending the week with a yield of 2.23 percent from 2.26 percent last week. The five year Treasury note was down by four basis points, dropping to 1.08 percent. The one year Treasury rate, on the other hand, gained one basis pint to 0.12 percent from 0.11 percent.
The Selectcdrates.com weekly bank rate survey for October 21, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.158 percent (down .014 percent)
3 month CD rates 0.527 percent (unchanged)
6 month CD rates 0.860 percent (down .022 percent)
1 year CD rates 1.104 percent (unchanged)
2 year bank CD rates 1.278 percent (down .023 percent)
5 year CD rates 2.020 percent (down .028 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 0.993 percent (down .019 percent)
Mortgage rates:
30 year mortgage rate 4.240 percent (down .059 percent)
15 year mortgage rate 3.488 percent (down .087 percent)
20 year mortgage rate 4.072 percent (down .083 percent)
30 year jumbo mortgage rate 4.588 percent (down .061 percent)
30 year FHA mortgage rate 4.063 percent (down .037)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
Two year Treasury rate 0.30 percent (up .02 percent)
Five year Treasury rate 1.08 percent (down .04 percent)
Ten year Treasury rate 2.23 percent (down .03 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 21, 2011 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 bank rate information and detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates please see: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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.
Short term interest rates were little change for the week ending October 14, 2011 while long term rates moved higher. Long term bank rates and Treasury rates bumped up right at the start of the week and remained elevated up to Friday’s close. Short term rates were more mixed over the same period, rising on Monday but then settling down as the week moved along. The Treasury rate changes set the guideposts for bank savings rates and lending rates.
The difference between long and short Treasuries tells the tale of this week’s bank rate action. One year Treasury rates ended the week right where they started at 0.11 percent while the 10 year Treasury bond gained 16 basis points or 16/100’s of a percent to end the week with a yield of 2.26 percent.
Mortgage rates were higher across the board for the week from the 10 year mortgage rates up to the 30 year mortgage rates. CD rates dipped but the downward movement was quite mild with long term CD interest rates covering the bulk of the rate reduction for the week. Credit card rates remained in check and savings account rates were lower by a comparatively modest amount.
CD interest rates showed little change with the exception of the long term, five year, rates. The Selectcdrates.com index of the top ten best CD rates for three month through five year CDs was off by less than one basis point this week. The average rate, covering the best bank CDs for all terms, slipped down to 1.172 percent from 1.176 percent in the week earlier.
The best three month CD rates as measured by the average rate coming from the top bank CD rates with a three month term was unchanged at 0.527 percent. Six month CD rates experienced a very small yield loss, with the average rate on the top ten best six month CD rates falling to 0.882 percent from 0.887 percent in the prior week. The average rate on one year CDs was unchanged on the week with the average yield holding at 1.104 percent.
Two year CD rates dropped on the week, but this CD term was also off by less than one basis point. The average rate for two year term CDs declined to 1.301percent from 1.304 percent in the previous survey week. Five year CDs displayed the greatest rate change albeit, a somewhat muted figure. The average five year certificate gave up .008 percent on the week pushing the average five year rate down to 2.048n percent.
Mortgage rates followed the long term Treasury rates and moved higher. 30 year fixed rate mortgages were up by nine basis points bringing the average rate up to 4.299 percent. The average 15 year mortgage rate plodded up by just over seven basis points to 3.575 percent.
Twenty year mortgage rates rose by eight basis points placing the average 20 year mortgage rate at 4.155 percent. Jumbo mortgage rates with a 30 year term showed only a minor increase; the average jumbo mortgage rate was up by less than three basis points putting the rate at 4.650 percent. FHA mortgage rates managed to end the week with no change. The average 30 year FHA mortgage rate remained at 4.100 percent.
The average rate for the top ten bank savings account rates showed a rather sizeable decline. The average yield on the top ten highest savings account rates and money market account rates lost slightly more than one basis point with the average rate now coming in at 1.012 percent.
Credit card rates across all credit card categories experienced no visible change in the average rate. The current average credit card rate held at 13.71 percent.
Treasury rates were split with the short term showing little change and long term rates ending measurably higher. Six month Treasury rates increased two basis points to a yield of 0.06 percent. One year Treasury rates were unaltered at 0.11 percent. Five year Treasury rates gained four basis points to 1.12 percent. The ten year yield left the others in the dust and shot up by 16 basis points to 2.26 percent.
The Selectcdrates.com weekly bank rate survey for October 14, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.172 percent (down .004 percent)
3 month CD rates 0.527 percent (unchanged)
6 month CD rates 0.882 percent (down .005 percent)
1 year CD rates 1.104 percent (unchanged)
2 year bank CD rates 1.301 percent (down .003 percent)
5 year CD rates 2.048 percent (down .008 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.012 percent (down .014 percent)
Mortgage rates:
30 year mortgage rate 4.299 percent (up .09 percent)
15 year mortgage rate 3.575 percent (up .075 percent)
20 year mortgage rate 4.155 percent (up .08 percent)
30 year jumbo mortgage rate 4.650 percent (up .026 percent)
30 year FHA mortgage rate 4.100 percent (unchanged)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.06 percent (up .02 percent)
Two year Treasury rate 0.28 percent (down .02 percent)
Five year Treasury rate 1.12 percent (up .04 percent)
Ten year Treasury rate 2.26 percent (up .16 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 14, 2011 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 CD interest rate, credit card rate and mortgage rate resources can be found at the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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 were a mixed bag for the week ending October 7, 2011. Short term rates continued their trek lower while midterm and long term rates shot up higher. The first full week of the second quarter started out the same way the first quarter ended with lower bank rates and rising bond prices however, the monthly employment report on Friday sent mortgage rates and Treasury rates higher while CD interest rates did not react so quickly and maintained their unrelenting downward spiral in yields.
The Employment Situation Report for September was nothing to write home about but was stronger than expected. The greater than expected increase in jobs drove bond prices down and conversely, pushed interest rates and bank lending rates higher.
CD interest rates as measured by the Selectcdrates.com index of the top ten best CD rates for three month through five year CDs, slipped by greater than two basis points or 2/100ths of a percent. The average for the top ten best national CD rates shrunk to 1.176 percent from 1.197 percent in the prior week.
Three month CD rates lost exactly one basis point, leaving the average rate at 0.527 percent. The top ten best six month CD rates were lower by just over one basis point, cutting the average yield to 0.887 percent. There was less than one basis point drop for the one year CDs. The average interest rate for the top ten highest one year CDs shrunk to 1.104 percent from 1.112 percent in the week earlier.
Two year CD rates were also reduced by less than a basis point with the average rate contracting to 1.304 percent from 1.317 percent. Five year CD rates were on the receiving end of solid whooping and plunged over six basis points. The average five year CD rate from the top ten bank CDs now stands at 2.056 percent.
Mortgage rates moved entirely in the opposite direction of bank CD rates. The average 30 year fixed rate mortgage edged up by 12 and one half basis points. The average rate on the 30 year fixed rate home loan from the nation’s top ten bank mortgage lenders ended the week at 4.209 percent after starting the week at 4.084 percent. 15 year mortgage rates jumped by a little more than eight basis points to 3.500 percent.
The twenty year terms got hammered, increasing by almost 30 basis points. The average 20 year mortgage rate shot up past 4.00 percent to 4.075 percent by week’s end. 30 year FHA mortgage rates climbed 11 basis points to an average rate of 4.100 percent. The 30 year jumbo mortgage rates hopped up by a similar amount, making the average 30 year jumbo loan rate 4.624 percent.
Bank savings account rates held the one bright spot for the week. The average yield on the top ten highest savings account rates and money market account rates were held in check. The average yield, on these bank products remained at 1.026 percent this past week.
Credit card rates followed mortgage rates and Treasury rates by moving higher week over week. The weekly credit card interest rate increase was quite mild with a one basis point change. The current average rate on new credit card offers, covering all credit card categories, now stands at 13.71 percent.
Treasury rates took flight on the long end of the curve but managed to retreat on the short end. Six month Treasury rates gave up two basis points to yield 0.04 percent. One year Treasury rates did the same, dipping two bp’s to 0.11 percent from 0.13 percent in the week earlier. Five year Treasury rates skipped past 1.00 percent, rising by ten basis points to close the week at 1.08 percent. The ten year made a similar statement, shooting over 2.00 percent with a 18 basis point increase which left the ten year yield at 2.10 percent.
The Selectcdrates.com weekly bank rate survey for October 7th, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.176 percent (down .021 percent)
3 month CD rates 0.527 percent (down .01 percent)
6 month CD rates 0.887 percent (down .011 percent)
1 year CD rates 1.104 percent (down .008 percent)
2 year bank CD rates 1.304 percent (down .013 percent)
5 year CD rates 2.0560 percent (down .064 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.026 percent (unchanged)
Mortgage rates:
30 year mortgage rate 4.209 percent (up .125 percent)
15 year mortgage rate 3.500 percent (up .083 percent)
20 year mortgage rate 4.075 percent (up .229 percent)
30 year jumbo mortgage rate 4.624 percent (up .111 percent)
30 year FHA mortgage rate 4.100 percent (up .112 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (up 0.01)
Treasury rates:
Six month Treasury rate 0.04 percent (down .02 percent)
Two year Treasury rate 0.30 percent (up .05 percent)
Five year Treasury rate 1.08 percent (up .10 percent)
Ten year Treasury rate 2.10 percent (up .18 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of October 7th, 2011 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 CD interest rate, credit card rate and mortgage rate resources can be found at the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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 moved out of synch for the first time in several weeks during the final week of September. CD interest rates were lower across the spectrum of maturities as the week came to a close. Bank savings account rates were down as were credit card rates. In the meantime, Treasury rates moved higher week over week and mortgage rates were mixed with a bias towards higher rates on the most popular mortgage products.
Yields were lower this past week for three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates. The Selectcdrates.com composite CD rate index which takes the average of the top ten best rates across all five popular CD terms (three month to five year) was pushed lower by 1.4 basis points. One basis point is equal to 1/100th of a percent. The index ended the week on September 30th at 1.197 percent.
Three month CD rates moved lower by one basis point on the week to an average yield of 0.547 percent. The best six month CD rates dipped by less than one basis point to an average interest rate of 0.898 percent. The highest one year CD rates were hit hard, falling just under three basis points. The average rate for the top ten highest one year CD rates settled at 1.112 percent. The top two year certificate of deposit rates also gave up almost three basis points, moving down to an average rate of 1.317 percent. The best five year CD rates showed little impact and shed less than a basis point, leaving the average yield at 2.120 percent.
The average rate for the best bank savings account rates and money market account rates was off by little more than one basis point. The top ten bank rates in this category started the week at 1.039 percent and closed the week with an average rate of 1.026 percent.
Mortgage rates were all over the place for the week. As mortgage interest rates have come down sharply over the past few weeks, the average rate for the top ten bank mortgage lenders ahs moved somewhat irregularly as some banks priced their loans based on volume and not in direct relationship to the prices on mortgage backed bonds.
The average 30 year mortgage rate moved up by just over one basis point, a very small change in mortgage rates, to end the week at 4.084 percent. 15 year rates, on the other hand, were hammered. The average 15 year mortgage rate from the top ten bank mortgage lenders jumped by 14 basis points to an average rate of 3.417 percent. 20 year mortgage rates moved in the opposite direction, dropping by 11 basis points. The average 20 year mortgage rate ended the week at 3.846 percent.
Jumbo mortgage rates were higher for the week by five basis points. The average 30 year term jumbo mortgage rate came in at 4.513 percent. 30 year FHA loans were slightly lower. The average FHA mortgage rate was down by 2.5 basis points pushing the average borrowing cost on these loans to 3.988 percent.
Credit card rates moved lower in this week’s survey. The average rate on new credit card offers, covering all credit card categories, moved down by one basis point. The average credit card interest rate now stands at 13.70 percent. While credit card rates did move lower, for the year to date figures, credit card rates are higher now than when they started the year. A stunning position considering how much the general level of interest rates have fallen over the same time period.
Treasury rates were higher across the board. Six month T-bill rates increased four basis points to 0.06 percent. The one year Treasury rate rose three basis points to 0.13 percent. Five year Treasuries were up by seven basis points to close at 0.96 percent. The ten year gained eight basis points but managed to remain under 2.00 percent with a closing yield of 1.92 percent.
The Selectcdrates.com weekly bank rate survey for September 30, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.197 percent (down .014 percent)
3 month CD rates 0.537 percent (down .01 percent)
6 month CD rates 0.898 percent (down .004 percent)
1 year CD rates 1.112 percent (down .029 percent)
2 year bank CD rates 1.317 percent (down .02 percent)
5 year CD rates 2.120 percent (down .006 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.026 percent (down .013 percent)
Mortgage rates:
30 year mortgage rate 4.084 percent (up .017 percent)
15 year mortgage rate 3.417 percent (up .142 percent)
20 year mortgage rate 3.846 percent (down .111 percent)
30 year jumbo mortgage rate 4.513 percent (up .05 percent)
30 year FHA mortgage rate 3.988 percent (down .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (down 0.01)
Treasury rates:
Six month Treasury rate 0.06 percent (up .04 percent)
Two year Treasury rate 0.25 percent (up .02 percent)
Five year Treasury rate 0.96 percent (up .07 percent)
Ten year Treasury rate 1.92 percent (up .08 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 30, 2011 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 CD interest rate, credit card rate and mortgage rate resources can be found at the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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 lending rates made significant improvements for the week ending September 23, 2011. Significant improvement for lending rates translates into lower mortgage rates, credit card rates and auto loan rates. Sadly, when there are improvements in lending rates there are generally losses in other rates or lower bank CD rates and saving account rates. And that is just the scenario that unfolded over the past week.
After the Thursday FOMC announcement (Federal Open Market Committee) in which the Federal Reserve announced they would sell short term securities and buy long term bonds ( dubbed Operation Twist) long Treasury rates moved measurably lower as did mortgage rates and bank savings rates. It was rather surprising just how much Treasury bonds moved and interest rates dropped based on their already remarkably low levels of rates leading up to the announcement.
The average CD interest rate covering the best three month CD rates through the best five year CD rates fell by over three basis points or 3/100’s of a percent. The average CD interest rate closed out on Friday at 1.211percent after starting the week at 1.243 percent.
The average rate for the top ten best three month CD rates dipped down by 2.6 basis points, leaving the average three month rate at 0.547 percent. The best six month CD rates lost an almost identical sum, falling to 0.902 percent from 0.927 percent in the week earlier. The top one year CD rates shed just under two basis points, dipping to 1.141 percent. The two year bank CD rates also lost fewer than two points, placing the average two year CD rate at 1.337 percent. The best five year CD rates were pummeled, dropping over seven basis points. The average rate for the top ten best five year CDs was driven down to 2.126 percent from 2.203 percent in the previous week.
Bank money market and savings account rates held up fairly well. The average rate for the top ten highest bank savings account rates and money market account rates moved lower by just .001 percent moving from 1.040 percent last week to 1.039 percent this week.
Mortgage rates ended the week measurably lower with accelerated movements to the downside immediately after the Thursday Fed announcement. The rate on a 30 year mortgage based on the average rate from the top ten bank mortgage lenders was down by 18 basis points to 4.067 percent this past week. The average 15 year term mortgage was lower by half that amount or 7.5 basis points which pushed the average 15 year mortgage rate to 3.275 percent.
Twenty year mortgage rates closely followed the 15 and slipped by just over six basis points to an average rate of 3.957 percent. 3o year jumbo mortgage rates gave up 7.5 basis points to land at 4.463 percent at week’s end. And the 30 year FHA mortgage rate was pressed down to 4.013 percent or ten basis points off of last week’s average rate.
Credit card rates on new credit card offers were not swayed by the all action and held steady 13.71 percent. Surprise, surprise that Discover Financial Services recorded significantly improved credit card profits this past quarter. The company even stated that the profits from interest will benefit from lower funding costs.
Treasury rates were somewhat mixed with little activity in the short end of the curve and long rates dropping noticeably. The short term, six month T-bill was unchanged at 0.02 percent. The one year rate was higher by just one basis point to 0.10 percent from 0.09 percent in the previous week. The five year fell five basis points to 0.890 percent. The ten year Treasury rate shed 14 basis points to end the week with a yield well under 2.00 percent at 1.84 percent.
The Selectcdrates.com weekly bank rate survey for September 23, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.211 percent (down .032 percent)
3 month CD rates 0.547 percent (down .026 percent)
6 month CD rates 0.902 percent (down .025 percent)
1 year CD rates 1.141 percent (dwon .017 percent)
2 year bank CD rates 1.337 percent (down .018 percent)
5 year CD rates 2.126 percent (down .077 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.039 percent (down .001 percent)
Mortgage rates:
30 year mortgage rate 4.067 percent (down .18 percent)
15 year mortgage rate 3.275 percent (down .078 percent)
20 year mortgage rate 3.957 percent (down .062 percent)
30 year jumbo mortgage rate 4.463 percent (down .075 percent)
30 year FHA mortgage rate 4.013 percent (down .10 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.02 percent (unchanged)
Two year Treasury rate 0.23 percent (up .05 percent)
Five year Treasury rate 0.89 percent (down .05 percent)
Ten year Treasury rate 1.84 percent (down .14 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 23, 2011 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 CD interest rates and mortgage rate resources can be found at the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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.
Continued concerns over the situation with European debt markets have interest rates and bond yields low, however long term rates did tick up slightly this week. The uptick in long term rates had little impact on CD interest rates which are affected more by short term maturities but long maturity rate changes did push mortgage rates modestly higher. Long term U.S. Treasury securities and mortgage rates were also pushed higher after the news of stronger than expected inflation data was released.
Bank CD rates were hit pretty hard as indicated by the Selectcdrates.com index of the best three month to five year CD rates falling by over two basis points or 2/100’s of a percent. The CD rate index ended the week on September 16th at 1.243 percent after starting the week at 1.265 percent.
Short term CD rates and long term CD rates were treated equally this past week with the midterm maturity managing to end the week better than where it started. The best three month CD rates gave back over four basis points with the average rate for the week coming in at 0.573 percent. Six month CD rates were nudged down by three basis points to 0.927 percent. The best one year CD rate average shifted higher, gaining less than one basis point to an average rate of 1.158 percent.
Two year CDs turned lower by precisely two basis points to yield 1.355 percent. The average rate on the five year CDs were not the worst performing maturity for the first week in quite some time. The average five year CD rates gave back one basis point to 2.203 percent.
Mortgage rates reflected the change in longer term bond rates this week and moved modestly higher. The average 30 year fixed rate mortgage from the top ten bank mortgage lenders moved up by just over five basis points to 4.247 percent. 15 year mortgage rates were little changed with the average rate slipping one basis point to a level of 3.353 percent. 30 year FHA mortgage rates and jumbo mortgage rates were, understandably, up by more than the 15 year conforming rate. The average FHA mortgage rate settled at 4.113 percent while the average jumbo mortgage rate ended the week at 4.538 percent.
Treasury rates matched the dichotomy found in CD rates and mortgage rates. Long term Treasuries were up in yield while short term Treasury rates moved down. The ten year U.S. Treasury bond gained 15 basis points to close at 2.08 percent. The five year Treasury bumped up 13 basis points to 0.94 percent. The one year Treasury was lower at week’s end, closing out at 0.09 percent after opening the week with a yield of 0.11 percent. The six month bill gave up three basis points to land at just 0.02 percent on Friday.
Bank savings accounts rates and money market account rates matched other short term rates and shifted lower on the week. The average rate on the top ten best savings account rates and money market rates available nationally was off by just over one basis point to an average yield of 1.040 percent.
Credit card rates in the weekly bank rate survey stepped down by a basis point. The average interest rate on the top tier credit card offers across all credit categories came in at 13.71 percent. The average credit card rate covers the interest rates from the largest credit card companies and some of the most popular credit cards while leaving out any introductory credit card rates or short term promotional offers.
The Selectcdrates.com weekly bank rate survey for September 16, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.243 percent (down .022 percent)
3 month CD rates 0.573 percent (down .056 percent)
6 month CD rates 0.927 percent (down .031 percent)
1 year CD rates 1.158 percent (up .006 percent)
2 year bank CD rates 1.355 percent (down .02 percent)
5 year CD rates 2.203 percent (down .01 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.040 percent (up .013 percent)
Mortgage rates:
30 year mortgage rate 4.247 percent (up .054 percent)
15 year mortgage rate 3.353 percent (down .01 percent)
20 year mortgage rate 4.019 percent (up .081 percent)
30 year jumbo mortgage rate 4.538 percent (up .038 percent)
30 year FHA mortgage rate 4.113 percent (up .05 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.02 percent (down .03 percent)
Two year Treasury rate 0.18 percent (up .01 percent)
Five year Treasury rate 0.94 percent (up .13 percent)
Ten year Treasury rate 2.08 percent (up .15 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 16, 2011 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 term interest rates moved measurably lower over the past week bringing down mortgage rates, Treasury rates and long term certificate of deposit rates. The short end of the yield curve remained pretty much in place as indicated by the six month and one year Treasury rates remaining mostly unchanged. The lack of movement in short term rates kept CD interest rates quite stable along with credit card rates and savings account rates.
The average rate for bank CD rates actually improved over the past week, but these improvements were fairly minor. The Selectcdrates.com index of the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates ended the week at 1.265 percent. The average rate increase was just 0.002 percent above the prior week’s rate of 1.263 percent. The top rates for three month CDs, six month CDs and two year CDs saw rate increases while one year CD rates and five year CD rates moved lower.
Mortgage rates followed long term Treasury rates and moved lower across all mortgage terms. The average 30 year fixed rate mortgage was lower by almost ten basis points or 10/100’s of a percent. The average 30 year mortgage rate ended the week at 4.193 percent. Jumbo loans, home loans with loan amounts greater than $417,000.00, slipped by a bit more than eight basis points to an average rate of 4.500 percent. 30 year FHA mortgage rates shed five basis points pushing the average rate on these government insured loans to 4.063 percent.
Savings accounts rates and money market account rates gained in yield over the week. The average rate on the top ten best savings account rates and money market rates ticked up by just under two basis points moving the average yield up to 1.053 percent.
Credit card rates for the top tier credit card offers were held in check this week. The average rate for new credit card offers, excluding introductory credit card rates, remained at 13.67 percent.
Treasury were stuck in neutral on the short end of the curve but dipped quite a bit a lower for the longer term maturities. Six month bills were unchanged at 0.05 percent. One year Treasury rates gained one basis point to 0.11 percent. The five year rate slid by five basis points to 0.81 percent and the ten year broke past the 2.00 percent mark, sliding nine basis points to 1.93 percent.
The Selectcdrates.com weekly bank rate survey for September 9, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.265 percent (up .002 percent)
3 month CD rates 0.629 percent (up .013 percent)
6 month CD rates 0.958 percent (down .015 percent)
1 year CD rates 1.152 percent (down .01 percent)
2 year bank CD rates 1.375 percent (up .01 percent)
5 year CD rates 2.213 percent (down .016 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.053 percent (up .018 percent)
Mortgage rates:
30 year mortgage rate 4.193 percent (down .097 percent)
15 year mortgage rate 3.363 percent (down .05 percent)
20 year mortgage rate 3.938 percent (down .027 percent)
30 year jumbo mortgage rate 4.500 percent (down .088 percent)
30 year FHA mortgage rate 4.063 percent (down .05 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.05 percent (unchanged)
Two year Treasury rate 0.17 percent (down .03 percent)
Five year Treasury rate 0.81 percent (down .07 percent)
Ten year Treasury rate 1.93 percent (down .09 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 9, 2011 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 CD interest rates and mortgage rate resources can be found at the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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.
Rates on bank savings products and loan products plummeted again this week. The only bank products not playing along were the credit cards. Credit card rates snuck through with an uptick in rates while mortgage rates, CD interest rates, savings account rates and Treasury rates moved lower when the week came to a close.
Interest rates on certificates of deposit declined by just over 1 ½ basis points this week. A basis point is equal to one hundredth of one percentage point. The average rate for bank CDs across all maturities from the three month term CD to five year CD ended the week at 1.263 percent after dropping to 1.279 percent in the previous week.
All CD maturities suffered a rate reduction with the exception of the short term, three month CD rates. The average rate for the top ten best three month CD rates ticked up a shade more than one basis point to an average yield of 0.616 percent. Six month CD rates were lower by just a smidgen with the average yield going to 0.943 percent.
One year CD rates gave up approximately two basis points which left the average yield for the top ten highest rates at 1.162 percent. Two year bank CD rates also lost two basis points on the week nudging the average rate down to 1.365 percent. As with the previous four weeks, the five year CD rates were hit the hardest. The average rate on the top ten best five year CDs shifted down to 2.229 percent, a loss of four basis points.
All mortgage products surveyed by Selectcdrates.com declined this week. The 30 year fixed rate mortgage fell three basis points to 4.290 percent. The 15 year fixed rate fell ten basis points to 3.413 percent. The average rate for 30 year jumbo mortgages was also cut by ten basis points to 4.588 percent. 30 year FHA mortgage rates were lower by five basis points leaving the average rate at 4.113 percent.
The average savings account and money market account rate shrunk by a little more than one basis point, dropping to 1.035 percent from 1.048 percent in the prior week.
Credit card rates moved in the opposite direction of most bank lending rates and savings rates. Credit card rates for new credit card offers bumped up one basis point to an average rate of 13.72 percent this past week. While the rate change is quite modest, credit card customers have reason to be frustrated as the changes in credit cards rates over the past year has significantly widened the gap between other lending rates and those available on credit cards. New car loan rates have fallen along with mortgage rates while credit card rates have remained stubborningly high this year.
The Selectcdrates.com bank rate survey completed on September 2, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.263 percent (down .016 percent)
3 month CD rates 0.616 percent (up .013 percent)
6 month CD rates 0.943 percent (down .003 percent)
1 year CD rates 1.162 percent (down .024 percent)
2 year bank CD rates 1.365 percent (down .024 percent)
5 year CD rates 2.229 percent (down .04 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.035 percent (down .013 percent)
Mortgage rates:
30 year mortgage rate 4.290 percent (down .039 percent)
15 year mortgage rate 3.413 percent (down .10 percent)
20 year mortgage rate 3.965 percent (down .094 percent)
30 year jumbo mortgage rate 4.588 percent (down .099 percent)
30 year FHA mortgage rate 4.113 percent (down .075 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.05 percent (up .03 percent)
Two year Treasury rate 0.20 percent (unchanged)
Five year Treasury rate 0.88 percent (down .06 percent)
Ten year Treasury rate 2.02 percent (down .17 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of September 2, 2011 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 CD interest rates and mortgage rate resources can be found at the following pages; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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.
CD rates and mortgage rates were mostly higher for the week ending August 26, 2011. The rate increase for home mortgages was quite pervasive, covering almost all home loan terms, while the interest rate increases in bank CDs was sporadic across different maturities.
The average CD interest rate, as measured by the Selectcdrates.com composite CD rate index, was unchanged for the week. After precipitous reductions in U.S. Treasury rates over the past 30 days, an overall stable rate for bank CDs is refreshing for savers and fixed income investors. Though the average rate was unmoved, long term CD rates were decidedly lower on the week. Fortunately, most investors and savers have shied away from long term bank CDs for quite some time, preferring the shorter end of the yield curve such as 6 month and 1 year CD while yields remain at such low levels.
Mortgage rates were higher across all mortgage terms with the exception of the 20 year mortgage. The change in mortgage rates was relatively mild. The average rate for 30 year mortgages from the top ten bank mortgage lenders increased by just .004 percent to 4.329 percent. Jumbo mortgage rates and FHA mortgage rates experience a more substantial move. FHA mortgage rates increased by 1.88 basis points to 4.188 and jumbo mortgage rates jumped by almost ten basis points to and that amounted to 4.687 percent.
Bank savings rates for the top ten highest rates available nationally dipped on the week. The average rate on the top ten savings accounts fell by just under one basis point to 1.048 percent. Variable rate money market accounts and savings accounts are still reacting to the rate reductions of the past 30 days and may fall more in the weeks to come.
Credit card rates bumped up this week as well. Most of the major credit card companied held rates stable however a few of the mid size credit card issuers increased rates slightly. The average rate for new credit card offers increased by one basis point on the week bringing the average national credit card rate up to 13.72 percent.
The Selectcdrates.com bank rate survey completed on August 26, 2011 displayed the following bank rates and interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.279 percent (unchanged)
3 month CD rates 0.603 percent (up .03 percent)
6 month CD rates 0.946 percent (up .008 percent)
1 year CD rates 1.186 percent (down .011 percent)
2 year bank CD rates 1.389 percent (down .003 percent)
5 year CD rates 2.269 percent (down .024 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.048 percent (down .009 percent)
Mortgage rates:
30 year mortgage rate 4.329 percent (up .004 percent)
15 year mortgage rate 3.513 percent (up .017 percent)
20 year mortgage rate 4.059 percent (down .026 percent)
30 year jumbo mortgage rate 4.687 percent (up .099 percent)
30 year FHA mortgage rate 4.188 percent (up .013 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.04 percent (down .03 percent) 0.02 1 yr .09
Two year Treasury rate 0.20 percent (unchanged) 0.20
Five year Treasury rate 0.90 percent (down .06 percent) 0.94
Ten year Treasury rate 2.07 percent (down .17 percent) 2.19
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of August 26, 2011 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 CD interest rates and mortgage rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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 savings rates and lending rates were mostly lower for the week ending August 19, 2011. As this past week unfolded, Treasury rates moved consistently lower and bank savings rates and lending rates followed closely behind. By the time the week came to a close, Treasury rates ended measurably lower than where they started however; bank rates including CD interest rates and mortgage rates were only moderately worse off from where they started.
The CD rate index which measures the highest bank CD rates with a three month, six month, one year, two year and five year maturity dipped down by one and half basis points. The Selectcdrates.com CD rate index ended the week at 1.279 percent after opening at 1.294 percent.
Short term CD interest rates absorbed the greatest damage in the average yield. The best three month CD rates chopped off three basis points on the week and closed with an average interest rate of 0.573 percent. Six month CD rates dropped by almost two basis points leaving the average six month CD rate at 0.938 percent. One year CD rates were down by less than one basis point to 1.197 percent while two year CD rates were cut by just over one basis point to an average yield of 1.392 percent.
The top savings account rates and money market rates barely budged on the week. The average rate for the top ten highest savings account rates and bank money market accounts rates was worse by just 2/1000’s of a percent. The average rate on the top savings rates slipped from 1.059 percent to 1.057 percent.
Mortgage rates displayed mixed results. The 30 year mortgage rate decreased by a small fraction while the 15 year mortgage rate and 20 year mortgage rate increased slightly. The average 30 year mortgage rates for the nation’s top mortgage lenders dipped from 4.328 percent to 4.325 percent. The average 15 year mortgage rate ticked up to 3.500 percent from 3.496 percent. The average 20 year fixed rate home loan moved to 4.099 percent from 4.085 percent.
The 30 year jumbo mortgage rate was lower by just under two basis points slipping to 4.588 percent from. The 30 year FHA mortgage rate dropped to 4.175 percent from 4.188 percent the week earlier.
Credit card rates spent the third consecutive week running in place. While there were some minor changes in credit card rate offers on select credit cards, the average credit card rate on new credit cards was unaltered at 13.71 percent.
Treasury rates were much more active than bank rates. The ten year rate gave up 17 basis points this past week with ending yield at 2.07 percent. The five year Treasury was cut back by five basis points to a rate of 0.90 percent. The one year Treasury rate gave up only one basis point to yield 0.10 percent. The six month Treasury rate started under .10 percent and still managed to dip down by another three basis points this week to 0.04 percent.
The Selectcdrates.com bank rate survey completed on August 19, 2011 displayed the following bank interest rates including the weekly interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.279 percent (down .015 percent)
3 month CD rates 0.573 percent (up .03 percent)
6 month CD rates 0.938 percent (down .016 percent)
1 year CD rates 1.197 percent (down .001 percent)
2 year bank CD rates 1.392 percent (down .011 percent)
5 year CD rates 2.293 percent (down .017 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.057 percent (down .002 percent)
Mortgage rates:
30 year mortgage rate 4.325 percent (down .003 percent)
15 year mortgage rate 3.496 percent (up .004 percent)
20 year mortgage rate 4.085 percent (up .014 percent)
30 year jumbo mortgage rate 4.588 percent (down .025 percent)
30 year FHA mortgage rate 4.175 percent (down .013 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.04 percent (down .03 percent)
Two year Treasury rate 0.20 percent (unchanged)
Five year Treasury rate 0.90 percent (down .06 percent)
Ten year Treasury rate 2.07 percent (down .17 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of August 19, 2011 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.
Even as the stock market began to regain its footing, bank rates led by mortgage rates and CD interest rates continued to move lower. After falling measurably for the week ending August 8th, another week of stock market and credit market mayhem led to another significant decrease in mortgage rates, CD interest rates and savings account rates.
As the week came to close, mortgage rates dropped by approximately 10 basis points, savings account rates were lower by six basis points and most bank CD maturities experienced a drop in yield.
The Selectcdrates.com CD interest rate index fell by just over two basis points this past week. The index, which measures the top ten best CD rates for the 3 month term CD, 6 month CD, 1 year CD, 2 year CD and 5 year CD dropped down to 1.294 percent from 1.315 percent in the previous week. Based on the rate changes in savings accounts, mortgages and Treasury securities, the damage to the index could have been far worse. In fact, many of the top CD rates available nationally were unchanged for the week.
Mortgage rates dropped across all terms from the short term, 15 year mortgages to jumbo mortgage loans. The average 30 year mortgage rate was lower by 10 basis points to end the week at 4.328 percent. The average FHA mortgage rate dropped just over 11 basis points to an average rate of 4.188 percent. Jumbo mortgage rates were also down by ten basis points to 4.613 percent.
Money market rates and savings account rates slipped by less than one basis point. The average rate for the top ten best savings account rates and money market account rates ended the week at 1.059 percent.
Credit card rates didn’t move again this week. Credit card rates have always been in a class by their own, moving up when the rest of the market moves down and moving down when the rest of the market moves up.
Treasury rates plunged on the long end of the curve and moved in a very tight range on shorter term securities. The six month Treasury rate was up by two basis points to 0.07 percent. The one year Treasury rate was unchanged. The five year Treasury rate plunged 27 basis points, dropping from 1.23 percent to 0.96 percent. The ten year rate mad a similar move falling 34 basis points to 2.24 percent.
The Selectcdrates.com bank rate survey completed on August 12th, 2011 displayed the following bank interest rates including the weekly interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.294 percent (down .021 percent)
3 month CD rates 0.603 percent (up .001 percent)
6 month CD rates 0.954 percent (down .041 percent)
1 year CD rates 1.198 percent (down .01 percent)
2 year bank CD rates 1.403 percent (down .014 percent)
5 year CD rates 2.310 percent (down .044 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.059 percent (down .007 percent)
Mortgage rates:
30 year mortgage rate 4.328 percent (down .10 percent)
15 year mortgage rate 3.496 percent (down .125 percent)
20 year mortgage rate 4.085 percent (down .086 percent)
30 year jumbo mortgage rate 4.613 percent (down .099 percent)
30 year FHA mortgage rate 4.188 percent (down .112 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.07 percent (up .02 percent)
Two year Treasury rate 0.20 percent (down .08 percent
Five year Treasury rate 0.96 percent (down .27 percent)
Ten year Treasury rate 2.24 percent (down .34 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of August 5th, 2011 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 CD interest rates and mortgage rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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.
Economy slows, European financial markets running scared over debt overhang and the US Treasury rating gets downgraded. The end of the result of the financial turmoil is bank rates turning south including CD interest rates, mortgage rates, and Treasury rates. Overall, bank interest rates moved measurably lower over the week.
Futures markets this morning are indicating that the crisis over too much government debt around the world and a slowing economy is not behind us. Interest rates will be moving lower this morning and the equities are indicating a sharp sell off again.
For the week, CD interest rates were lower for all maturities with the exception of the best one year CD rates which remained unchanged for the week. The CD interest rate index which measures the top ten best CD rates for all maturities ranging from three month CDs to five year CDs moved lower by one basis point or 1/100th of a percent. The average rate across bank CD terms ended at 1.315 percent after dipping to 1.325 percent in the week earlier.
Mortgage rates from the top ten biggest bank mortgage lenders dropped down for all mortgage products measured in the weekly bank rate survey. 30 year mortgage rates were down by 12 basis points to an average rate of 4.428 percent. FHA mortgage rates fell 11 basis points to an average rate of 4.300 percent. Jumbo mortgage rates took the biggest hit and moved lower by almost 14 basis points to 4.712 percent.
Money market rates and savings account rates were down by one basis point this week. Some banks continue to offer lucrative savings account rates and money market account rates unfortunately; these bank rates are variable rates and if rates continue to remain low there are a high likelihood that the top rate producers will end up bringing down their rates in a short time.
Credit card rates held stable this week at 13.71 percent. Promotional offers continues to be where the big changes in this credit product. Extended zero percent introductory credit card rates continue to proliferate will 21 month periods for zero percent rates on purchases and credit card balance transfers available some bank credit cards.
Even with the credit downgrade, Treasury rates tumbled with investors buying these securities regardless of the credit outlook or current yield. Short term Treasuries plummeted. The six month Treasury rate dropped from 0.16 percent to 0.05 percent week over week. The one year Treasury rate moved from 0.20 percent to 0.11 percent. The ten year hit its low point on Thursday with a yield of 2.47 percent and closed on Friday at 2.58 percent.
The Selectcdrates.com bank rate survey completed on August 5th, 2011 displayed the following bank interest rates including the weekly interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.315 percent (down .01 percent)
3 month CD rates 0.602 percent (down .001 percent)
6 month CD rates 0.995 percent (down .007 percent)
1 year CD rates 1.208 percent (unchanged)
2 year bank CD rates 1.417 percent (down .014 percent)
5 year CD rates 2.354 percent (down .026 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.066 percent (down .01 percent)
Mortgage rates:
30 year mortgage rate 4.428 percent (down .12 percent)
15 year mortgage rate 3.621 percent (down .158 percent)
20 year mortgage rate 4.171 percent (down .129 percent)
30 year jumbo mortgage rate 4.712 percent (down .138 percent)
30 year FHA mortgage rate 4.300 percent (down .113 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.05 percent (down .11 percent)
Two year Treasury rate 0.28 percent (down .08 percent
Five year Treasury rate 1.23 percent (down .12 percent)
Ten year Treasury rate 2.58 percent (down .24 percent)
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of August 5th, 2011 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 CD interest rates and mortgage rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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 interest rates moved noticeable lower this week. CD interest rates, mortgage rates, credit card rates and Treasury rates all dipped down for the week ending July 29, 2011. The U.S debt stalemate has crushed equities in the month of July and pushed interest rates demonstrably lower.
The stock market experienced its worst July in over five years and though Treasury prices have increased this month, the negative outlook over the debt ceiling and future budget deficits has put a bit of a floor on the reduction in interest rates.
Mortgage rates slumped by an average of seven basis points or 7/100’s of a percent week over week to an average rate of 4.27 percent. The mortgage rate reduction covers all mortgage terms followed by selectcdrates.com including 10 year mortgage rates, 15 year mortgage rates, 20 year mortgage rate, 30 year mortgage rates, FHA mortgage rates, jumbo mortgage rates and refinance mortgage rates.
CD interest rates experienced their largest decrease in several weeks. Bank CD rates declined by just over two basis points by the close of the week. The average CD rate for the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates fell to 1.325 percent from 1.35 percent in the previous week.
The average rate on the top ten best bank savings account rates and money market account rates was down by a touch over two basis points. The average rate for the highest savings account rates and money market rates moved down to 1.076 percent from 1.101 percent in the week earlier.
The average rate on new credit card offers was somewhat muted as the average rate dropped down by barely one basis point. The average rate for new credit card offers across all crate types and on the best credit card rates came in at 13.71 percent. Very few of the most popular credit cards offered today altered their rates or changed their promotions.
The Selectcdrates.com bank rate survey completed on July 29, 2011 displayed the following bank interest rates including the weekly interest rate changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.325 percent (down .025 percent)
3 month CD rates 0.603 percent (down .030 percent)
6 month CD rates 1.002 percent (down .024 percent)
1 year CD rates 1.208 percent (down .022 percent)
2 year bank CD rates 1.431 percent (down .016 percent)
5 year CD rates 2.380 percent (down .033 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.076 percent (down .025 percent)
Mortgage rates:
30 year mortgage rate 4.548 percent (down .097 percent)
15 year mortgage rate 3.779 percent (down .079 percent)
20 year mortgage rate 4.300 percent (down .071 percent)
30 year jumbo mortgage rate 4.850 percent (down .037 percent)
30 year FHA mortgage rate 4.413 percent (down .10 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.16 percent (up .07 percent)
Two year Treasury rate 0.36 percent (down .04 percent)
Five year Treasury rate 1.35 percent (down .18 percent)
Ten year Treasury rate 2.82 percent (down .17 percent)
Treasury rates were measurably lower by week’s end with the notable exception of short term Treasuries. Ten year Treasuries plummeted 17 basis points to end the week with a yield of 2.82 percent. Five year rates gave up 18 basis points with an interest rate at 1.35 percent. The two year T note was lower by just four basis points with an interest rate at 0.36 percent. The one year Treasury rate was unchanged at 0.20 percent and the six month T-bill actually increased in yield from 0.09 percent to 0.16 percent….fascinating.
Additional CD interest rates and mortgage rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Mortgage rates and Treasury rates increased this past week while CD interest rates, savings account rates and credit card rates moved lower. Though, the results for Treasury and mortgage rates moved in opposite direction to bank savings rates and CD rates, the rate reduction for bank savings rates and CD rates was almost insignificant and the mortgage rate increases were quite soft.
The U.S. debt ceiling debate continues to drive the stock market but interest rates are moving to the beat of a different drummer. While the U.S. clearly has a debt problem, low inflation and faith in the government to do the right thing has brought some calm to bank rates. As the debt ceiling drop dead date nears, bank rates have hardly changed and Treasury rates have remained in a very narrow and very low range. Clearly, the market is not considered about a default.
The Selectcdrates.com comprehensive bank rate survey completed on July 22, 2011 displayed the following bank interest rates including weekly changes for bank mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.350 percent (down .005 percent)
3 month CD rates 0.633 percent (unchanged)
6 month CD rates 1.026 percent (up .005 percent)
1 year CD rates 1.230 percent (down .011 percent)
2 year bank CD rates 1.447 percent (down .02 percent)
5 year CD rates 2.413 percent (up .001 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.101 percent (down .004 percent)
Mortgage rates:
30 year mortgage rate 4.645 percent (up .04 percent)
15 year mortgage rate 3.783 percent (up .041 percent)
20 year mortgage rate 4.371 percent (up .008 percent)
30 year jumbo mortgage rate 4.887 percent (up .013 percent)
30 year FHA mortgage rate 4.513 percent (up .088 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.09 percent (up .04 percent)
Two year Treasury rate 0.40 percent (up .03 percent)
Five year Treasury rate 1.53 percent (up .07 percent)
Ten year Treasury rate 2.99 percent (up .05 percent)
CD interest rates remain very low and continue to move very little week to week. The composite CD rate index measuring the highest 3 month CDs, six month CDs, one year CDs, two year CDs and five year CDs trickled down to 1.350 percent this week, just barely off of last week’s results of 1.355 percent.
The average rate for the top ten best three month CD rates ended the week unchanged, again, at 0.633 percent. The average yield for the top ten six month CD rates improved faintly, rising to an average yield of 1.026 percent from 1.021 percent in the week earlier. Rates for the top ten one year CD rates lost yield, falling to 1.230 percent from 1.241 percent in the previous week.
The average CD interest rates on two year CDs experienced the largest dip in yield. The average two year CD rate came in at 1.447 percent after reaching 1.467 percent last week. The long term, five year CDs, showed a very small increase in yield. The average CD rate on the five year CDs increased to 2.413 percent from 2.412 percent in the prior week.
Bank savings account rates moved lower by a relatively small sum. The average inters rate for the top ten highest savings account rates and money market account rates dipped by just 5/1000’s of a percent. The average rate on bank savings options ended the week at 1.101 percent after hitting 1.105 percent last week.
Mortgage rates were much more volatile than bank savings rates but were still relatively stable week over week. The average rate for all mortgage terms surveyed in the weekly bank lending rate survey were lower albeit by relatively small increments.
30 year mortgage rate moved higher by three basis points or 3/100’s of a percent for the week. The average rate for a 30 year mortgage ended the week at 4.645 percent. The average 15 year mortgage rate gained just under four basis points to end the week at 3.783 percent. Bank mortgage rates with a 20 year term bumped up by less than one basis point. The average 20 year mortgage rate in the survey was 4.371 percent.
FHA mortgage rates jumped the most on the week, rising by over eight basis points. The average 30 year FHA mortgage rate ended the week at 4.513 percent. Jumbo mortgage rates were little changed, up by less than one basis point. The average 30 year jumbo mortgage rate moved up to 4.887 percent from 4.874 percent the week earlier.
Credit card rates moved lower this week however; the rate change was by the smallest of increments. The average rate on new credit card offers descended by one basis point to an average interest rate of 13.72 percent. Credit card rates remain stuck in very narrow range ever since the first quarter came to an end. Marketing and promotions by credit card companies remain strong but the focus is on card rewards and perks with little activity in the standard rates being offered.
Treasury rates pushed higher at the close of the week. The six month Treasury rate was up by a rather startling five basis points to end the week at 0.09 percent. The one year Treasury rate was also higher by five basis points to close at 0.20 percent. The two year rate increase was a bit more muted with an increase of just three basis points to 0.40 percent. Five year rates were boosted by seven basis points to 1.53 percent. The long term, ten year Treasury rate, closed just under 3.00 percent at 2.99 percent or an increase of five basis points for the week.
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of July 22, 2011 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 moved lower across the board for the week ending July 15, 2011. Big rate changes for the week were seen in the most liquid markets including mortgage rates and Treasury rates. CD rates were also lower but by a very, very slim margin as were bank savings account rates. Credit card rates did t move lower for the but the rate changes were not large enough to move the national credit card rate.
Debt worries in Europe and to a lesser extent in the U.S continue to be worries that are hanging over the capital markets. These concerns have made investors queasy about their investment choices resulting in fund flows out of higher risk equities and into lower risk investments of highly rated bonds. The resulting impact is lower stock market prices and higher bond prices which in turn lead to lower interest rates. As would be expected, Treasury bond prices and mortgage bond prices increased and the interest rates on these bonds dropped. Along with the government debt concerns of the U.S. and the Europe, bank rates remain low due to low bank loan demand and a sluggish economy.
The Selectcdrates.com comprehensive bank rate survey completed on July 15, 2011 displayed the following interest rates and weekly changes for bank mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.355 percent (down .001 percent)
3 month CD rates 0.633 percent (unchanged)
6 month CD rates 1.021 percent (up .025 percent)
1 year CD rates 1.241 percent (up .004 percent)
2 year bank CD rates 1.467 percent (down .004 percent)
5 year CD rates 2.412 percent (down .033 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.105 percent (down .011 percent)
Mortgage rates:
30 year mortgage rate 4.615 percent (down .08 percent)
15 year mortgage rate 3.742 percent (down .081 percent)
20 year mortgage rate 4.363 percent (down .10 percent)
30 year jumbo mortgage rate 4.874 percent (down .114 percent)
30 year FHA mortgage rate 4.425 percent (down .10 percent)
Credit card rates:
Credit card rates for new credit card offers 13.73 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.05 percent (down .02 percent)
Two year Treasury rate 0.37 percent (down .03 percent)
Five year Treasury rate 1.46 percent (down .11 percent)
Ten year Treasury rate 2.94 percent (down .09 percent)
CD interest rates were for all intents and purposes, unchanged on the week. The CD rate composite index of the top 3 month CDs, six month CDs, one year CDs, two year CDs and five year CDs compiled by Selectcdrates.com had a drop of only 1/1000ths of a percent on the week. The CD rate index started the week at 1.356 percent and closed at 1.355 percent.
The top performing three month CD rates ended yet another week unchanged with an average interest rate of 0.633 percent. Six month CD rates experienced an uptick in rates this week. The average rate for the top ten highest six month CD rates came in at 1.021 percent or just over three basis points higher than the previous week’s figure of 0.999 percent.
One year CD rates also pushed higher this past week. The best one year CD rates gained just under one basis point to close out the week at 1.241 percent after dipping to 1.237 percent in the preceding survey. The best two year term bank CDs moved in the other direction and gave up some yield. The two year CD rate average for the top ten highest two year CD rates ended at 1.467 percent, down from last week’s rate of 1.471 percent. Five year CD rates also lost ground during this survey period. The top ten best five year CD rate dipped to 2.412 from 2.445 percent in the previous week.
Savings account rates and money market rates in the survey were lower by a tad over one basis point. The average rate on the top ten highest savings accounts rates and bank money market account rates slipped to 1.105 percent after making a small increase last week to 1.116 percent.
Mortgage rates were the big movers in the category of bank rates this week. The average 30 year mortgage rate stepped down to 4.615 or an eight basis point rate reduction. The average 15 year mortgage rate from the top ten bank mortgage lenders also dropped eight basis points, falling to 3.742 percent.
The 20 year mortgage rates picked up the pace and moved lower by ten basis points. The average 20 year mortgage rates ended the week at 4.363 percent from 4.463 percent the week earlier. The average rate for FHA home loans matched the rate reduction of the 20 year conventional mortgages and pushed lower by ten basis points moving from an average rate of 4.525 percent to 4.425 percent. The average rate on jumbo mortgages kept the momentum going and slumped down by 11 basis points to an average rate of 4.874percent.
Credit card rates hunkered down again this week. The average rate on new credit card offers remained in check at 13.73 percent. Covering the national average credit card rate has become as exciting as watching the corn grow in Illinois. All the activity in credit card rates and credit card promotions continued to be in the new credit card rewards programs and the rate and length of time credit card companies are placing on introductory credit card promotions.
Treasury rates along with the mortgage rates were the center of activity this week. With the exception of the ultra short, one month T-bill, all Treasury maturities had lower rates at the end of the week. The six month T-bills dipped down by two basis points to 0.05 percent. One year Treasury rates were also lower by two basis points at 0.15 percent. Two year Treasury rates gave up three basis points to 0.37 percent. Five year Treasury rates slid to 1.46 percent, an 11 basis points drop. The ten year Treasury rate shed not quite as many basis points as the five year, losing just nine basis points to end the week at 2.943 percent.
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of July 15, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Turmoil in the markets in the month of July has been chasing interest rates all around. First the Greece debt situation blows up bringing money into safe and secure bonds and pushing interest rates lower and then the Greece crisis gets covered up, but not even close to being resolved, moving on to the U.S. economy picking up some steam with some good manufacturing numbers and retail sales numbers which pushes interest rates up only to be followed by the Friday Jobs report which was just abysmal and drove rates right back down.
The market turmoil and poor jobs numbers pushed bank rates lower on the lending side but led to rate increase on the savings side of bank rates. The best explanation for savings rates increases is the slow reaction bankers have to raising rates on savings products such as money market accounts and certificates of deposits when rates rise in contrast to how quickly they drop when rates fall.
During the closing weeks of June we saw bond rates and loan rates increase but bankers were reluctant to pass the interest rate increases along to bank CD holders or savings and money market products. As time went by the banks slowly increased some of the longer term CD rates just as Treasury rates and lending rates started to move in the other direction over concerns of a slowing economy brought on by the poor jobs report on Friday.
So the conclusion clearly is that the direction of interest rate is……unknown.
Having said that, during the last week CD interest rates increased mildly as did savings account rates and money market account rates. While these bank rates moved just modestly higher, mortgage rates moved lower as did Treasury rates.
The Selectcdrates.com bank rate survey dated July 8th, 2011 displayed the following results and weekly changes for bank mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.356 percent (up .004 percent)
3 month CD rates 0.633 percent (unchanged)
6 month CD rates 0.996 percent (down .003 percent)
1 year CD rates 1.237 percent (up .006 percent)
2 year bank CD rates 1.471 percent (down .001 percent)
5 year CD rates 2.445 percent (up .019 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.116 percent (up .005 percent)
Mortgage rates:
30 year mortgage rate 4.695 percent (down .077 percent)
15 year mortgage rate 3.823 percent (down .056 percent)
20 year mortgage rate 4.463 percent (down .112 percent)
30 year jumbo mortgage rate 4.988 percent (down .111 percent)
30 year FHA mortgage rate 4.525 percent (down .063 percent)
Credit card rates:
Credit card rates for new credit card offers 13.73 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.07 percent (down .03 percent)
Two year Treasury rate 0.40 percent (down .10 percent)
Five year Treasury rate 1.57 percent (down .23 percent)
Ten year Treasury rate 3.03 percent (down .19 percent)
CD rates managed to push ahead slightly higher this week. The SelectCDrates.com CD interest rate index ended the week higher by 4/1000’s of percent; a very, very small increase. The CD rate index closed the week at 1.356 percent.
The top ten best three month CD rates were unchanged on the week with an average interest rate of 0.633 percent. The top ten six month CD rates available nationally were down ever so slightly to 0.996 percent after closing in the previous week at 0.999 percent. The best one year CD rates moved in the opposite direction and gained less than one basis point or 1/100th of percent to end the week at 1.237 percent. The top two year CD rates lost just 1/1000th of a percent in yield on the yield to close out at 1.471 percent. The top five year CD rates showed the greatest change week over week with an increase of almost two basis points moving up to 2.445 percent from 2.426 percent in the previous week.
The top savings account rates and money market rates at the nation’s banks showed a minor increase in yield. The average rate on the top ten highest bank savings accounts and bank money market accounts ended the week at 1.116 percent up from 1.111 percent in the preceding week.
Mortgage rates moved in the opposite direction of bank savings rates and turned lower across all products evaluated in the survey this past week. 30 year mortgage rates from the top bank mortgage lenders dipped just over seven basis points leaving the average 30 year mortgage rate at 4.695 percent. 15 year mortgage rates were down by just over five basis points to an average rate of 3.823 percent.
20 year mortgage rates were down by 11 basis points, tumbling down to an average rate of 4.463 percent. Jumbo mortgage rates were also down 11 basis points pushing the average 30 year jumbo home loan rate to 4.988 percent. FHA mortgage rates dipped a hair over six basis pints resulting in an average 30 year FHA mortgage rates of 4.525 percent.
The average credit card rates on new card offers moved by less than one basis point this week. The credit card rate index is calculated to two decimal places and therefore the index was technically unaltered week over week with the average credit card interest rate on new credit card offers remaining at 13.73 percent.
Treasury rates were lower for all terms ranging from the six month Treasury bills to the 30 year Treasury bond. Six month T-bills gave up three basis points to close Friday at 0.07 percent. The one year Treasury also gave back three basis points and closed the week at 0.17 percent. The two year Treasury dropped ten basis points to 0.40 percent. The five year Treasury dropped 23 basis points leaving the yield at 1.57 percent. The ten year lost 19 basis points putting the ten year Treasury rate at 3.03 percent at week’s end.
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of July 8th, 2011 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.
While bank savings rates were little changes for the week ending July 1, lending rates and bond rates increased dramatically. The ten year Treasury bond increased by over 30 basis points by week’s end and the two year Treasury note increased by 15. One basis point is equal to 1/100th of a percent. Staying in line with the Treasury rates, 30 year mortgage rates shot up 25 basis points.
The rate increases in bank loans and bonds was mostly due to a reversal in funds flows. Money moved into equities and came out of bond markets as investors … perceived that the economy is picking up steam. The crisis in Greece over their potential default or more realistically, inevitable default, was put on the back burner as Greece pushed through new tax and savings measure. Allaying those fears brought money into stocks and away from the safety and security of bonds. As a result, bond prices moved lower and interest rates increased.
Bank lending rates react to the market interest arte movements quickly and we saw an immediate increase in mortgage rates. Bank savings rates, on the other hand, are rather sticky and bank are generally reluctant to increase fixed interest rate accounts until a well defined and sustained elevation on interest rates has been reached din the market.
The results of the most current bank rate survey performed by Selectcdrates.com dated July 1st, 2011 included the following mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.352 percent (down .002 percent)
3 month CD rates 0.633 percent (unchanged)
6 month CD rates 0.999 percent (unchanged)
1 year CD rates 1.231 percent (unchanged)
2 year bank CD rates 1.472 percent (down .009 percent)
5 year CD rates 2.426 percent (down .002 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.111 percent (down .007 percent)
Mortgage rates:
30 year mortgage rate 4.772 percent (up .25 percent)
15 year mortgage rate 3.879 percent (up .173 percent)
20 year mortgage rate 4.575 percent (up .212 percent)
30 year jumbo mortgage rate 5.099 percent (up .299 percent)
30 year FHA mortgage rate 4.588 percent (up .15 percent)
Credit card rates:
Credit card rates for new credit card offers 13.73 percent (up .01 percent)
Treasury rates:
Six month Treasury rate 0.07 percent (unchanged)
Two year Treasury rate 0.50 percent (up .15 percent)
Five year Treasury rate 1.80 percent (up .40 percent)
Ten year Treasury rate 3.22 percent (up .34 percent)
Unlike Treasury rates and mortgage rates, CD interest rates barely moved over the week. The overall SelectCDrates.com CD interest rate index was down by just 2/1000’s of percent. The CD rate index cover the ten best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs. The index ended the week at 1.352 percent after a start at 1.354 percent.
The highest three month CD rates, six month CD rates and one year CD rates were all unchanged week over the week. The average rate on the three month CDs held at 0.633 percent, the average rate on the six month CDs stayed at 0.999 percent and the rate for the ten highest one year CD rates remained at 1.231 percent.
The average rate on the best two year bank CDs showed moderate activity and moved lower by just one basis point. The average rate for the top ten best two year CDs closed out the week at 1.472 percent. Five year CD rates were also lower for the week albeit by a very small margin. The average rate on the top ten five year CDs moved from 2.428 percent to 2.426 percent.
Bank savings account rates and money market rates were down slightly on the week. The average rate on the top ten highest savings accounts and money market accounts dipped by less than one basis point to 1.111 percent from 1.118 percent in the previous week.
Mortgage rates made a dramatic leap higher this week. The average 30 year mortgage rate from the top bank mortgage lenders increased by 25 basis points to 4.772 percent. The average rate on the 15 year mortgage increased by 17 basis points to close out the week at 3.879 percent.
20 year mortgage rates split the increase between the 15 year and 30 year by increasing 21 basis points by week’s end. The average 20 year mortgage rate now stands at 4.575 percent. Jumbo mortgage rates with a 30 year term were driven higher by 29 basis points. The rate increase on jumbo home loans left the average rate at 5.099 percent. FHA mortgage rates with a 30 year term stepped up 15 basis points to an average rate of 4.588 percent.
Credit card rates ticked up one basis point. The average credit card interest rate for new credit card offers increased to 13.73 percent. The change is not likely based on changes in market rates but rather changes in individual credit card company pricing strategies on promoting new credit cards. The overwhelming majority of credit cards in the credit card rate survey are adjustable rate credit cards.
Treasury rates made significant moves towards the end of the week with all but the shorter term Treasuries increasing in rate. Six month T-bills were one such term that experienced no change in yield at 0.07 percent. The one year Treasury rate moved up by four basis points to 0.20 percent. The two year Treasury note gained 15 basis points to close this week at 0.50 percent. The five year Treasury rate stepped up to 1.80 percent, a gain of 40 basis points. The ten year Treasury gained 34 basis points on the week to a closing yield of 3.22 percent.
All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of July 1st, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
While debate continues over the future path of the U.S. economy, interest rates remain a path to lower deposit yields and loan rates. Bank savings rates and lending rates did not change significantly, but what changes did occur were towards the down side. CD rates, savings rates and mortgage rates were lower on the week while credit card rates remained stagnant. And while changes in bank rates were somewhat modest, interest rates on Treasury securities moved more substantially lower week over week.
SelectCDrates.com performs a weekly survey of the top CD rates, mortgage rates from the largest bank mortgage lenders, the top savings rates and the credit card rates on new credit card offers from some the biggest credit card companies. The results of the most current bank rate survey dated June 24th, 2011 included the following mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.354 percent
3 month CD rates 0.633 percent
6 month CD rates 0.999 percent
1 year CD rates 1.231 percent
2 year bank CD rates 1.481 percent
5 year CD rates 2.428 percent
Money market and savings account rates:
Bank money market rates and savings account rates 1.118 percent
Mortgage rates:
30 year mortgage rate 4.522 percent
15 year mortgage rate 3.706 percent
20 year mortgage rate 4.363 percent
30 year jumbo mortgage rate 4.800 percent
30 year FHA mortgage rate 4.438 percent
Credit card rates:
Credit card rates for new credit card offers 13.72 percent
Treasury rates:
Six month Treasury rate 0.07 percent
Two year Treasury rate 0.35 percent
Five year Treasury rate 1.40 percent
Ten year Treasury rate 2.88 percent
CD rates dipped slightly this past week. The overall SelectCDrates.com CD interest rate index fell to 1.354 percent on the week. The SelectCDrates.com CD rate index is a measure of the average rate for the top ten best 3 month CD rates, best six month CD rates, best one year CD rates, best two year CD rates and best five year CD rates.
The highest three month CD rates remained unchanged for the week with the average yield at 0.633 percent. The highest six month CD rates were lower by just a hair, giving up just 1/1000th of a percent which moved the average rate down to 0.999 percent. The top ten highest one year CD rates gave up a bit of ground, shedding two basis points or 2/100’s of a percent which pushed the average yield on the one year certificates to 1.231 percent.
The top two year CD moved down by just over one basis. The average rate for the top ten best two year CDs closed out the week at 1.481 percent. The average yield on the top five year CD rates also moved down by just over one basis point. The average interest rate marketed on the top ten five year CDs ended the week at 2.428 percent.
The average rate on savings accounts and money market accounts at the nation’s top banks moved noticeably lower gain this week. The average rate now being offered among the top ten bank money market accounts and bank savings accounts is now 1.118 percent in the previous week.
Mortgage rates continued their summer slide. 30 year mortgage rates from the top bank mortgage lenders slipped five basis points week over week. The average rate for a 30 year mortgage now stands at 4.522 percent. 15 year mortgage rate lost half as much as the 30 year, falling by roughly 2.5 basis points. The average 15 year mortgage rates closed out Friday at 3.706 percent.
The average 20 year mortgage rate was an anomaly for the week and experienced no change in rate. The average 20 year mortgage rate from the top ten bank mortgage lenders closed at 4.363 percent. 30 year jumbo mortgage rates were lower by slightly more than two basis points. The average 30 year jumbo mortgage rate moved down to 4.800 percent. The 30 year FHA mortgage rates thumbed their noses at the other mortgage terms and moved higher. The average FHA mortgage rate moved higher but a bit over two basis points to a rate of 4.438 percent.
Credit card rates were unchanged for the week. The interest rate for new credit card offers held at 13.72 percent. Once again, the emphasis by the credit card companies appears to be marketing introductory credit card rates which are not included in the credit card rate survey and cash back and credit card reward offers to attract new credit card customers as opposed to simply lowering the rates on new cards.
Treasury rates were the big movers for the week. Six month T-bills gave up three basis points to move from 0.10 percent at the start of the week to 0.07 percent at the end of the week. The one year Treasury rate gave up one basis point top close the week at 0.16 percent. The two year Treasury bond was lower by three basis points tumbling to 0.35 percent from 0.38 percent in the earlier week. The ten year plummeted on Friday which brought the rate down six basis points and leaving the yield at 2.88 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of June 24th, 2011 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 were little changed for the week ending June 10th, 2011. Mortgage rates were up slightly on longer term home loans and down very modestly on shorter term loans. CD interest rates dipped by the smallest of margins on the week. Savings account rates and money market account rates manage to squeeze out an increase in yield and credit card rates moved lower by just one basis point by the end of the week.
The changes in bank rates pretty much mirrored the action in Treasury rates. Six month Treasury rates ended the week right where they started at 0.10 percent. One year Treasury rates ticked up one basis point or 1/100th of a percent to 0.19 percent. Five year Treasury rate gave up two basis points to close down at 1.58 percent and the ten year Treasury yield stayed put at 2.99 percent.
The SelectCDrates.com weekly bank interest rate survey includes a summary of bank mortgage rates and lending rates, savings rates, CD rates as well as a summary of Treasury rates. The results for the survey dated June 10th, 2011 included the following mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.375 percent (down .001 percent)
3 month CD rates 0.633 percent (down .021 percent)
6 month CD rates 1.000 percent (down .010 percent)
1 year CD rates 1.258 percent (down .001 percent)
2 year bank CD rates 1.493 percent (down .006 percent)
5 year CD rates 2.492 percent (up .035 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.128 percent (up .019 percent)
Mortgage rates:
30 year mortgage rate 4.572 percent (up .005 percent)
15 year mortgage rate 3.730 percent (down .028 percent)
20 year mortgage rate 4.363 percent (up .025 percent)
30 year jumbo mortgage rate 4.825 percent (up .012 percent)
30 year FHA mortgage rate 4.413 percent (down .037 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.10 percent (unchanged)
Two year Treasury rate 0.41 percent (down .01 percent)
Five year Treasury rate 1.58 percent (down .02 percent)
Ten year Treasury rate 2.99 percent (unchanged)
The SelectCDrates.com CD interest rate index dipped by the smallest measurement on the week, the index was down by just 1/1000th of a percent. The CD interest rate index closed the week at 1.375 percent after moving down to 1.376 percent in the previous week. The CD rate index is a measure of the average rate for the top ten 3 month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.
The best three month CD rates lost the most ground and gave up just over two basis points, bringing the average yield for three month bank CDs to 0.633 percent. The average rate for the highest six month CD rates shed one basis point pushing the average rate to 1.000 percent. The best one year CD rates hardly moved, giving up 1/1000th of a percent to put the average interest rates on one year CDs at 1.258 percent.
Two year CD rates were lower by less than one basis point as well. The rate offered on the best two year bank CDs ended the week at 1.493 percent from 1.499 percent in the preceding week. The top five year CD rates gave up just over one basis point or 1/100th of percent. Five year CD rates actually gained in yield. The average rate for the top ten best five year CDs rose to 2.492 percent from 2.457 percent last week.
Savings account rates and money market account rates moved higher this week for the first time in several weeks. The rate increase was far from earth shattering but this category had been experiencing a steady decline in yield for most of the second quarter of this year. The average rate for the top ten highest bank savings account rates and money market account rates gained just under two basis points to rise up to 1.128 percent from 1.109 percent in the previous week.
Mortgage rates ended the week mixed with half of the mortgage products measured experiencing an increases in rate and the other half moving lower. The average 30 year mortgage rate was higher by less than one basis point to 4.572 percent. The average 15 year mortgage rate moved in the opposite direction and moved down by just under three basis points to 3.730 percent.
20 year mortgage rates reversed the action of the 15 year rates and moved higher by just three basis points. The average 20 year mortgage rate in the survey reached 4.363 percent for the week. 30 year jumbo mortgage rates also increased this past week but by a very small margin. The average jumbo mortgage rate increased to 4.825 percent from 4.813 percent in the previous week. FHA mortgage rates shifted in the other direction and closed lower with the average 30 year FHA mortgage rate dropping to 4.413 percent.
Credit card rates for new credit card offers chopped off one basis point from the average rate. The average credit card rate for new credit card offers from the nation’s largest credit card companies came in at 13.72 percent. Once again, credit card companies are promoting introductory credit card rates and credit card reward programs to attract new customers while leaving the interest rates for standard credit card purchases alone.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of June 10th, 2011 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 resources for mortgage rates, CD rates, credit card rates and savings account rates can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rates moved visibly lower again this past week. Just when many financial analysts thought the economy was headed in a sustained positive climb and rising rates were soon be on the horizon, Friday’s lousy jobs report put a damper on any rosy economic outlooks. Poor housing sales combined with extremely slow job growth has created a slow sell off in the stock market and a rise in bond prices. With bond prices up, interest rates have moved down. Mortgage rates dropped measurably on the week. Treasury rates also moved significantly lower. Bank CD interest rates and savings account rates were down as well but by a much smaller margin. Credit card rates, however, remained unchanged on the week.
The SelectCDrates.com weekly bank interest rate survey includes a summary of bank lending rates, savings rates as well as a summary of Treasury rates. The results for the survey dated June 3rd, 2011 included the following mortgage rates, CD rates, credit card rates, money market rates, savings account rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.376 percent (down .002 percent)
3 month CD rates 0.654 percent (unchanged)
6 month CD rates 1.010 percent (unchanged)
1 year CD rates 1.259 percent (unchanged)
2 year bank CD rates 1.499 percent (down .002 percent)
5 year CD rates 2.457 percent (down .011 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.109 percent (down .008 percent)
Mortgage rates:
30 year mortgage rate 4.567 percent (up .081 percent)
15 year mortgage rate 3.758 percent (up .080 percent)
20 year mortgage rate 4.338 percent (up .075 percent)
30 year jumbo mortgage rate 4.813 percent (down .075 percent)
30 year FHA mortgage rate 4.450 percent (down .025 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 (up .01 percent)
Two year Treasury rate 0.42 percent (down .06 percent)
Five year Treasury rate 1.60 percent (down .11 percent)
Ten year Treasury rate 2.99 percent (down .08 percent)
The SelectCDrates.com CD interest rate index was down ever so slightly for the week. Interest rates on CDs were lower, with long term CDs absorbing most of the rate reductions for the week. The composite CD interest rate index dipped down to 1.376 percent from 1.378 percent in the previous week. The CD rate index is a measure of the average rate for the top ten 3 month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.
The top three month CD rates available nationally was unaltered on the week at 0.654 percent. The best six month CD rates were also unaffected by interest rate movements this week, holding at an average rate of 1.010 percent. The highest one year CD rates followed along and remained unchanged at rate of 1.259 percent.
The average rate for the highest two year CD rates was lower by a very small margin. The rate for the top ten two year CD rates ended the week at 1.499 percent down from the prior week’s figure of 1.501 percent. The top five year CD rates gave up just over one basis point or 1/100th of percent. The average rate for the five year CDs closed out at 2.457 percent after last week’s average rate of 2.468 percent.
Bank savings account rates and money market account rates pushed lower once again this week. These bank rates had been holding their own in the early stages of the most interest rate declines but have since made up lost ground and have been dropping faster than CD rates. The average rate for the top ten highest money market account rates and savings account rates stepped down to 1.109 percent, off of last week’s rate of 1.117 percent.
Mortgage rates continued their downward slide this week. The average 30 year mortgage rate from the top ten bank mortgage lenders dropped by eight basis points for the week. The average 30 year mortgage rate is now offered at 4.567 percent after reaching 4.648 percent last week. The 15 year mortgage rate was also down by eight basis points leaving the average 15 year home loan rate at 3.758 percent, last week’s average rate was 3.838 percent.
20 year mortgage rate was lower by a hair under eight basis points. The average 20 year mortgage rate in the survey is now at 4.338 percent following last week’s drop to 4.413 percent. FHA mortgage rates slipped just over two basis points to 4.813 percent. 30 year jumbo mortgage rates were slumped by over seven basis points driving the average jumbo loan rate from 4.888 percent to 4.813 percent.
Credit card rates once again ran in place. The average credit card arte for new credit card offers moved down slightly but the rate drop amounted to less than one basis point leaving the measured rate the same at 13.73 percent. The biggest change in the past few weeks for new credit card offers is not the best credit card rates being offered but rather the cash back bonus allotments that are promoted and the term on zero percent introductory credit card rates.
Treasury rates were leader for the week with almost all Treasury security terms falling on the week. The six month Treasury rate was lower by one basis point closing Friday at 0.10 percent. The one year Treasury rate was unchanged again this week at 0.18 percent. The two year Treasury fell by six basis points to 0.42 percent. The five year term Treasury rate gave up 11 basis points to close Friday at 1.60 percent. The ten year Treasury rate declined just eight basis points but landed below 3.00 percent on the week to 2.99 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of June 3rd, 2011 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 resources for mortgage rates, CD rates, credit card rates and savings account rates can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
It wasn’t a big week of economic news but what news that did come out drove interest rates lower. Mortgage rates reached their low point for the year this week as did many of the Treasury terms. Ten year Treasury rates ended Friday at 3.07 percent which is generally not seen as a good sign of a strong economy.
In addition to mortgage rates moving lower, CD interest rates and savings account rates also moved down. Credit card rates move to the tune of a different drummer and remained stable. While the magnitude of interest rate changes this past week appears to be somewhat mild, the rate reductions are coming off of already extremely low positions. And with expectations of easing by the Fed coming to an end next month, the drop in bank interest rates is catching many economists off guard.
The weekly SelectCDrates.com bank rate survey included the following bank rates and Treasury rates for the week ending May 27th, 2011 on mortgage rates, CD rates, credit card rates, money market rates, savings rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.378 percent (down .006 percent)
3 month CD rates 0.654 percent (up .005 percent)
6 month CD rates 1.010 percent (down .003 percent)
1 year CD rates 1.259 percent (up .003 percent)
2 year bank CD rates 1.501 percent (down .003 percent)
5 year CD rates 2.468 percent (down .032 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.117 percent (down .03 percent)
Mortgage rates:
30 year mortgage rate 4.648 percent (up .102 percent)
15 year mortgage rate 3.838 percent (up .085 percent)
20 year mortgage rate 4.413 percent (up .112 percent)
30 year jumbo mortgage rate 4.888 percent (down .087 percent)
30 year FHA mortgage rate 4.475 percent (down .088 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)
Two year Treasury rate 0.48 percent (down .07 percent)
Five year Treasury rate 1.71 percent (down .11 percent)
Ten year Treasury rate 3.07 percent (down .08 percent)
The CD interest rate index was lower by .006 percent for the week. The CD rate is a measure of the average rate for the top ten 3 month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates at 1.384 percent. The index dipped to 1.378 percent after dropping to 1.384 percent in the previous week.
The best three month CD rates bucked the overall CD rates down trend this week and moved higher by .005 percent. The mild increase in three month CD rates left the average rate at 0.654 percent. The average rate for the highest six month CD rates available was lower by .003 percent pushing the average to 1.010 percent from 1.013 percent in the week earlier. The one year CD rates also managed to squeak out a gain in yield by the close of the week.
The average rate for the top ten highest one year CD rates closed the week at 1.259 percent or .003 percent above last week’s average rate of 1.256 percent. Two year CD rates lost and equal amount off of their average yield. The average rate on the best two year CD rates dipped to 1.501 percent, .003 percent below the prior week’s rate of 1.504 percent. The five year CD rates absorbed the biggest rate shock, falling .032 percent which left the average rate for the top ten highest five year CD rates at 2.468 percent.
The money market account rates and bank savings account rates fell measurably. The average rate for the top ten highest money market account rates and savings account rates gave up three basis points or 3/100’s of a percent on the week. The average interest rate offered on money market accounts and savings accounts closed at 1.117 percent, down from last week’s figure of 1.147 percent.
Mortgage rates dropped across all terms this past week. Mortgage rates have now reached the low point of the year and are at rates not seen since the summer of 2010.
30 year mortgage rates from the top ten bank mortgage lenders were lower by just over ten basis points. The average 30 year mortgage rate is now at 4.648 percent after hitting 4.750 percent last week. The average 15 year mortgage rate was down by just over eight basis points which pushed the average rate to 3.838 percent from of 3.923 percent in the previous week.
The average 20 year mortgage rate moved with greater magnitude than the 30 year mortgage rates. The average for the 20 year term mortgage was lower by 11 basis points to 4.413 percent.
30 year term FHA mortgage rates gave up almost nine basis points. The average FHA mortgage rates slipped to 4.475 percent after reaching 4.563 percent in the preceding week. 30 year jumbo mortgage rates experienced an almost identical rate reduction to that of the FHA rates. The average 30 year jumbo mortgage rate came down to 4.888 percent from 4.975 percent in the earlier week.
Credit card rates stayed still this week. Heaven forbid, credit card companies actually follow the market and reduce the rates on new credit card offers. For the week, the average interest rate for new credit card offers held at 13.73 percent.
Treasury rates were lower for almost all terms. The six month Treasury rate managed to tick up one basis point to 0.11 percent from 0.10 percent in the previous Friday. The one year Treasury rate was unchanged at 0.18 percent. The two year Treasury gave up seven basis points, falling to 0.48 percent. The five year term Treasuries plummeted 11 basis points to 1.71 percent. The ten year Treasury rate reduction was bit milder, falling just eight basis points to 3.07 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of May 27, 2011 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 resources for mortgage rates, CD rates, credit card rates and savings account rates can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rates and Treasury rates moved in opposite directions over the past week. Treasury rates ended the week lower across all terms with the exception of the ultra short Treasury bills. While Treasury rates moved lower, bank mortgage rates moved higher and CD interest rates remained predominantly unchanged.
The Treasury market improved with rising prices and lower rates as the stock market continued to move in jagged path to the downside and world economic uncertainty put a pall on any sign s of market enthusiasm.
The weekly SelectCDrates.com bank rate survey included the following interest rate changes for the week ending May 20th, 2011 on mortgage rates, CD rates, credit card rates, money market rates, savings rates and Treasury rates:
CD interest rates:
Composite CD interest rate index 1.384 percent (up .001 percent)
3 month CD rates 0.649 percent (up .011 percent)
6 month CD rates 1.013 percent (down .001 percent)
1 year CD rates 1.256 percent (up .01 percent)
2 year bank CD rates 1.504 percent (down .003 percent)
5 year CD rates 2.500 percent (down .012 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.147 percent (unchanged)
Mortgage rates:
30 year mortgage rate 4.750 percent (up .027 percent)
15 year mortgage rate 3.923 percent (up .038 percent)
20 year mortgage rate 4.525 percent (up .037 percent)
30 year jumbo mortgage rate 4.975 percent (down .025 percent)
30 year FHA mortgage rate 4.563 percent (up .013 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 (up .02 percent)
Two year Treasury rate 0.55 percent (down .02 percent)
Five year Treasury rate 1.82 percent (down .04 percent)
Ten year Treasury rate 3.15 percent (down .03 percent)
CD interest rates were little changed on the week. The Selectcdrates.com composite CD rate index was up by just 1/1000th of a percent for the week, leaving the average rate for the top ten 3 month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates at 1.384 percent. The index stood at 1.383 percent during the previous week.
The average rate for the top three month CD rates edged up slightly to 0.649 percent from 0.638 percent in the week earlier. The best six month CD rates moved to the downside by the slightest of margins, dipping to 1.013 percent from 1.014 percent in the preceding week. The highest one year CD rates were up by one basis point or 1/100th of a percent to 1.256 percent. The average rate on the best two year CD rates also moved by a very slight margin, dropping to 1.504 percent from last week’s average rate of 1.507 percent. The average five year CD rates lost just over one basis point to end the week at 2.500 percent.
The top bank money market rates and savings account rates remained put this week. The average interest rate offered on the ten highest bank money market accounts and bank savings accounts held at 1.147 percent.
Mortgage rates moved higher on the week with the exception of jumbo home loans which took a small haircut on the average rate. The rate changes for the week were very modest across all home loan products measured.
30 year mortgage rates from the top ten bank mortgage lenders moved up just over two basis points to an average rate of 4.750 percent. 15 year mortgage rates were up by almost five basis points to an average interest rate of 3.923 percent. The 20 year mortgage rate increased by a similar amount, pushing the average 20 year mortgage rate to 4.525 percent on the week.
FHA mortgage rates had a small rate increase with the average 30 year FHA home loan in this week’s survey having a rate of 4.563 percent. Jumbo mortgage rates did drop down by a relatively small increment. The average 30 year jumbo mortgage rates came in at 4.975 percent, beneath last week’s average rate of 5.000 percent in the previous week.
Credit card rates continued to move in a very narrow range. For the week, the average interest rate for new credit card offers increased by just one basis point. Over one half of the credit card rate offers in the survey experienced no change in rate. The average rate for new credit cards, excluding introductory credit cards rates moved up to 13.73 percent.
Treasury rates were lower by the close of the week with the exception of the six month rate. The six month Treasury rate was the outlier term with a rate increase of two basis points to 0.10 percent. The one year Treasury dropped one basis point to 0.18 percent. The two year Treasury rate lost two basis points to close at 0.55 percent. Five year rates were lower by four basis points to 1.82 percent. The ten year Treasury rate was also down by three basis points with a rate of 3.15 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of May 20, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rates remained firm over the past week with most bank savings rates and lending rates barely moving. Economic news for the week was particularly light.
An announcement from the Treasury Department on foreign Treasury securities holdings indicated that China had reduced its total investment in U.S. Treasury debt for the 5th consecutive month, the reported today. This announcement came at a time when the U.S. has hit the debt limit ceiling and is awaiting legislators to vote on an increase sometime in the next few weeks.
Neither the reduction in Treasury holdings by China nor the debt ceiling issue placed a damper ion demand for US Treasury securities, Treasury rates along with bank rates barely moved for the week
By the close of the week on May 13th, 2011 CD interest rates were mostly unchanged, mortgage rates were also unchanged, bank savings rates dipped modestly, credit card rates held firm and Treasury rates were off by less than two basis points or 2/100’s of a percent across all maturities.
The weekly SelectCDrates.com bank rate survey included the following interest rate changes for the week ending May 13th, 2011:
CD interest rates:
Composite CD interest rate index 1.383 percent (unchanged)
3 month CD rates 0.638 percent (unchanged)
6 month CD rates 1.014 percent (unchanged)
1 year CD rates 1.246 percent (down .001 percent)
2 year bank CD rates 1.507 percent (unchanged)
5 year CD rates 2.512 percent (up .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.147 percent (down .005 percent)
Mortgage rates:
30 year mortgage rate 4.723 percent (unchanged)
15 year mortgage rate 3.885 percent (down .01 percent)
20 year mortgage rate 4.488 percent (down .012 percent)
30 year jumbo mortgage rate 5.000 percent (down .025 percent)
30 year FHA mortgage rate 4.550 percent (up .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.08 percent (up .01 percent)
Two year Treasury rate 0.57 percent (unchanged)
Five year Treasury rate 1.86 percent (down .01 percent)
Ten year Treasury rate 3.18 percent (down .01 percent)
The Selectcdrates.com CD rate index closed the week exactly where it started. This was the first week the index remained unchanged in 2011. The CD rate index measures the highest three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates. The index held this week at an average rate of 1.383 percent.
The average rate on the top ten highest three month CD rates remained at 0.638 percent. The highest six month CD rate average rate was unaltered as well with rate of 1.014 percent. The best one year CD rates were lower by 1/1000th of a percent with a yield at 1.216 percent versus 1.247 percent in the week earlier. The average interest rate for the top two year CD rates held at 1.507 percent. The average rate for the five year CDs gained a little yield which pushed the average rate from 2.507 percent to 2.512 percent.
Bank money market rates and savings account rates lost just under one basis point this week. The average rate for the ten highest bank money market accounts and bank savings accounts came in at 1.147 percent from 1.152 percent in the prior week.
Mortgage rates followed other bank rates and were mostly unchanged. The average 30 year mortgage rate from the top ten largest bank mortgage lenders was unmoved, down to the third decimal place, at 4.723 percent. The average 15 year mortgage rates were lower by just one basis point at 3.885 percent. The average 20 year mortgage rate moved lower by just over one basis point to 4.488 percent.
FHA mortgage rates on the 30 year term loan had an average rate of 4.550 percent which was an increase from the previous week of 2.5 basis points. Jumbo mortgage rates lost the same amount, dipped down to 5.00 percent from 5.025 percent in the previous week.
Credit card rates on new credit card offers were held in check which may very well describe the whole year of rate changes for new credit card offers. The average rate for new credit cards, excluding introductory credit cards rates, stayed at 13.72 percent.
Treasury rates were little changed for the week. The six month Treasury rate ticked up one basis point to 0.08 percent from 0.07 percent from the previous week. The one year Treasury bill was also up one basis point to 0.19 percent from 0.18 percent in the week earlier. Two year Treasury rates remained at 0.57 percent. Five year Treasury rates lost one basis points to 1.86 percent. The ten year Treasury rate also gave up one basis point to close the week with a yield of 3.18 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of May 13, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
The labor department posted good news on Friday with a stronger than expected labor report, this is a sign of strengthening economy in the short term as well as over the long term should the job growth continue. Oil prices also pulled back last week taking some pressure off of inflation expectations. The oil price reduction puts downward pressure on bank rates while job growth puts upward pressure on bank rates and the end result is a mixed market for bank savings rates and lending rates.
By the close of the week on May 6th, 2011 CD interest rates managed to move up, mortgage rates went down, bank savings rates were up, credit card rates were also higher and Treasury rates moved lower hitting record lows for the year.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending May 6th, 2011:
CD interest rates:
Composite CD interest rate index 1.383 percent (up .014 percent)
3 month CD rates 0.638 percent (up .047 percent)
6 month CD rates 1.014 percent (up .033 percent)
1 year CD rates 1.247 percent (up .001 percent)
2 year bank CD rates 1.507 percent (down .001 percent)
5 year CD rates 2.507 percent (down .01 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.152 percent (up .007 percent)
Mortgage rates:
30 year mortgage rate 4.723 percent (down .082 percent)
15 year mortgage rate 3.895 percent (down .10 percent)
20 year mortgage rate 4.500 percent (down .088 percent)
30 year jumbo mortgage rate 5.025 percent (down .138 percent)
30 year FHA mortgage rate 4.525 percent (down .175 percent)
Credit card rates:
Credit card rates for new credit card offers 13.72 percent (up .01 percent)
Treasury rates:
Six month Treasury rate 0.07 percent (down .04 percent)
Two year Treasury rate 0.57 percent (down .04 percent)
Five year Treasury rate 1.87 percent (down .10 percent)
Ten year Treasury rate 3.19 percent (down .13 percent)
The Selectcdrates.com CD rate index moved higher for the first time in several weeks. The CD rate index ended this week with a rate of 1.383 percent, just over one basis point or 1/100th of a percent above last week’s average rate of 1.369 percent. The composite CD interest rate measures the top ten highest CD rates for the 3 month CD maturities, six month CD maturities, one year CDs, two year CDs and five year CDs.
The best three month CD rates bounced up to 0.638 percent or four basis points above the prior week’s figure of 0.591 percent. The best six month CDs available had an average rate 1.014 percent or three basis points above the previous week’s average rate of 0.984 percent. The average yield on the top one year CD rates was 1.247 percent which was higher by the smallest of increments, the previous average rate for this term CD was 1.246 percent. The highest two year CD rates lost the exact amount of the one year’s rate gain, dipping from 1.508 percent last week to 1.507 percent this week. The long term, five year CD rates lost a little ground and dropped one basis point to 2.507 percent.
Bank money market rates and savings account rates put together another small gain in yield this week. The average rate for the top ten highest bank money market accounts and bank savings account ended the week at 1.152 percent or slightly above the prior week’s rate of 1.145 percent.
Mortgage rates moved lower for the third consecutive week. The 30 year mortgage offered from the top ten bank mortgage lenders had an average interest rate of 4.723 percent. This is a reduction of eight basis points from last week’s 30 year mortgage rate of 4.805 percent. The average interest rate for the 15 year term mortgage came in at 3.895 percent or ten basis points below last week’s average rate of 3.995 percent.
The average 20 year mortgage rate was 4.50 percent or eight basis points lower. The 30 year FHA mortgage interest rate was down by just under eight basis points to 4.525 percent. The average 30 year jumbo mortgage rates slipped 14 basis points to 5.025 percent.
Credit card rates on new credit card offers ratcheted up one basis point. The average rate for new credit card offers moved up to 13.72 percent from 13.71 percent in the previous week. Credit card changes were quite limited with not only the rates showing little activity but there were also limited changes on new credit card promotions and introductory offers.
Treasury rates were down for all maturities with a noticeable drop on the short side of the curve. The six month Treasury rate dropped down to 0.17 percent, the lowest rate of the year. The one year Treasury also hit its lowest yield, falling to 0.18 percent from 0.22 percent in the earlier week. The two year Treasury rate came near its low, falling to 0.57 percent. The five year Treasury dipped down 10 basis points to 1.87 percent. The ten year Treasury rate was off 13 basis points to yield 3.19 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of May 6, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
The stock market continued to rally last week, the dollar fell, inflation ticked up and somehow interest rates managed to move lower. There is a plethora of opinions from economist on why interest rates should be increasing not decreasing, yet the expected rise in interest rates remains as elusive as ever.
Although short term rates were only modestly lower, long term rates ended the week measurably lower than where they started. Since the interest rates movements for the week were more profound on the longer term, CD interest rates and money market rates were little changed while mortgage rates experienced a more considerable rate reduction.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending April 29, 2011:
CD interest rates:
Composite CD interest rate index 1.3691 percent (down .002 percent)
3 month CD rates 0.591 percent (down .005 percent)
6 month CD rates 0.981 percent (unchanged)
1 year CD rates 1.246 percent (down .003 percent)
2 year bank CD rates 1.508 percent (unchanged)
5 year CD rates 2.517 percent (down .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.145 percent (up .005 percent) 1.145
Mortgage rates:
30 year mortgage rate 4.805 percent (down .082 percent)
15 year mortgage rate 3.995 percent (down .151 percent)
20 year mortgage rate 4.588 percent (down .137 percent)
30 year jumbo mortgage rate 5.163 percent (down .136 percent)
30 year FHA mortgage rate 4.700 percent (down .050 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.61 percent (down .07 percent)
Five year Treasury rate 1.97 percent (down .17 percent)
Ten year Treasury rate 3.32 percent (down .10 percent)
The Selectcdrates.com CD rate index was down on the week by less than one basis point or 1/100th of a percent, an almost imperceptible rate change. The CD rate index dipped to 1.369 percent from 1.371 percent in the prior week. The composite CD interest rate measures the CD rates of the top ten best 3 month bank CDs, six month CDs, one year CDs, two year CDs and five year bank CDs.
All of the CD terms that comprise the CD rate index were lower, on average, by less than one basis point. The best three month CDs had an average rate of 0.591 percent, off from 0.596 percent in the week earlier. The six month CD rate average was unchanged at 0.981 percent. The top ten highest one year CD rates came in at 1.246 percent. The highest two year CD rates were also unchanged at 1.508 percent. The best five year CD interest rates moved from 2.522 percent to 2.517 percent.
Bank money market rates and savings account rates were able to squeak out a small gain in yield on the week. The average interest rate earned from the top ten best bank money market accounts and bank savings increased by less than a basis point to 1.145 percent from 1.140 percent in the week earlier.
Mortgage rate reductions were significantly larger than those found in bank savings rates. The average 30 year mortgage rate from the top ten bank mortgage lenders closed at 4.805 percent or eight basis points lower than the previous week. The average 15 year mortgage rate ended the week at 3.995 percent which is five basis points lower than the prior week.
20 year mortgage rates dropped by over 10 basis points to 4.588 percent. 30 year FHA mortgage rates lost five basis points, pushing the average rate to 4.700 percent. Jumbo mortgage rates with a 30 year terms ended the week at 5.163 percent, off 13 basis points week over week.
Credit card rates were unchanged on the week. The average rate for new credit card offers held at 13.71 percent. It was quite week for credit card news, not only were credit card interest rates changed but there has been less activity in the number of new credit card promotions hitting the market.
Treasury rates were down slightly on the short end of the curve but fell rather precipitously on the midterm and long term end of the yield curve. The six month Treasury rate was unchanged on the week at 0.11 percent. The one year Treasury rate was also down by one basis point to 0.22 percent. The two year Treasury rate lost seven basis points to 0.61 percent. The five year gave up 17 basis points to close the week at 1.97percent and the ten year Treasury rate was down by ten basis points to bring the yield to 3.32 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of April 29, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Market news was rather subdued last week relative to the previous week’s torrent of news reports from around the globe. While the market news settled down so did interest rates. Interest rates were lower across the board which included CD interest rates, money market rates, mortgage rates and Treasury rates. Only credit card rates bucked the trend by increasing modestly on the week. Although the bank rates in our weekly surveyed moved lower, for the most part the drop in rates was relatively subdued.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending April 22, 2011:
CD interest rates:
Composite CD interest rate index 1.371 percent (down .02 percent)
3 month CD rates 0.596 percent (down .054 percent)
6 month CD rates 0.981 percent (down .019 percent)
1 year CD rates 1.249 percent (down .002 percent)
2 year bank CD rates 1.508 percent (down .003 percent)
5 year CD rates 2.522 percent (down .022 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.140 percent (down .007 percent)
Mortgage rates:
30 year mortgage rate 4.887 percent (down .045 percent)
15 year mortgage rate 4.146 percent (down .058 percent)
20 year mortgage rate 4.725 percent (down .025 percent)
30 year jumbo mortgage rate 5.299 percent (up .053 percent)
30 year FHA mortgage rate 4.750 percent (down .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (up .01 percent)
Treasury rates:
Six month Treasury rate 0.11 percent (down .01 percent)
Two year Treasury rate 0.68 percent (down .03 percent)
Five year Treasury rate 2.14 percent (unchanged)
Ten year Treasury rate 3.42 percent (down .01 percent)
The Selectcdrates.com CD rate index which measures the top ten best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs was lower by exactly two basis points or 2/100th of a percent in this week’s bank rate survey. The composite CD interest rate index dropped to 1.371 percent for the week from 1.391 percent in the prior week.
The best three month CD rates were took a big hit, falling by just over five basis points with many of the long term best bank rates finally cutting back on the yield they offer. The top ten highest three months CD rates had an average yield of 0.596 percent. The top ten best six month CD rates were down by two basis points bringing the average rate on the two year CDs to 0.981 percent. The best one year CDs rates barely budged with the average rate dipping to 1.249 percent from 1.251 percent in the week earlier. The two year CD rates were also down by a very small margin. The average rate on the top ten best two year CD rates came in at 1.508 percent after closing at 1.511 percent in the prior week. The best five year bank CD rates displayed a little more activity, falling just over two basis points to yield 2.522 percent.
Bank money market rates and savings account rates experienced a slight reduction in rates. The average rate on the top ten best bank money market accounts and bank savings moved less than a basis point to an average rate of 1.140 percent.
Mortgage rates were lower for all terms measured in the weekly bank rate survey. The rate reductions for mortgages were relatively minor by the close of the week. The average 30 year mortgage rate was down by a hair over five basis points pushing the average mortgage rate on the 30 year loan from the top ten bank mortgage lenders to 4.887 percent. The 15 year mortgage rate dropped by similar sum with the average mortgage rate on the 15 year coming in at 4.146 percent.
The 20 year mortgage rate lost approximately two basis points making the average 20 year arte 4.725 percent. The average 30 year FHA mortgage rate was lower by the same amount which brought the average FHA loan rate to rate 4.750 percent.
Credit card rates went in the opposite direction of all other bank rates in the weekly survey. Credit card rate have been quite stable for the better part of 2011. This past week the average rate on new credit card offers ticked up just a smidgen to 13.71 percent from 13.70 percent in the previous week.
Treasury rates followed, or led depending on how you want to see it, bank rates and moved lower on the week. Six month Treasury rates dipped one basis point from 0.12 percent to 0.11 percent. The one year Treasury rate was also down by one basis point to 0.23 percent. The two year Treasury rate was down by three basis points to 0.68 percent. The five year was unchanged at 2.14 percent and the long term, ten year Treasury rate gave back one basis point to yield 3.42 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of April 22, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Consumer prices moved higher with a year over year increase of 2.7 percent and the Philadelphia Federal Reserve Bank President, Charles Plosser, commented that the Fed may have to raise rates if the economy continues expand. Yet, bank interest rates moved decidedly lower for the week. While the tea leaves appear to be leading to a path of higher interest rates this past week saw mortgage rates drop, CD interest rates drop and bank money market and savings rates drop.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending April 15, 2011:
CD interest rates:
Composite CD interest rate index 1.391 percent (down .016 percent)
3 month CD rates 0.650 percent (down .05 percent)
6 month CD rates 1.000 percent (down .017 percent)
1 year CD rates 1.251 percent (down .01 percent)
2 year bank CD rates 1.511 percent (up .002 percent)
5 year CD rates 2.544 percent (down .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.147 percent (down .008 percent)
Mortgage rates:
30 year mortgage rate 4.932 percent (down .143 percent)
15 year mortgage rate 4.204 percent (down .104 percent)
20 year mortgage rate 4.750 percent (down .175 percent)
30 year jumbo mortgage rate 5.246 percent (down .366 percent)
30 year FHA mortgage rate 4.775 percent (down .128 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.12 percent (unchanged)
Two year Treasury rate 0.71 percent (down .12 percent)
Five year Treasury rate 2.14 percent (down .17 percent)
Ten year Treasury rate 3.43 percent (down .16 percent)
Our CD rate index which measures the top ten best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs was lower by just over one basis point or 1/100th of a percent. The Selectcdrates.com composite CD rate index dropped from 1.407 percent last week to 1.391 percent in the current survey week.
The best three month CD rates were cut down by just over five basis points, with the average rate on the top ten highest three months CD rates falling to 0.65 percent. The ten best six month CD rates gave up just under two basis points with an average interest rate right at 1.00 percent. The best one year CDs rates were down by exactly one basis point with an average yield of 1.251 percent. The top ten two year CD rates made a gain on the week, albeit quite small in magnitude. The average interest rate for the top highest two year CDs came in at 1.511 percent. The best five year bank CD rates lost a little bit of ground, half of one basis point, dropping to 2.544 percent from 2.549 percent in the prior week.
Bank money market rates and savings account rates took it on the chin again this past week. This sector had previously been amazingly stable for weeks even months while bank rates gently pushed lower. The average rate on the top ten best bank money market accounts and bank savings moved down to 1.147 percent from 1.159 percent in the previous week.
Credit card rates held their ground after rising in the previous week. The average credit card rate for new credit card offers remained at 13.70 percent. Credit card rate changes were presented by a few bank credit cards in the survey but the activity was not sufficient enough to alter the average card rate.
Mortgage rates were rather demonstrably lower on the week. The average 30 year mortgage rate dipped by 14 basis points, with the average 30 year mortgage rate falling back under 5.00 percent to 4.932 percent. The average 15 year mortgage rate lost ten basis points leaving the average 15 year loan rate at 4.204 percent.
The 20 year mortgage rate shed over 15 basis points to push the average mortgage interest rate on the 20 year term to 4.750 percent. 30 year jumbo mortgage rates, which have been the most volatile rates, fell the most by weeks end. The average 30 year jumbo mortgage rates ended the week at 5.2493 percent. The average 30 year FHA mortgage rate lost fourteen basis points making the average FHA rate 4.775 percent.
Long term Treasury rates fell dramatically the past week while the short term rates were little changed. The six month Treasury rate remained at 0.12 percent. The one year Treasury rate was down by three basis points to 0.24 percent. The two year Treasury rate tumbled 12 basis points to 0.71 percent. The five year was down by 17 basis points to close at 2.14 percent. The long term, ten year Treasury rate was off by 16 basis points to yield stayed 3.43 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of April 15, 2011 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 resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
In the midst of significant market announcements, CD interest rates, mortgage rates and savings rates displayed limited upside action. Interest rates were higher for mortgage loans and new credit card offers while remaining mostly unaltered for CD rates and money market rates.
This past week, gold hit another record high, oil prices continued to move higher and lawmakers on Capitol Hill eventually reached a deal to keep the government running and avert a government shutdown. The impact on bank interest rates from these actions and events was mostly reserved.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending April 8, 2011:
CD interest rates:
Composite CD interest rate index 1.407 percent (down .01 percent)
3 month CD rates 0.70 percent (down .03 percent)
6 month CD rates 1.017 percent (down .01 percent)
1 year CD rates 1.261 percent (down .01 percent)
2 year bank CD rates 1.509 percent (unchanged)
5 year CD rates 2.549 percent (up .007 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.155 percent (down .004 percent)
Mortgage rates:
30 year mortgage rate 5.075 percent (up .085 percent)
15 year mortgage rate 4.308 percent (up .039 percent)
20 year mortgage rate 4.925 percent (up .087 percent)
30 year jumbo mortgage rate 5.63 percent (up .026 percent)
30 year FHA mortgage rate 4.913 percent (up .038 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (up .01 percent)
Treasury rates:
Six month Treasury rate 0.12 percent (down .03 percent)
Two year Treasury rate 0.83 percent (up .03 percent)
Five year Treasury rate 2.31 percent (up .07 percent)
Ten year Treasury rate 3.59 percent (up .13 percent)
The Selectcdrates.com composite CD rate index dipped lower by one basis point or 1/100th of percent for the week. The Selectcdrates.com CD rate index which measures the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year bank CD rates closed the week at 1.407 percent off of last week’s close of 1.422 percent.
The best three month CD rates available nationally lost three basis points to close the week with an average yield of 0.70 percent. The highest six month CD rates moved down by one basis point with the average yield ending the week at 1.017 percent. The average rate for the best one year bank CDs rates was also down by one basis point with an interest rate of 1.261 percent. Two year CD rates were unchanged for the week with an average interest rate of 1.509 percent. The best five year bank CD rates increased marginally pushing the average interest rate on the five year CD to 2.549 percent.
Bank money market rates and savings account rates lost a just a fraction off the average rate. The average interest rate on the top ten best bank money market accounts and bank savings accounts came in at 1.159 percent.
Credit card rates ticked up slightly, the first rate change in three weeks. The average credit card rate for new credit card offers ended this week at 13.70 percent. The rate change was driven by just a few bank credit card issuers while the majority of the bank credit card rates in the weekly survey were unaltered.
Mortgage rates, one again, increased for all mortgage terms and mortgage loan products. This week’s mortgage rate increases were also, once again relatively mild. The average 30 year mortgage rate increased by eight basis points pushing the rate above 5.00 percent. The average rate on the 30 year home loan from the top ten bank mortgage lenders closed the week at 5.075 percent.
15 year mortgage rates were up by four basis points with an average interest rate of 4.308 percent. The 20 year term home loan was higher by five basis points to end the week at 4.925 percent. 30 year jumbo mortgage rates closed the week at 5.463 percent or just three basis points above last week’s average. The average 30 year FHA mortgage rate was up by just under four basis points leaving the average FHA rate at 4.913 percent.
Treasury rates were little changed for the short term Treasuries while climbing more noticeably for the longer term securities. The six month Treasury rate moved lower by three basis points to close Friday at 0.12 percent. One year Treasury rates were unchanged at 0.27 percent. Two year Treasury rates gained three one basis points to 0.83 percent. The five year gained seven basis points to close at 2.31 percent and the ten year Treasury rate stayed a hair under 3.60 percent and closed the week at 3.59 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of April 8, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional bank rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
CD interest rates, mortgage rates and savings rates were a mixed bag for the week ending April 1, 2011. Bank lending rates were distinctly higher while bank savings rates were mixed with long bank rates higher and shorter term CD rates moving lower. Treasury rates were little changed with the short end of the curve displaying lower rates by week end and long term rates increasing moderately.
Last week’s noteworthy news impacting bank rates included the Labor Department’s Bureau of Labor Statistics report that there were 216,000 jobs created in March, above the 185,000 that was expected and Jeffrey Lacker of the Federal Reserve Bank of Richmond made a comment last week that the Fed could raise the benchmark Fed Funds Rate by the end of this year.
Both of these releases should lead to higher bank rates across all savings and lending products. Increased employment is a clear sign of expanding economy and expanded bank lending while a rise in the Fed Funds rates will most certainly push all short term interest rate sensitive bank products higher. Just how far off measurable and sustainable interest rate increases are is anyone’s guess. It is clear that the financial pundits haven’t made an accurate interest arte forecast in the past ….10 years.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending April 1, 2011:
CD interest rates:
Composite CD interest rate index 1.417 percent (down .005 percent)
3 month CD rates 0.735 percent (down .005 percent)
6 month CD rates 1.027 percent (unchanged)
1 year CD rates 1.271 percent (down .016 percent)
2 year bank CD rates 1.509 percent (down .015 percent)
5 year CD rates 2.542 percent (up .010 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.159 percent (up .024 percent)
Mortgage rates:
30 year mortgage rate 4.990 percent (up .057 percent)
15 year mortgage rate 4.269 percent (up .079 percent)
20 year mortgage rate 4.838 percent (up .063 percent)
30 year jumbo mortgage rate 5.437 percent (up .100 percent)
30 year FHA mortgage rate 4.875 percent (down .062 percent)
Credit card rates:
Credit card rates for new credit card offers 13.69 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.15 percent (down .03 percent)
Two year Treasury rate 0.80 percent (up .01 percent)
Five year Treasury rate 2.24 percent (up .04 percent)
Ten year Treasury rate 3.46 percent (unchanged)
The Selectcdrates.com composite CD rate index was lower by less than one basis point or 1/100th of a percent. The composite index which measures the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year bank CD rates closed the week at 1.417 percent which is down from 1.422 percent in the previous week.
The top ten best three month CD rates were also lower by less than one basis point, ending the week at 0.735 percent after closing the prior week at 0.740%. The average rate for the top ten six month CD rates remained even at 1.027 percent. One year CD rates were down by just over one basis point to close out the week with a yield at 1.271 percent. The best two year CD rates were lower by almost identical amount dragging the average two year CD rate down to 1.509 percent. The five year CD rates moved in the opposite direction and gained yield for the week. The average rate for the best five year CDs came in at 2.542 percent, up from last week’s average of to 2.532 percent.
The average rate on bank money market rates and savings account rates moved quite a bit higher. The average rate on the top ten best money market accounts and savings accounts was 1.159 percent, measurably above last week’s average of 1.135 percent. The increase was the result of the inclusion of Tennessee Commerce Bank’s promotional savings account that had been previously excluded due to the requirement for customers to hold a checking account as well as the bank savings account. The checking account has a very low deposit requirement and the savings account rate of 1.50% more than offsets this requirement.
Credit card rates held steady for the third consecutive week. The average rate for new credit card offers remained at 13.69 percent. Promotional offers and introductory rate offers remain competitive among the major bank credit card issuers including Capital One and Citibank.
Mortgage rates from the top bank mortgage lenders increased for all terms and loan products. Most of the mortgage interest rate increases were relatively mild. The average 30 year fixed rate mortgage increased to 4.990 percent from 4.933 percent in the previous week. The average 15 year mortgage rate moved up to 4.269 percent from 4.191 percent in the prior week.
The average 20 year mortgage rate closed at 4.838 percent or six basis points above last week’s figure of 4.775 percent. The average 30 year jumbo mortgage rate took the biggest hit, rising to at 5.437percent from 5.337 percent. The average 30 year FHA mortgage rate increased to 4.875 percent from 4.813 percent in the week earlier.
Treasury rates remained amazingly quiet for a week of significant economic news and world activity. The six month Treasury rate gave up three basis points to close Friday at 0.15 percent. Two year Treasury rates were higher by just one basis point to end the week at 0.80 percent. The five year gained four basis points to close at 2.24 percent and the ten year Treasury rate closed right where it started at 3.46 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of April 1, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional bank rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
The equity markets and interest rate markets have apparently absorbed recent world events and some level of normality has returned. Normal activity at this time is a rising stock market and mildly rising interest rates.
More good news for the economy was released last week with GDP revised upwards to 3.1% for the 4th quarter of 2010, consumer spending increasing 4% and mortgage delinquencies on single family homes dropping to 3.78%. Clearly, the economy is growing.
With that, interest rates headed higher. Mortgage rates, CD interest rates and bank savings rates increased modestly however while Treasury rates were up significantly.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending March 25th, 2011:
CD interest rates:
Composite CD interest rate index 1.422 percent (up .006 percent)
3 month CD rates 0.740 percent (up .03 percent)
6 month CD rates 1.027 percent (down .006 percent)
1 year CD rates 1.287 percent (up .014 percent)
2 year bank CD rates 1.524 percent (down .003 percent)
5 year CD rates 2.532 percent (down .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.135 percent (down .006 percent)
Mortgage rates:
30 year mortgage rate 4.933 percent (up .073 percent)
15 year mortgage rate 4.191 percent (up .082 percent)
20 year mortgage rate 4.775 percent (up .075 percent)
30 year jumbo mortgage rate 5.337 percent (up .074 percent)
30 year FHA mortgage rate 4.813 percent (down .10 percent)
Credit card rates:
Credit card rates for new credit card offers 13.69 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.18 percent (up .04 percent)
Two year Treasury rate 0.79 percent (up .18 percent)
Five year Treasury rate 2.20 percent (up .24 percent)
Ten year Treasury rate 3.46 percent (up .18 percent)
The Selectcdrates.com composite CD rate index moved higher by just under one basis point or less than 1/100’s of a percent. The composite index which measures the best CD rates on three month, six month, one year, two year and five year bank CDs closed the week at 1.422 percent up from 1.416 percent in the previous week.
The top ten best three month CD rates were up by three basis points to average yield of 074 percent. The average of the top ten six month CD rates moved in the opposite direction, by a very small margin, with an average interest rate of 1.027 percent. The best one year CD rates were higher by just over one basis point, the average rate for the top ten best one year CDs closed at 1.287 percent. The best two year CD rates dipped almost imperceptibly, closing at 1.524 percent, following last week’s close of 1.527 percent. The long term five year CDs were also just marginally lower with an average yield of 2.532 percent, down from last week’s average of to 2.537 percent.
Mortgage rates broke a three week down trend and moved higher across all mortgage terms. The average 30 year fixed rate mortgage from the top bank mortgage lenders increase to 4.933 percent from 4.850 percent in the previous week. The average 15 year mortgage rate bounced to 4.191 percent from the prior week’s average rate of 4.109 percent.
The average 20 year mortgage rate increased just over seven basis points to close with an average rate of 4.775 percent. The average 30 year jumbo mortgage rate ended the week at 5.337 percent and the average 30 year FHA mortgage rate had the greatest rate change, increasing by ten basis points to 4.813 percent.
Bank money market rates and savings account rates fought the trend and moved measurably lower, in light of the rate movements taking place in the opposite direction. A number of the top bank savings account rates and money market account rates have been scaled back over the past few weeks. This week, the average rate on the top ten best money market accounts and savings accounts came in at 1.135 percent, off of last week’s average of 1.141 percent.
Credit card rates remained stuck for the week. The average rate for new credit card offers held at 13.69 percent. Not measured in the average credit card rate survey is the increase in promotional offers for credit card cash back rewards and introductory credit card rates, which have continued to expand in 2011.
Treasury rates surpassed the changes in all bank savings rates and lending rates and spiked over the past week. The six month Treasury rate the six month moved up four basis points to close Friday at 0.18 percent. Two year Treasury rates leaped ahead 18 basis points to 0.79 percent. The five year was up by 24 basis points, ending the week at 2.20 percent. The ten year Treasury rate pushed ahead 18 basis points to a yield of 3.46 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of March 25, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional bank rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
The average CD interest rate for the best three month CDs moved down by two basis points to 0.710 percent. The top ten was also down by two basis points to close at of 1.033 percent. The best one year CD rates were off by three basis points 1.273 percent. The best two year CD rates ended at 1.527 percent, off two basis points. And the longest term CDs in the composite index, the five year CDs, saw a drop of one basis point to 2.537 percent.
Bank money market rates and savings rates were lower by just under one basis point, falling to 1.141 percent from 1.148 percent in the week earlier.
For the third consecutive week, mortgage rates drifted lower across all mortgage loan products surveyed by Selectcdrates.com. The average 30 year mortgage rate from the top bank mortgage lenders gave up just three basis points with an average rate of 4.850 percent. The 15 year mortgage rates experienced a larger rate reduction and lost eight basis points with an average rate of 4.190 percent.
The average 20 year mortgage rate offered by the top bank mortgage lenders was down by only one basis point to 4.700 percent. 30 year FHA mortgage rates were down by seven basis points to land at 4.713 percent. And jumbo home loans to the biggest hair cut, trimming nine basis points off the rate. The average 30 year jumbo mortgage rates came in at 5.263 percent.
Credit card rates decided to tag along with the rate gang this time. The average credit card rate on new credit card offers was lower by one basis point by the close of the week. The average credit card rate for new credit card offers, excluding all introductory credit card rates, was at 13.69. This week’s credit card rat drop was the first change in the average rate for three weeks.
Treasury rates were lower for most all maturities this past week. The six month Treasury rate was the one exception, the six month was higher by one basis point to close Friday at 0.14 percent. The one year Treasury rate lost one basis point to close at 0.23 percent. The two year Treasury rate moved down three basis points to 0.61 percent. The five year gave up 10 basis points, ending the week at 1.96 percent. The ten year Treasury rate was lower by 12 basis points at closed Friday at 3.28 percent.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending March 18th, 2011:
CD interest rates:
Composite CD interest rate index 1.416 percent (down .02 percent)
3 month CD rates 0.710 percent (down .02 percent)
6 month CD rates 1.033 percent (down .021 percent)
1 year CD rates 1.273 percent (down .03 percent)
2 year bank CD rates 1.527 percent (down .021 percent)
5 year CD rates 2.537 percent (up .01 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.141 percent (down .007 percent)
Mortgage rates:
30 year mortgage rate 4.850 percent (down .038 percent)
15 year mortgage rate 4.109 percent (down .075 percent)
20 year mortgage rate 4.700 percent (down .013 percent)
30 year jumbo mortgage rate 5.263 percent (down .087 percent)
30 year FHA mortgage rate 4.713 percent (down .062 percent)
Credit card rates:
Credit card rates for new credit card offers 13.69 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.14 percent (up .01 percent)
Two year Treasury rate 0.61 percent (down .03 percent)
Five year Treasury rate 1.96 percent (down .10 percent)
Ten year Treasury rate 3.28 percent (down .12 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of March 18, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional bank rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Action overseas is the driving force behind the movement in US interest rates this week. The earthquake and tsunami in Japan along with Middle East tension is having a greater impact than the prospects for the US economy is having on US bank rates including mortgage rates and CD interest rates. While the growing fear of inflation was the driving force for interest rates to start the year, market uncertainty due to changing world events is the new driving force.
Market uncertainty generally leads to the flow of funds towards safe harbors such as bonds and more specifically Treasury bonds, mortgage bonds and high rated corporate bonds. As a result, bank rates moved lower for the week ending March 11, 2011. Bank CD interest rates, savings rates and mortgage rates all moved lower on the week.
Treasury bond prices closed the week higher pushing Treasury rates lower. Mortgage rates matched that move with mortgage rates moderately lower for the week. Bank savings rates and money market rates dropped as the week came to a close. CD interest rates, which are the stickiest rates of the bunch, were almost unaltered on the week.
The Selectcdrates.com composite CD rate index remained unchanged at 1.436 percent. The components of the index, three month CD rates, sic month CD rates, one year CD rates, two year CD rates and five year CD rates displayed mixed results with the longer term CDs up ever so slightly while the shorter term CDs were lower by a like amount.
The average rate on the ten best three month CDs had a yield of 0.730 percent, off just .004 percent for the week. The best six month CD rates lost only .002 percent with an average rate of 1.054 percent. One year CD rates had an average yield of 1.303 percent, down from 1.308 percent in the prior week. The best two year CD rates closed at 1.548 percent which is up by 0.002 percent. The top ten highest five year CD rates gained .005 percent to end the week at 2.547 percent.
Bank money market rates and savings rates dipped down to 1.148 percent from 1.159 percent in the previous week.
Mortgage rates were lower for the second consecutive week across all mortgage loan products survey by Selectcdrates.com. The average 30 year mortgage rate from the top bank mortgage lenders moved down by ten basis points or 10/100’s of a percent to 4.888 percent. The 15 year mortgage rates were also lower by ten basis points with an average rate of 4.184 percent.
FHA mortgage rates dropped eight basis points on the week with an average rate on the 30 year FHA loan ending at 4.775 percent. Jumbo mortgage rates had the largest rate reduction falling from 5.538 percent last week to 5.350 percent for the current survey week. 20 year mortgage rates gave back 11 basis points leaving the average 20 year term mortgage rate at 4.713 percent.
Credit card rates were moved higher by less than one basis point leaving the average credit card rate for new card offers ion the weekly survey at 13.70 percent for the third week. This week’s result showed the least amount of activity in the index this year with the vast majority of new credit card offers remaining unchanged.
Treasury rates were lower for all maturities this past week. The ten year Treasury rate was lower by nine basis points, ending the week at 3.40 percent. The five year gave up 11 basis points to close the week at 2.06 percent. The two year Treasury rate moved down to 0.64 percent from 0.68 percent. The six month Treasury rate dipped three basis points to end the week with a yield of 0.13 percent. For all of these maturities, the rates reached on Friday were the lows of the month.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending March 11th, 2011:
CD interest rates:
Composite CD interest rate index 1.436 percent (unchanged)
3 month CD rates 0.730 percent (down .004 percent)
6 month CD rates 1.054 percent (down .002 percent)
1 year CD rates 1.303 percent (down .005 percent)
2 year bank CD rates 1.548 percent (up .002 percent)
5 year CD rates 2.547 percent (up .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.148 percent (down .011 percent)
Mortgage rates:
30 year mortgage rate 4.888 percent (down .107 percent)
15 year mortgage rate 4.184 percent (down .099 percent)
20 year mortgage rate 4.713 percent (down .112 percent)
30 year jumbo mortgage rate 5.350 percent (down .188 percent)
30 year FHA mortgage rate 4.775 percent (down .075 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 .03 percent)
Two year Treasury rate 0.64 percent (down .04 percent)
Five year Treasury rate 2.06 percent (down .11 percent)
Ten year Treasury rate 3.40 percent (down .09 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of March 11, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional bank rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Instability in the Middle East continues to put pressure on interest rates. A potential increase in inflation due to higher oil prices has been mostly offset by a flight to quality and security. As the week came to an end on March 5th, 2011 interest rates were little changed. There was a bias towards the downside on bank savings rates and a slightly upwards bias on bank lending rates but overall with all the turmoil and concern for inflation, interest rate movements were quite muted.
The average CD interest rate for the top ten best rates, across several bank CD maturities, dipped by less than one basis point or 1/100 of a percent. The Selectcdrates.com composite CD rate index closed at 1.436 percent, from 1.439 percent in the previous week. The composite CD rate index measures the top ten best CD rates for 3 month CDs, 6 month CDs, 1 year CDs, 2 year CDs and 5 year CDs.
Mortgages rates moved in the opposite direction but the increase was fairly small. The average 30 year mortgage rate in our survey of the top bank mortgage lenders increased by just two basis points to an average rate of 4.995 percent. FHA mortgage rates also increased by just two basis points to 4.850 percent. The 15 year mortgage rate was higher by a slightly larger amount, rising to 4.283 percent from 4.244 percent in the previous week.
The average bank savings account rate and money market account rate dropped by a small amount to 1.159 percent from 1.169 percent.
Credit card rates were unchanged with the average credit card offer on new credit cards holding at 13.70 percent. The average credit card rate does take into account credit card rates on introductory credit card offers which are temporary in nature; however, introductory credit card rates have been making rather measurable moves lower with extended periods of low introductory rates.
Treasury rates were mostly higher with the exception of the two year which moved lower after a volatile week for this particular maturity. The six month Treasury rate increased by three basis points to close at 0.16 percent. Two year Treasuries were down by four basis points to close at 0.68 percent. Five year Treasuries increased by one basis point to end the week at 2.17 percent. The ten year Treasury rate jumped by seven basis points to 3.49 percent.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending March 5th, 2011:
CD interest rates:
Composite CD interest rate index 1.436 percent (down .003 percent)
3 month CD rates 0.734 percent (unchanged)
6 month CD rates 1.056 percent (down .005 percent)
1 year CD rates 1.308 percent (down .012 percent)
2 year bank CD rates 1.546 percent (unchanged)
5 year CD rates 2.542 percent (up .01 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.159 percent (down .01 percent)
Mortgage rates:
30 year mortgage rate 4.995 percent (up .02 percent)
15 year mortgage rate 4.283 percent (up .04 percent)
20 year mortgage rate 4.825 percent (up .025 percent)
30 year jumbo mortgage rate 5.538 percent (up .05 percent)
30 year FHA mortgage rate 4.850 percent (up .02 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.16 percent (up .03 percent)
Two year Treasury rate 0.68 percent (down .04 percent)
Five year Treasury rate 2.17 percent (up .01 percent)
Ten year Treasury rate 3.49 percent (up .07 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of March 5, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional bank rate resources can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rate changes for the week ending February 25 were mostly lower reflecting a flight to quality in the investment community. As funds moved into low risk bonds and other fixed income investments, interest rates moved lower. With destabilizing activity in the Middle East, investment funds flowed into U.S. Treasuries pushing interest rates lower. Other fixed income assets move in conjunction with the flow of finds into Treasuries moving most all interest bearing securities lower.
There was an opposing force to the push for lower rates, with the continued gently improving economy. Improvements in the overall economy bring about a rise in rates as demand for loanable funds increases and concerns for inflation rise. Whether the demand for funds has increased measurably is certainly questionable but the fear of inflation has definitely been a hot topic for some time.
The movement in CD interest rates reflects these opposing forces. Shorter term CD rates moved lower in union with other short term safe and secure investments but long term CD interest rates moved higher reflecting a rising inflation fears.
The Selectcdrates.com composite CD rate index that measures the best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates increased by .002 percent. The index just barely increased from 1.437 percent to 1.439 percent.
The best 3 month CD rates remained unchanged again this week with an interest rate of 0.734 percent. The best six month CD rates fell faintly from 1.066 percent to 1.061 percent. The highest one year CD rates moved down from a 1.326 percent last week to an average yield of 1.32 percent this week. The top two year CD interest rates were unchanged for the third consecutive week with an average interest arte of 1.546 percent. The best five year CD rates made the biggest change on the week moving higher to 2.532 percent from 2.515 percent in the previous week.
Bank money market and savings account rates experienced their largest weekly rate change so far this year. The average interest rate for the top ten highest bank money market accounts and bank savings accounts dropped from 1.176 percent last week to 1.169 percent in the current survey.
Mortgage rates benefited immensely from a light to safety this week with rates down measurably for all mortgage types measured in the weekly Selectcdrates.com bank rate survey. The average rate for the top bank mortgage lenders on a 30 year fixed rate mortgage dropped ten basis points or 10/100’s of a percent to 4.971 percent from 5.076 percent in the week earlier. The average 15 year mortgage rate fell 11 basis points to 4.244 percent from 4.359 percent in the prior week.
The average mortgage rate for a 20 year mortgage dropped 20 basis points to 4.800 percent. The average jumbo mortgage rate on a 30 year term dipped 11 basis pints to 5.487 percent. FHA mortgage rates closed down nine basis points to 4.838 percent at week’s end.
Credit card rates barely budged but did manage to show a drop of one basis point. The average credit card interest rate on new credit card offers moved down to 13.70 percent. This rate excludes introductory credit card rate offers and measures the best credit card arte tier per card type.
Treasury rates were once again lower throughout the yield curve. The six month Treasury rate was gave up two basis points closing Friday at 0.13 percent. Two year Treasuries shed six basis points to close at 0.72 percent. Five year Treasuries were lower by 14t basis points with an average yield of 2.16 percent. The ten year Treasury rate gave up the most ground with a loss of 17 basis point dropping from 3.59 percent to 3.42 percent.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending February 25th, 2011:
CD interest rates:
Composite CD interest rate index 1.439 percent (up .002 percent)
3 month CD rates 0.734 percent (unchanged)
6 month CD rates 1.061 percent (down .005 percent)
1 year CD rates 1.320 percent (down .006 percent)
2 year bank CD rates 1.546 percent (unchanged)
5 year CD rates 2.532 percent (up .017 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.169 percent (down .007 percent)
Mortgage rates:
30 year mortgage rate 4.971 percent (down .10 percent)
15 year mortgage rate 4.244 percent (down .11 percent)
20 year mortgage rate 4.800 percent (down .20 percent)
30 year jumbo mortgage rate 5.487 percent (down .11 percent)
30 year FHA mortgage rate 4.838 percent (down .09 percent)
Credit card rates:
Credit card rates for new credit card offers 13.70 percent (down .01 percent)
Treasury rates:
Six month Treasury rate 0.13 percent (down .02 percent)
Two year Treasury rate 0.72 percent (down .06 percent)
Five year Treasury rate 2.16 percent (down .14 percent)
Ten year Treasury rate 3.42 percent (down .17 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of February 25, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional resources are can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
When the economy shows signs of growth bond yields generally rise resulting in higher bank rates and mortgage rates. This past week, there was little evidence that the U.S has slowed down yet bond rates dropped, mortgage rates fell and CD interest rates moved marginally lower.
Bank rates were mostly affected by uncertainty in the Mideast which has driven funds into U.S. Treasuries, pushing those rates lower. As U.S. Treasury rates move lower, bank rates and other interest yielding assets that compete with these rates move lower as well.
CD interest rates for all CD terms measured by Selectcdrates.com (including 3 month CDs, 6 month CDs, 1 year CDs, 2 year CDs and 5 year CDs) moved lower by .002 percent for the week. The Selectcdrates.com composite rate index closed the week at 1.437 percent from 1.439 percent in the previous week.
The best 3 month CD rates had an average yield of 0.734 percent which is unchanged week over week. The highest six month CD rates gained slightly o the week with an average interest rate of 1.066 percent. The top ten best one year CD rates had a yield of 1.326 percent which was also unchanged from the prior week. Two year CD interest rates continued the do nothing trend and held at 1.546 percent. The best five year CD rates dipped down to 2.515 percent from 2.523 percent by week’s end.
Bank money market and savings account rates lost some yield. The average interest rate for the top ten highest bank money market accounts and bank savings accounts moved down to 1.176 percent from 1.178 percent in the previous week.
Mortgage rates were lower across all popular mortgage terms and loan types. The average rate for the top bank mortgage lenders on a 30 year fixed rate mortgage dropped to 5.076 percent from 5.196 percent. The average 15 year mortgage rate fell to 4.359 percent from 4.456 in the week earlier. The average interest rate for a 20 year mortgage dropped to 5.00 percent.
The average 30 year jumbo mortgage rate closed the week at 5.599 percent after closing in the previous week at 5.662 percent. The 30 year FHA mortgage rate from the nation’s top bank mortgage lenders ended the week at 4.925 percent, off of the preceding week’s average rate of 5.050 percent.
Credit card rates remained in neutral with no change in the average rate for new credit card offers. The average credit card interest rate for the top credit card rate tiers on new credit card offers remained at 13.71 percent.
Treasury rates were lower across the yield curve. The six month Treasury rate was lower by one basis point or 1/100 of a percent to end the week at 0.15 percent. The two year Treasury rate gave back seven basis points ending the week with a rate of 0.78 percent. The five year Treasury rate was down by eight basis points to 2.30 percent. The ten year Treasury rate was lower by just five basis points to close at 3.59 percent.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending February 18th, 2011:
CD interest rates:
Composite CD interest rate index 1.437 percent (down .002 percent)
3 month CD rates 0.734 percent (unchanged)
6 month CD rates 1.066 percent (up .001 percent)
1 year CD rates 1.326 percent (unchanged)
2 year bank CD rates 1.546 percent (unchanged)
5 year CD rates 2.515 percent (down .008 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.176 percent (down .002 percent)
Mortgage rates:
30 year mortgage rate 5.076 percent (down .12 percent)
15 year mortgage rate 4.359 percent (down .097 percent)
20 year mortgage rate 5.000 percent (down .125 percent)
30 year jumbo mortgage rate 5.599 percent (down .063 percent)
30 year FHA mortgage rate 4.925 percent (down .125 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 (down .01 percent)
Two year Treasury rate 0.78 percent (down .07 percent)
Five year Treasury rate 2.30 percent (down .08 percent)
Ten year Treasury rate 3.59 percent (down .05 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of February 18, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Additional resources are can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, Credit Cards as well as Chase Bank Promotions, Citibank Promotion, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rates were little changed for the week ending February 11, 2011 with the exception of midterm mortgage rates. A quick round up of bank rates showed overall CD interest rates changing by less than one basis point for the week, long term mortgage rates increasing modestly, 15 year mortgage rates increasing more significantly and credit card rates unchanged.
CD rates measured by the Selectcdrates.com composite index, which compiles the best CD rates with terms ranging from 3 months up to 5 years, increased by just .006 percent. The CD rate index closed the week at 1.439 percent, up from 1.433 percent in the previous week.
The average rate on the best 3 month CD rates was unchanged at 0.734 percent. The top ten highest six month CD rates were lower by an almost indiscernible amount, falling by just .001 percent. The average rate on the best six month CD rates came in at 1.065 percent. The top one year CD rates moved higher to end the week with an average interest rate of 1.326 percent, up from 1.309 percent the week earlier. The average two year CD yield closed the week at 1.546 percent or a drop of 0.007 percent. The longest term CD rate in the weekly rate survey, the five year term, increased in yield by .018 percent to end the week at 2.523 percent.
Bank money market and savings account rates experienced a very modest increase. The average interest rate for the top ten highest bank money market and bank savings account rates moved up to 1.178 percent from 1.175 percent in the previous week.
Mortgage rates were higher on the week with the 15 year loan leading the charge. The 30 year fixed rate mortgage climbed by four basis points, to 5.196 percent. The 20 year mortgage rate moved ahead by less than one basis point to 5.125 percent. The average 15 year mortgage rate shot up 12 basis points to a rate of 4.456.
30 year jumbo loans followed the conforming 30 year rate and pushed up four basis points to 5.662. The average 30 year FHA mortgage rate increased by just fewer than three basis points, ending the week at 5.050 percent.
Credit card rates dropped back to neutral. The average credit card interest rate on new credit card offers remained at 13.71 percent.
Treasury rates were a mixed bag. The six month Treasury gave up two basis points to end the week at 0.16 percent from 0.18 percent at the start of the week. The two year Treasury rate was higher by seven basis points to close out 0.85 percent. The five year Treasury rate was up smidgen more, climbing eight basis points to a yield of 2.38 percent. And the ten year moved in the same direction of the six month and gave back four basis points to close at 3.64 percent.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending February 11th, 2011:
CD interest rates:
Composite CD interest rate index 1.439 percent (up .006 percent)
3 month CD rates 0.734 percent (unchanged)
6 month CD rates 1.065 percent (down .001 percent)
1 year CD rates 1.326 percent (up .017 percent)
2 year bank CD rates 1.546 percent (down .007 percent)
5 year CD rates 2.523 percent (up .018 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.178 percent (up .003 percent)
Mortgage rates:
30 year mortgage rate 5.196 percent (up .04 percent)
15 year mortgage rate 4.456 percent (up .12 percent)
20 year mortgage rate 5.125 percent (up .005 percent)
30 year jumbo mortgage rate 5.662 percent (up .04 percent)
30 year FHA mortgage rate 5.050 percent (up .025 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)
Treasury rates:
Six month Treasury rate 0.16 percent (down .023 percent)
Two year Treasury rate 0.85 percent (up .07 percent)
Five year Treasury rate 2.38 percent (up .11 percent)
Ten year Treasury rate 3.64 percent (down .04 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of February 11, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained directly from the Department of the Treasury.
Bank mortgage rates and Treasury rates moved measurably higher for the week while bank savings rates were mostly unchanged. Bank CD rates held fairly steady with the Selectcdrates.com composite rate index increasing by just 1/1000th of a percent for the week. Mortgage rates made their largest weekly move this year. Bank money market rates and savings account rates made a measurable drop driven by the rate reduction of one of the highest bank rates that had been promoted prior to this week. Treasury rates also made their biggest weekly move with all midterm and long term Treasuries closing at their highest level for the year.
The Selectcdrates.com CD interest rate index which covers the best three month CD rates, best six month CD rates, best one year CD rates, two year CD rates and five year CD rates increased by just .001 percent bringing the index up to 1.433 percent at week’s end.
The best three month CD rates were unchanged on the week with an average yield of 0.734 percent. The top six month CD rates moved modesty higher with an average rate of 1.066 percent. The best one year CD rates shed a few thousandths of a percent with an average interest rate of 1.306 percent. Two year CD rates increased from 1.548 percent to 1.553 percent. The best five year CD rates moved down a smidgen to 2.505 percent from 2.51 percent in the previous week.
Bank money market and savings account rates tumbled this past week. The average interest rate for the top ten highest bank money market and bank savings account rates moved down to 1.175 percent from 1.214 percent in the previous week. The loss of Americanet Bank’s money market account had a significant impact on the average rates. The bank has discontinued marketing the 1.75 percent rate account.
Mortgage rates were the big movers of the week; unfortunately for borrowers, the direction of the movement was higher. The average 30 year mortgage rate in the Selectcdrates.com survey increased by 25 basis points to 5.155 percent from 4.895 percent in the previous week. The average 15 year mortgage rate moved up to 4.338 percent from 4.186 percent in the prior week.
The average 20 year mortgage rate shot up by over 30 basis points to end the week at 5.120 percent. The average 30 year jumbo mortgage rate increased to 5.624 percent from 5.388 percent in the week earlier. The average 30 FHA mortgage rate had the smallest increase, closing out the week at 5.025 percent.
Credit card rates were fractionally higher on the week. The average credit card rate on new credit card offers was up by less than one basis point leaving the average rate at 13.71 percent.
Treasury rates leaped at week’s end with the average yield on most Treasury securities reaching their high point for the year. The six month Treasury bill gained three basis points to close at 0.18 percent. The five year Treasury rate shot up 35 basis points to 2.27 percent. The ten year Treasury was higher by 32 basis points to close at 3.68 percent.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending February 4th, 2011:
CD interest rates:
Composite CD interest rate index 1.433 percent (up .001 percent)
3 month CD rates 0.734 percent (unchanged)
6 month CD rates 1.066 percent (up .007 percent)
1 year CD rates 1.309 percent (down .003 percent)
2 year bank CD rates 1.553 percent (up .005 percent)
5 year CD rates 2.505 percent (down .005 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.175 percent (down .039 percent)
Mortgage rates:
30 year mortgage rate 5.155 percent (up .26 percent)
15 year mortgage rate 4.338 percent (up .15 percent)
20 year mortgage rate 5.120 percent (up .32 percent)
30 year jumbo mortgage rate 5.624 percent (up .24 percent)
30 year FHA mortgage rate 5.025 percent (up .20 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (up .01 percent) 13.72
Treasury rates:
Six month Treasury rate 0.18 percent (up .03 percent)
Five year Treasury rate 2.27 percent (up .35 percent)
Ten year Treasury rate 3.68 percent (up .32 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of February 4, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained from the Department of the Treasury.
More information on the above bank rates can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, Credit Cards as well as Chase Bank Promotions, Citibank Promotion, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rates were lower for almost all types of bank loans and bank savings products for the week ending January 28, 2011. CD interest rates were lower for all terms surveyed as were money market account rates and savings rates. On the lending side, mortgage rates retreated by the close of the week for all loan types while credit card rates managed to be the one hold out with credit card interest rates making a very mild uptick.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending January 28th, 2011:
CD interest rates:
Composite CD interest rate index 1.432 percent (down .005 percent)
3 month CD rates 0.734 percent (down .01 percent)
6 month CD rates 1.059 percent (down .01 percent)
1 year CD rates 1.309 percent (down .01 percent)
2 year bank CD rates 1.548 percent (down .02 percent)
5 year CD rates 2.51 percent (down .01 percent)
Money market and savings account rates:
Bank money market rates and savings account rates 1.2142 percent (down .01 percent)
Mortgage rates:
30 year mortgage rate 4.895 percent (down .01 percent)
15 year mortgage rate 4.186 percent (down .03 percent)
20 year mortgage rate 4.775 percent (down .01 percent)
30 year jumbo mortgage rate 5.388 percent (down .06 percent)
30 year FHA mortgage rate 4.825 percent (down .04 percent)
Credit card rates:
Credit card rates for new credit card offers 13.71 percent (up .01 percent)
Treasury rates:
Six month Treasury rate 0.15 percent (down .04 percent)
Five year Treasury rate 1.92 percent (down .12 percent)
Ten year Treasury rate 3.36 percent (down .08 percent)
The Selectcdrates.com CD interest rate index which covers the top ten best CD rates for three month, six month, one year, two year and five year CDs was down by .005 percent. The composite CD rate index closed the week at 1.432 percent from 1.437 percent in the week earlier.
The best three month CD rates was lower by just under one basis point or 1/100th of a percent bringing the average three month rate down to 0.734 percent. The best six month CD rates barely budged with an average interest rate of 1.059 percent. The best one year CD rates were also lower by just a smidgen with the average one year CD rate moving down to 1.309 percent. The two year CD rates had the largest drop, the yield on the best two year CD rates dipped to 1.548 percent for the week. The average rate on the best five year CD rates was down by one basis point to end the week with a yield of 2.51 percent.
Bank money market and savings account rates were marginally lower by week’s close. The average interest rate for the top ten highest bank money market and bank savings account rates came in at 1.214 percent or just below the prior week’s average of 1.22 percent.
Credit card rates moved just fractionally with most credit card offers from the major bank credit card issuers remaining unchanged for the week. The average credit card rate on new credit card offers covering all credit card categories increased one basis point to 13.71 percent.
Mortgage rates were lower for all mortgage loans types surveyed by Selectcdrates.com. The average 30 year mortgage rate was down by just under two basis points, ending the week at 4.895 percent. The average 15 year mortgage rate was lower by three basis points to end at 4.186 percent.
The average 20 year mortgage rate was down by less than one basis point with an average interest rate of 4.775 percent. The average 30 year jumbo mortgage rate experienced the largest rate reduction closing down by almost six basis points to end at 5.388 percent. FHA mortgage rates followed closely behind the jumbos with a rate reduction of just under four basis points leaving the average 30 year FHA mortgage rate at 4.825 percent.
Treasury rates moved measurably lower mostly as a result of the instability in Egypt and the subsequent flight to the safety and security of Treasury securities. The six month Treasury bill moved lost four basis points to 0.15 percent. The one year Treasury rate was lower by three basis points to 0.24 percent. The five year rate gave up 12 basis points to end the week with a yield of 1.92 percent. The ten year Treasury was down by eight basis points to close at 3.36 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of January 28th, 2011 with the interest rates obtained directly from the banks within the survey. Treasury rates are obtained from the Department of the Treasury.
More information on the above bank rates can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, Credit Cards as well as Chase Bank Promotions, Citibank Promotion, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Many economists have been expecting interest rates to move higher through 2011, the latest Selectcdrates.com survey of bank savings and lending rates has yet to validate that prediction. Bank CD rates, savings rates and money market account rates were lower for the week ending January 21, 2011 while mortgage rates rose moderately and credit card rates remained unchanged.
The weekly SelectCDrates.com bank rate survey included the following interest rate results for the week ending January 21st:
Composite CD interest rate index 1.437 percent (down .001 percent)
3 month CD rates 0.74 percent (unchanged)
6 month CD rates 1.06 percent (down .01 percent)
1 year CD rates 1.31 percent (down .01 percent)
2 year bank CD rates 1.56 percent (down .01 percent)
5 year CD rates 2.52 percent (down .01 percent)
Bank money market rates and savings account rates 1.22 percent (down .01 percent)
30 year mortgage rate 4.904 percent (up .08 percent)
15 year mortgage rate 4.224 percent (up .07 percent)
20 year mortgage rate 4.778 percent
30 year jumbo mortgage rate 5.449 percent
30 year FHA mortgage rate 4.863 percent
Credit card rates 13.70 percent (unchanged)
Six month Treasury rate 0.19 percent (up .01 percent)
Five year Treasury rate 2.04 percent (up .09 percent)
Ten year Treasury rate 3.44 percent (up .09 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of January 21st, 2011 with the rates obtained directly from the banks within the survey. Treasury rates are obtained from the Department of the Treasury.
The average CD interest rate available nationally as measured by the Selectcdrates.com composite CD rate index was lower for the second consecutive week. The average CD rate fell by less than one basis point or 1/100th of a percent bringing the average yield down to 1.437 percent from 1.443 percent in the previous week. The composite CD rate index measures the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.
The three month CD rate was the only CD term unchanged for the week with the average rate for the top ten three month bank CDs closing again at 0.74 percent. The best six month CD rates shed one basis point to end the week with a 1.07 percent yield. The best one year CD rates also moved lower by one basis point bringing the average interest rate to 1.31 percent. The two year CD rates and five year CD rates followed suit with both terms average rates dropping by one basis point. The average rate on the two year closed at 1.56 percent while the average for the best five year CD rates ended at 2.52 percent.
Bank money market and savings account rates dropped slightly in the most recent rate survey. The average interest rate for the top ten highest bank money market and bank savings account rates was 1.22 percent or one basis point lower than the prior week’s average of 1.24 percent.
There was no change in average credit card rate for new credit card offers this week. The average credit card rate for purchase transactions covering all credit card categories remained at purchase is 13.70 percent.
The Selectcdrates.com mortgage rate survey has been expanded to include 20 year mortgage rates, jumbo mortgage rates and FHA mortgage rates.
The average mortgage rate on a 30 year loan from the top ten bank mortgage lenders moved up to 4.904 percent, just over eight basis points higher than the previous week’ average of 4.821 percent. The 15 year mortgage rate moved up by just under seven basis points to 4.224 percent from 4.158 percent in the earlier week.
The average 20 year mortgage rate ended the week at 4.788 percent. The average 30 year jumbo mortgage rate was 5.449 percent and the average rate for a 30 year term FHA loan was 4.863 percent.
Treasury rates experienced as measurable gain in yield on the week. The six month Treasury bill moved higher by one basis point to 0.19 percent. The one year Treasury rate was unchanged at 0.27 percent. The two year gained four basis points to close at 0.63 percent. The five year was ahead by nine basis points, putting the yield at 2.04 percent. The ten year Treasury also moved higher by nine basis points closing at 3.44 percent.
More information on the above bank rates can be found at; 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates, 15 year mortgage rates, FHA mortgage rates, 20 year mortgage rates, jumbo mortgage rates, CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, Credit Cards as well as Chase Bank Promotions, Citibank Promotion, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank rates on both the lending side and savings side dipped down for the week ending January 14, 2011.
The best CD rates available nationally as measured by the Selectcdrates.com composite CD rate index was lower by one basis point or 1/100th of a point for the week. The index moved down to 1.443 percent from 1.453 percent in the preceding week. The composite index measures the best CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.
The average CD rate for the best three month bank CD rates closed at 0.74 percent, unchanged for the week. The best six month CD rates were also unchanged at 1.07 percent. The best one year CD rates shed two basis points pushing the average yield down to 1.32 percent. Two year CD rates were down by three basis points with an average rate of 1.57 percent. The best five year CD rates held steady at 2.53 percent.
The average interest rate on money market and savings account rates as measured by the Selectcdrates.com money market and savings rates index, gave up one basis point. The average rate for the top ten highest bank money market rates and bank savings account rates closed out the week at 1.23 percent from 1.24 percent in the prior week.
Mortgage rates are on a three week trend of consecutively lower average rates for both the 30 year fixed rate mortgage and 15 year fixed rate mortgage. The average rate on a 30 year mortgage from the top ten bank mortgage lenders dropped by four basis points leaving the average 30 year mortgage rate at 4.821 percent. The average 15 year mortgage rate was down by eight basis points moving the average 15 year rate to 4.158 percent.
The average points charged by the bank lenders in the survey moved in the opposite direction and increased slightly week over week. The average points charged to obtain the 30 year mortgage rate bounced up to an average of 0.425 points while the average points charged on the 15 year mortgage ratcheted up to an average of 0.388 points.
The average national credit card rate for new credit card offers was unchanged for the week. Credit card rates were altered mildly by some major credit card companies but the outcome for the survey as a whole led to a less than one basis point change in the average rate. The national average credit card rate for new credit card offers held at 13.70 percent. The average credit card rate is based on a weekly survey of new credit card offers for the best credit card rate tier on the most popular credit cards available from the largest bank credit card companies.
Treasury rates were little changed. The six month Treasury bill remained at 0.18 percent. The one year Treasury rate was down by two basis points with a rate of 0.27 percent. The five year Treasury rate was lower by just one basis point at 1.95 percent. And the bellwether, ten year Treasury, gained one basis points for the week to end the week at 3.35 percent.
The weekly SelectCDrates.com Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending January 14th:
Composite CD interest rate index 1.443 percent (down .001 percent)
3 month CD rates 0.74 percent (unchanged)
6 month CD rates 1.07 percent (up .01 percent)
1 year CD rates 1.32 percent (down .02 percent)
2 year bank CD rates 1.57 percent (down .03 percent)
5 year CD rates 2.53 percent (unchanged)
Bank money market rates and savings account rates 1.23 percent (down .01 percent)
30 year mortgage rate 4.821 percent (down .04 percent)
15 year mortgage rate 4.158 percent (down .08 percent)
Credit card rates 13.70 percent (unchanged)
Six month Treasury rate 0.18 percent (unchanged)
Five year Treasury rate 1.95 percent (down .01 percent)
Ten year Treasury rate 3.35 percent (up .01 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of January 14th, 2011. Treasury rates are obtained directly from the Department of the Treasury.
More information on the above bank rates can be found at; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions, Citibank Promotion, Interst Checking Accounts, Best Rates on CDs and Best Credit Card Rates.
Bank lending rates moved marginally lower for the week ending January 7th, 2011 while bank savings rates were predominantly unchanged.
CD interest rates were lower by less than one basis point or 1/100th of a percent based on the Selectcdrates.com weekly CD rate index. The CD rate index is a composite average of the best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates. The index ended the week at 1.453 percent, just off of the prior week’s closing figure of 1.454 percent.
The average CD rate for the best three month bank CDs rates was unchanged at 0.74 percent. The average interest rate for the best six month bank CDs increased slightly to 1.07 percent. The best one year CD rates were unchanged at 1.34 percent. Two year CD rates for the top ten rates dipped to 1.60 percent from 1.61 percent in the previous week. Five year CD rates moved higher for the second consecutive week, closing the week at 2.53 percent or one basis point above the previous week’s average five year CD rate of 2.52 percent.
The average on money market and savings account rates as measured by the average of the top ten best bank money market and bank savings account rates moved higher by one basis point, pushing the average yield up to 1.24 percent.
Mortgage rates managed to move modesty lower for the second successive week. The average rate on a 30 year mortgage available from the top ten bank mortgage lenders dropped by two basis points again this week pushing the average 30 year fixed rate home loan to 4.862 percent. The average 15 year mortgage rate was lower by three basis points leaving the average 15 year rate at 4.238 percent at the close of the week.
The average points charged by the bank lenders in the mortgage rate survey to obtain these rates were slightly lower on the 30 year loan and unchanged for the 15 year. The average points charged on the 30 year dipped to an average of 0.338 points while the average points charged on the 15 year remained at 0.425 points.
There was little overall activity in credit card interest rates for the week. Credit card rates on new credit card offers dropped by one basis point for the week. The national average credit card rate for new credit card offers moved to 13.70 percent from 13.71 percent in the preceding week. The average credit card rate is based on a weekly survey of new credit card offers for the best credit card rate tier on the most popular credit cards available from the largest bank credit card companies.
Treasury rates had a mixed week with limited activity. The six month Treasury bill lost one basis point to yield 0.18 percent. The one year Treasury rate held steady with a yield of 0.29 percent. The volatile, five year Treasury rate shed five basis points to yield 1.96 percent. And the ten year Treasury gained four basis points for the week to close at basis points to close the year with a 3.34 percent.
The weekly SelectCDrates.com Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending January 7th:
Composite CD interest rate index 1.453 percent (down .001 percent)
3 month CD rates 0.74 percent (unchanged)
6 month CD rates 1.07 percent (up .01 percent)
1 year CD rates 1.34 percent (unchanged)
2 year bank CD rates 1.60 percent (down .01 percent)
5 year CD rates 2.53 percent (up .01 percent)
Bank money market rates and savings account rates 1.24 percent (up .01 percent)
30 year mortgage rate 4.862 percent (down .02 percent)
15 year mortgage rate 4.238 percent (down .03 percent)
Credit card rates 13.70 percent (down .01 percent)
Six month Treasury rate 0.18 percent (down .01 percent)
Five year Treasury rate 1.96 percent (down .05 percent)
Ten year Treasury rate 3.34 percent (up .04 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of January 7th, 2011. Treasury rates are obtained directly from the Department of the Treasury.
Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions, Citibank Promotion, Interst Checking Accounts and Best Rates on CDs.
Bank savings rates moved mostly higher for the last week of 2010 while bank lending rates moved lower. Changes in bank rates for the final week of 2010 were rather modest with a number of bank rates remaining unchanged.
The summary of bank rates in the weekly SelectCDrates.com Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending December 31st:
Composite CD interest rate index 1.454 percent (up .004 percent)
3 month CD rates 0.74 percent (unchanged)
6 month CD rates 1.06 percent (unchanged)
1 year CD rates 1.34 percent (unchanged)
2 year bank CD rates 1.61 percent (unchanged)
5 year CD rates 2.52 percent (up .02 percent)
Bank money market rates and savings account rates 1.23 percent (unchanged)
30 year mortgage rate 4.887 percent (down .02 percent)
15 year mortgage rate 4.266 percent (up .03 percent)
Credit card rates 13.71 percent (down .01 percent)
Six month Treasury rate 0.19 percent (unchanged)
Five year Treasury rate 2.01 percent (down .08 percent)
Ten year Treasury rate 3.30 percent (down .11 percent)
The average rate on the top bank money market and bank savings account rates were up by less than one basis point leaving the average interest rate offered on these bank products at 1.24 percent.
CD interest rates increased on the week, but the overall increase was also by less than one basis point or 1/100 of a percent. The Selectcdrates.com composite rate index for bank CDs covering three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates was pushed up to 1.454 percent from 1.450 percent in the previous week.
The average rate for the best three month CD rates was unchanged once again leaving the average rate for the top ten three month bank CDs at 0.74 percent. The rate for the best six month bank CDs was also unchanged at 1.06 percent. The best one year CD rates made it a trifecta with the average rate unchanged at 1.34 percent. The average rate for the top two year CD rates played follow the leader and this rate too was unaltered week over week with an average yield of 1.62 percent. Five year CD rates broke the trend and moved higher, resulting in average interest rate of 2.52 percent or two basis points above the previous week’s average.
Mortgage rates moved moderately lower for the 30 year and 15 year by week’s end. The average rate on the 30 year mortgage available from the top ten bank mortgage lenders dropped by two basis points to 4.887 percent. The 15 year term mortgage shed three basis points pushing the average rate down to 4.266 percent. The average points charged to obtain these two loans was lower as well. The average points charged by the top ten bank mortgage lenders on the 30 year was 0.363 points and the average points charged on the 15 year was 0.425 points.
Credit card rates were almost imperceptibly changed for week, moving lower by less than one basis point for the week. The vast majority of credit card offers in the weekly survey remained unchanged. Mild changes in Discover credit card rate offers drove the bulk of the rate reduction. The overall average credit card rate for new credit card offers dipped to 13.71 percent. The average credit card rate is based on a weekly survey of new credit card offers for the best credit card rate tier on the most popular credit cards available from the largest bank credit card companies.
Treasury rates were decidedly lower on the week. The six month Treasury bill was unchanged, closing at 0.12 percent. The one year Treasury lost one basis point to close at 0.29 percent. The five year Treasury rate ended the week at 2.01 percent, off eight basis points and the ten year Treasury gave back 11 basis points to close the year with a 3.30 percent yield.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of December 31st, 2010. Treasury rates are obtained directly from the Department of the Treasury.
Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions, Citibank Promotion, Interst Checking Accounts and Best Rates on CDs.
As the economy shows continued signs of rebounding, stock prices have headed higher and bond prices move lower. Since interest rates move in the inverse direction of bond prices, bond rates moved higher for the week. An increased number of upbeat economic reports have boosted stock prices in December and driven money away from bonds.
The ten U.S. Treasury bond interest rate closed at 3.41 percent this week, an increase of eight basis points or 8/100’s of a percent from the prior week’s close of 3.33 percent. The two year Treasury increased by six basis points, rising to 0.67 percent from 0.61 percent in the previous week.
The relationship between bank rates and Treasury rates is, of course, quite strong. Albeit, there can be a significant delay between Treasury rate changes and bank rate changes. The key take away is that the recent uptick in interest rates in December has not abated.
While the trend appears to be for higher interest rates, this week bank rates managed to display a good instance of how it often takes a little time for changes in Treasury rates to be fully reflected in bank savings rates and lending rates.
Bank CD interest rates actually dropped modestly for the week with the Selectcdrates.com composite rate index falling just under one basis point, dipping down to 1.450 percent from 1.456 percent in the preceding week.
Bank money market rates and savings account rates also moved modestly lower, with the average of the top ten best bank savings account rates and money market account rates falling one basis point to an average rate of 1.23 percent.
Mortgage rates were mixed on the week. The average 30 year mortgage rate from the top ten bank mortgage lenders was lower by seven basis points. The average 30 year mortgage rate closed the week at 4.904 percent from 4.972 percent in the earlier week. 15 year mortgage rates moved in the opposite direction with higher rates week over week. The average 15 year mortgage rate moved from 4.25 percent to 4.29 percent. The average points charged by the top ten bank mortgage lenders was little change at 0.50 points for the 30 year term home loan and 0.463 points on the 15 year.
Credit card rates ticked up slightly with an increase in the average credit card rate of one basis point. The average credit card rate for new credit card offers increased to 13.72 percent. The average credit card rate is based on a weekly survey of new credit card offers for the best credit card rate tier on the most popular credit cards available from the largest bank credit card companies.
The best three month CD rates were unchanged this week with the average of the top ten best three month CD rates remaining at 0.74 percent. The average of the best six month CD rates fell by two basis points to 1.06 percent. The best one year CD rates were also unchanged leaving the average one year CD interest rate the same as the previous week at 1.34 percent. Two year CD rates shed one basis point lowering the average two year CD interest rate to 1.62 percent. Five year CDs rates also gave back one basis point bringing the average rate for the top ten best five year bank CDs to 2.50 percent.
The summary of bank rates surveyed by Selectcdrates.com in the weekly Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending December 24th:
Composite CD interest rate index 1.450 percent (down .006 percent)
3 month CD rates 0.74 percent (unchanged)
6 month CD rates 1.06 percent (down .02 percent)
1 year CD rates 1.34 percent (unchanged)
2 year bank CD rates 1.61 percent (down .01 percent)
5 year CD rates 2.50 percent (down .01 percent)
Bank money market rates and savings account rates 1.23 percent (down .01 percent)
30 year mortgage rate 4.904 percent (down .07 percent)
15 year mortgage rate 4.29 percent (up .04 percent)
Credit card rates 13.72 percent (up .01 percent)
Six month Treasury rate 0.19 percent (down .01 percent)
Five year Treasury rate 2.09 percent (down .14 percent)
Ten year Treasury rate 3.41 percent (up .08 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of December 24th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions, Citibank Promotion, Interst Checking Accounts and Best Rates on CDs.
Bank rates increased last week on a variety of bank lending and savings products for the first time in several weeks. Mortgage rates were higher for yet another consecutive week, although the rates are off of their highs that had been reached during mid week. Bank CD rates, as a whole, increased marginally by the close of the week. Credit card rates also increased. Bank money market account rates and bank savings rates were the only products measured in the Selectcdrates.com bank rates survey not playing along as these rates failed to move and held steady week over week.
The Selectcdrates.com composite CD rate index increased on the week, albeit it with only a marginal change. The composite CD rate moved up to 1.456 percent from 1.454 percent in the previous week. The bank CD terms driving the small increase came from the longer term CDs with the short term CD rates either unchanged or modestly lower.
The best three month CD rates remained untouched with the average for the top ten best three month CD rates holding at 0.74 percent. Six month CD rates fell by two basis points pushing the average rate for the top ten bank CD rates down to 1.06 percent. One year CD rates were also unchanged on the week leaving the average one year CD interest rate at 1.34 percent. Two year CD rates increased by one basis points moving the average interest rate up to 1.63 percent. The average rate for the five year CDs was also up by one basis point with the average rate ending the week at 2.52.
Bank savings account rates and bank money market account rates held firm once again for the week. The average interest rate for the best bank savings account rates and money market account rates lingered at 1.24 percent.
Mortgage rates rose this week, extending their rapid increase from record lows reached in the fall. The average 30 year mortgage rate from the top ten bank mortgage lenders closed at 4.972 percent, up from 4.898 percent in the previous week. The average points charged by the bank mortgage lenders on the 30 year loan increased as well, with an average cost of 0.488 points.
The average 15 year mortgage rate bumped up to 4.328 percent, up from 4.25 percent last week. The average points charged on the 15 year mortgage increased to 0.513 percent.
Credit card rates reversed last week’s decline of two basis points and added two basis points for the week. The average credit card rate for new credit card offers ended at 13.71 percent. The weekly survey of credit card rates covers new credit card offers for the best credit card rate tier on the most popular credit cards available from the largest bank credit card companies.
The US Treasury market had been getting battered over the past few weeks and the start of last week was no exception. The ten year Treasury started the week at 3.32 percent and increased to as high as 3.53 percent on Thursday before a big rally on Friday drove the rate back down to 3.33 percent. The rally in the bond market rally on Friday brought most all Treasury yields right back down to where they started the week with some maturities ending lower than where they started by a modest amount.
The summary of bank rates surveyed by Selectcdrates.com in the weekly Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending December 17th:
Composite CD interest rate index 1.456 percent (up .002 percent)
3 month CD rates 0.74 percent (unchanged)
6 month CD rates 1.08 percent (down .02 percent)
1 year CD rates 1.34 percent (unchanged)
2 year bank CD rates 1.62 percent (up .01 percent)
5 year CD rates 2.51 percent (up .01 percent)
Bank money market rates and savings account rates 1.24 percent (unchanged)
30 year mortgage rate 4.972 percent (up .08 percent)
15 year mortgage rate 4.25 percent (up .07 percent)
Credit card rates 13.71 percent (up .02 percent)
Six month Treasury rate 0.168 percent (down .02 percent)
Five year Treasury rate 1.95 percent (down .03 percent)
Ten year Treasury rate 3.33 percent (up .01 percent)
All bank rates are based on surveys conducted by Selectcdrates.com at the close of December 17th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions, Citibank Promotion and Interst Checking Accounts.
All bank rates made a modest drop again this past week with the key exception in mortgage rates. Mortgage rates rose measurably by week’s end as did mid and long term Treasury rates.
Excluding mortgage rates, bank savings rates and lending rates were lower on the week. CD interest rates were either unchanged or lower for all CD terms measured in the Selectcdrates.com weekly bank rate survey. Credit card rates were down and money market rates remained unchanged.
The Selectcdrates.com composite CD rate index, which evaluates the best CD rates across multiple bank CD maturities, dropped by less than one basis point or 1/100th of a percent. The Selectcdrates.com CD rate index drifted down to 1.454 percent from 1.456 percent in the previous week.
The best three month CD rates, one year CD rates and five year CD rates were unchanged for the week. The rates for these maturities ended the week at 0.74 percent for the three month CD, 1.34 percent for the one year CD and 2.51 percent on the five year CDs. The average rate on the best six month CDs lost one basis point moving from 1.08 percent to 1.07 percent. The average rate for two year CD also dipped by one basis points with the rate falling from 1.62 percent to 1.61 percent.
The best bank savings account rates and money market account rates held firm for the week. The average interest rate on the top ten bank savings account rates and money market rates remained at 1.24 percent.
Credit card rates gave up two basis points from the previous week. The average credit card rate for new credit card offers was 13.69 percent compared to 13.71 percent in the earlier week. The weekly survey of credit card rates covers new credit card offers for the best tier rate on the most popular credit cards available from the largest bank credit card companies.
Mortgage rates monopolized all the action for the week, all bad. The average 30 year mortgage rate from the top ten bank mortgage lenders ended the week at 4.898 percent, an increase of 17 basis points from the previous week’s average rate of 4.721 percent. The average 15 year mortgage rate came in at 4.25 percent or 19 basis points higher than the previous week’s average rate of 4.065 percent.
The average points charged to obtain these rates also increased for both the 30 and 15 year loan. The average points charged on the 30 year mortgage was 0.40 compared to 0.375 points last week. The average points charged on the 15 year term loan was 0.45 points compared to 0.363 points in prior week.
Treasury rates shot up for mid term maturities and long term maturities. Six month Treasury rates managed to move to tiny bit lower, dropping to 0.18 percent at the close of Friday from 0.18 percent on the earlier week. The one year Treasury rate moved up three basis points to 0.29 percent. The five year Treasury rate climbed a staggering 36 basis points to close at 1.98 percent and the ten year Treasury gained 29 basis points, moving from 3.03 percent last week to 3.32 percent on Dec.10th.
The summary of bank rates surveyed by Selectcdrates.com in the weekly Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending December 10th:
Composite CD interest rate index 1.454 percent ( unchanged )
3 month CD rates 0.74 percent ( unchanged )
6 month CD rates 1.08 percent ( down .01 percent ) 1.07
1 year CD rates 1.34 percent ( unchanged )
2 year bank CD rates 1.62 percent ( down .02 percent ) 1.61
5 year CD rates 2.51 percent ( unchanged )
Bank money market rates and savings account rates 1.24 percent ( unchanged )
30 year mortgage rate 4.898 percent ( up .17 percent )
15 year mortgage rate 4.25 percent ( up .19 percent )
Credit card rates 13.69 percent (down .02 percent )
Six month Treasury rate 0.18 percent ( down .01 percent )
Five year Treasury rate 1.98 percent ( up .34 percent )
Ten year Treasury rate 3.32 percent ( up .29 percent )
All bank rates are based on surveys conducted by Selectcdrates.com at the close of December 10th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions and Citibank Promotion.
With the notable exception of bank mortgage rates, bank rates were lower across the board for the week ending December 3rd, 2010.
CD interest rates were lower for all CD terms measured, savings and money market rates dipped lower and credit card rates fell rather sharply. Mortgage rates were the only category of bank savings and lending rates that moved higher on the week and the increase in this category was rather significant.
Outside of bank rates, Treasury rates moved measurably higher on the long end of the curve while dropping in yield for short term maturities or terms of one year or less.
The summary of bank rates surveyed by Selectcdrates.com in the weekly Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending December 3rd:
Composite CD interest rate index 1.456 percent ( down .02 percent )
3 month CD rates 0.74 percent ( down .01 percent )
6 month CD rates 1.08 percent ( down .01 percent )
1 year CD rates 1.34 percent ( down .01 percent )
2 year bank CD rates 1.62 percent ( down .02 percent )
5 year CD rates 2.51 percent ( down .01 percent )
Bank money market rates and savings account rates 1.24 percent ( down .01 percent )
30 year mortgage rate 4.721 percent ( up .08 percent )
15 year mortgage rate 4.065 percent ( up .09 percent )
Credit card rates 13.71 percent (down .03 percent )
Six month Treasury rate 0.19 percent ( down .02 percent )
Five year Treasury rate 1.64 percent ( up .11 percent )
Ten year Treasury rate 3.03 percent ( up .14 percent )
All bank rates are based on surveys conducted by Selectcdrates.com at the close of December 3rd, 2010. Treasury rates are obtained directly from the Department of the Treasury.
The composite CD rate index dropped by two basis points or over 2/100’s of a percent the past week, bringing the index to 1.456 percent. The index measures the average CD rate for the top ten bank rates for three month bank CDs, six month CDs, one year CDs, two year CDs and five year CDs.
The best three month CD rates fell one basis point with an average yield of 0.74 percent. The average rate for the best six month CD rates also moved down by one basis point with an average yield at 1.08 percent. One year CD rates followed the group with a one basis point reduction which brought the average one year CD rate to 1.34 percent. The best two year CD rate came in at 1.62 percent which was down by two basis points from the previous week. The average for the best five year CD rates lost one basis point knocking the average down to 2.51 percent.
Bank savings account rates and money market account rates were down by one basis point. The average rate for the top ten bank savings account rates and money market rates closed the week at 1.24 percent, down from the previous week’s average rate of 1.25 percent.
Mortgage rates from the top ten bank mortgage lenders increased by a fairly large sum week over week. The average 30 year mortgage rate ended the week at 4.721 percent, an increase of eight basis points from the previous weeks’ average 30 year mortgage rate of 4.643 percent. The average 15 year mortgage rate was higher by nine basis points pushing the average 15 year rate up to 4.065 percent from 3.975 percent in the previous week.
The average points charged by the bank mortgage lenders in the survey rose modestly on the week. The average points charged on the 30 year mortgage moved up 0.375 points on average while the average points charged on the 15 year term loan got up to 0.363 points.
Bank credit card rates experienced a sizeable drop for a category of bank rates that normally moves at a very slow rate. The average credit card rate on new credit card offers for all categories of credit cards dropped down to 13.70 percent from 13.74 percent in the preceding week. Capital One Bank stood out in the survey by reducing their rates on a number of popular credit cards available from the bank. The weekly survey of credit card rates covers new credit card offers on the most popular credit cards available from the largest bank credit card companies and excludes introductory, short term credit card rate offers.
Treasury rates had extremely bifurcated results with the long term Treasury rates moving higher and short term rates moving lower. The six month Treasury lost two basis points on the week, moving from 0.21 percent to 0.19 percent. The one year Treasury rate also gave up two basis points, starting the week at 0.28 percent and closing at 0.26 percent. On the other end of the curve, the five year Treasury climbed 11 basis points to close at 1.64 percent above last week’s close of 1.53 percent. The ten year Treasury moved up by 14 basis points from 2.87 percent last week to 3.03 percent on Friday.
Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards, Chase Bank Credit Cards and Chase Credit Card Interest Rates as well as Chase Bank Promotions and Citibank Promotion.
Bank rates remained in a very narrow range for the week ending November 26, 2010 with the exception of mortgage rates which increased rather noticeably. Outside of mortgage rates, most lending rates and savings rates moved either sideways or slightly downwards.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending November 22nd, 2010 displayed the following interest rate results:
Composite CD interest rate index 1.472 percent ( unchanged )
3 month CD rates 0.75 percent ( unchanged )
6 month CD rates 1.09 percent ( unchanged )
1 year CD rates 1.35 percent ( unchanged )
2 year bank CD rates 1.64 percent ( down .02 percent )
5 year CD rates 2.52 percent ( up .01 percent )
Bank money market rates and savings account rates 1.25 percent ( unchanged )
30 year mortgage rate 4.643 percent ( up .10 percent )
15 year mortgage rate 3.975 percent ( up .04 percent )
Credit card rates 13.74 percent ( unchanged )
Six month Treasury rate 0.21 percent ( up .01 percent )
Five year Treasury rate 1.53 percent ( down .01 percent )
Ten year Treasury rate 2.87 percent ( down .01 percent )
All bank rates are based on surveys conducted by Selectcdrates.com at the close of November 22nd, 2010. Treasury rates are obtained directly from the Department of the Treasury.
Bank CD interest rates were predominantly unchanged for the week. The Selectcdrates.com composite CD rate index changed by less than one basis point or 1/100 of a percent, week over week. The index, which measure the average rate on the top ten best three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates closed at 1.472 percent down from the prior week’s average interest rate of 1.474 percent.
The top ten best three month CD rates were unchanged for the week as were the top ten six month CD rates and top ten best one year CD rates. The best two year CD rates fell by two basis points with an average CD interest rate of 1.64 percent versus 1.66 percent in the prior week. The best five year CD interest rates gained one basis points with an average rate of 2.52 percent compared to 2.51 percent in the previous week.
The top ten best bank savings account rates and money market account rates were unchanged on the week. The composite index of the best bank money market rates and savings account rates held at 1.25 percent.
Bank mortgage rates were higher on both the 30 year fixed rate loan and the 15 year fixed rate home loan. The average 30 year fixed mortgage rate from the top bank mortgage lenders came in at 4.643 percent, an increase of ten basis points from the previous weeks’ average 30 year mortgage rate of 4.546 percent. The average 15 year mortgage rates increased by just four basis points with an average rate of 3.975 percent compare to last week’s average rate of 3.931 percent.
The average points charged by the bank mortgage lenders in the survey fell slightly with the average points charged on the 30 year mortgage dropping to 0.35 points and the average points charged on the 15 year loan falling to 0.338 points.
Bank credit card rates were unaltered for the week. The average credit card rate for new credit card offers remained at 13.74 percent. The weekly survey of credit card rates covers new credit card offers on the most popular credit cards available from the largest bank credit card companies and excludes introductory, short term credit card rate offers.
Treasury rates were a mixed bag for the week with the short term Treasury rates rising modestly while longer term Treasury rates fell modestly. The six month Treasury increased by two basis points rising from 0.19 percent to 0.21 percent. The one year Treasury rate moved up to 0.28 percent from 0.27 percent. The five year Treasury and the ten year Treasury, on the other hand, shed one basis point and moved down to 1.53 percent for the five year term and 2.87 percent for the ten year term.
Key links for infromation for the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards, Chase Bank Credit Cards and Chase Credit Card Interest Rates as well as Chase Bank Promotions and Citibank Promotion.
While U.S. Treasury rates increased last week, the top bank CD interest rates took a sizeable tumble. Not only did bank CD rates fall, bank money market rates and bank savings rates moved lower on the week as well. Mortgage rates and credit card rates, unfortunately, followed the cue of Treasuries and experienced higher rates by week’s end
Treasury rates were higher on the week but closed off their high yields that were reached during mid week. The ten year Treasury rate ended the week at 2.88 percent, eight basis points higher than the close at the previous week of 2.76 percent. The ten year reached its peak yield on Monday when the rate reached 2.92 percent. The one year Treasury rate also reached its high on Monday with a yield of 0.29 percent which was two basis points higher than the prior week’s closing level however, the rate settled back down to 0.27 percent at the close of the week. The five year Treasury has moved measurably higher on the week, starting the week at 1.35 percent and ended at its highest level of 1.54 percent on Friday.
CD interest rates were lower across all maturities. The average rate for the Selectcdrates.com composite index of CD rates dipped by three basis points, falling to 1.474 percent from 1.504 percent in the preceding week. The composite CD rate index covers the average rate for the top bank CD rates with a three month term, 6 month term, 1 year term, 2 year term and 5 year term.
The average rate for the top ten best 3 month CD rates dropped to 0.75 percent on the week, from .077 a week earlier. The average rate on six month bank CDs moved down by two basis points as well to close at 1.09 percent. The best one year CD rates took a slightly larger hit, tumbling to 1.35 percent from 1.38 percent in the previous week. Two year bank CDs dropped even more, with the average two year CD rate coming in at 1.66 percent or five basis points off of last week’s average rate of 1.71 percent. The five year CD rate was lower by four basis points ending the week with average CD interest rate of 2.51 percent.
Bank savings account rates and money market account rates were modestly lower week over week. The composite average of the top ten best bank money market account rates and bank savings account rates closed the week at 1.25 percent or one basis point lower than the previous week’s average rate of 1.26 percent.
Mortgage rates ended the week higher with both the 30 year fixed rate mortgage and 15 year fixed rate mortgage increasing by almost ten basis points. The average 30 year mortgage rate from the top bank mortgage lenders was 4.546 percent or just over eight basis points higher than last week’s average rate of 4.459 percent. The 15 year term mortgage loan ticked up by just under nine basis points, with an average rate of 3.931 compared to 3.823 percent in the previous week.
The average points charged by the bank mortgage lenders on both terms were higher as well. The average points charged on the 30 year mortgage increased to an average of 0.475 points while the average points on the 15 year mortgage increased s to 0.413 points.
Bank credit card rates gained ground on the week. The average credit card rate for new credit card offers was 13.74 percent or two basis points higher than the previous week average credit card rate of 13.72 percent. The weekly survey of credit card rates covers new credit card offers on the most popular credit cards available from the largest bank credit card companies. While average credit card rates were higher, introductory credit card rate offers showed an increase in activity for the week.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending November 19th, 2010 displayed the following results:
Composite CD interest rate index 1.474 percent
3 month CD rates 0.75 percent
6 month CD rates 1.09 percent
1 year CD rates 1.35 percent
2 year bank CD rates 1.66 percent
5 year CD rates 2.51 percent
Bank money market rates and savings account rates 1.25 percent
30 year mortgage rate 4.546 percent
15 year mortgage rate 3.931 percent
Credit card rates 13.74 percent
Six month Treasury rate 0.19 percent
Ten year Treasury rate 2.88 percent
All bank rates are based on surveys conducted by Selectcdrates.com at the close of November 19th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit card rate information please see credit card listings at credit cards. Additional credit card information can be found at Chase Bank Credit Cards and Chase Credit Card Interest Rates as well as Chase Bank Promotions and Citibank Promotion.
Bank savings and investment rates were mostly unchanged for the week ending November 12th while bank lending rates were pushed up measurably higher. The triggering event for rising rates appears to be Fed market intervention. The Fed started the new round of quantitative easing ( QE2 ) on Friday. The Fed intervention that started on Friday involves the beginning phase on the purchase of up to $600 billion in U.S. Treasury bonds. In response to the intervention Treasury rates rose, measurably. Oddly, rising rates when a big buyer steps in is rather counter intuitive to supply and demand actions.
Rising Treasury rates resulted in rising mortgages rates as well as an increase in long term bank CD interest rates. The ten year Treasury bond rate rose by almost 20 basis points or 20/100’s of a percent week over week. The ten year yield on November 5th had been 2.58 percent and closed this past Friday at 2.76 percent.
With the almost 20 basis point rise in the ten year Treasury rate, mortgage rates rose by a like amount. Mortgage rates on a 30 year fixed rate loans were higher by 19 basis points and 15 year fixed rate mortgage were higher by 18 basis points at the week drew to a close.
The average 30 year mortgage rate from the top ten largest bank mortgage lenders surveyed by Selectcdrates.com displayed a rate of 4.459 percent, up from last week’s average 30 year mortgage rate of 4.269 percent. The average 15 year mortgage rate from the top ten largest bank mortgage lenders moved up to 3.823 percent from 3.648 percent in the prior week.
The average points charged on the 30 year mortgage dropped slightly to an average of 0.40 points while the average points on the 15 year mortgage increased slightly to 0.40 points.
Bank CD rates were little changed overall. There was a with a mild increase in CD rates for the long term, five year term bank CD, and a offsetting decrease in the two year bank CD rate. The 3 month CD rates, 6 month CD rates and 1 year CD rates were all unchanged for the week.
The average rate of the top ten best 3 month CD rates held at 0.77 percent, the average CD interest rate on the 6 month remained at 1.11 percent and the one year CD yield lingered at 1.38 percent. Two year CD rates dipped down to 1.71 percent from 1.73 percent in the previous week. The five year CD squeezed out a mild gain, the average 5 year CD rate from the top ten best bank CD rates came in at 2.55 percent, ahead of last week’s average rate of 2.54 percent.
The composite index of bank CD rates which covers the best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates available nationally, closed the week at 1.504 percent down less than one basis point from the previous week’s average of 1.509 percent.
Bank savings account rates and money market account rates stayed put. The composite average of the top ten best bank money market account rates and top ten best bank savings account rates was 1.26 percent for the second week in a row.
Credit card rates were also unchanged on the week. The average rate for new credit card offers was unmoved at a rate of 13.72 percent. The weekly survey of credit card rates covers new credit card offers on the most popular credit cards available from the largest bank credit card companies. The credit card rates surveyed exclude introductory credit card offers and are broken down into seven different credit card categories including; low rate credit cards, business credit cards, student credit cards, balance transfer credit cards, cash back credit cards, secured credit cards and travel credit cards.
Short term Treasury rates closed the week mildly higher with the midterm rates rising more substantially. The six month Treasury bill moved up from 0.16 percent to 0.17 percent at the close of the week. The one year Treasury rate tacked on five basis points to close at 0.27 percent and the five year Treasury increased by 25 basis points to end the week at 1.35 percent.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending November 12th, 2010 displayed the following results:
Composite CD interest rate index 1.504 percent
3 month CD rates 0.77 percent same
6 month CD rates 1.11 percent same
1 year CD rates 1.38 percent
2 year bank CD rates 1.71 percent
5 year CD rates 2.55 percent
Bank money market rates and savings account rates 1.26 percent
30 year mortgage rate 4.459 percent
15 year mortgage rate 3.823 percent
Credit card rates 13.72 percent
Six month Treasury rate 0.17 percent
Ten year Treasury rate 2.76 percent
All bank rates are based on surveys conducted by Selectcdrates.com at the close of November 12th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit card rate infomation please see credit card listings at credit cards.
Bank rates appear to be set in just one direction, downward. On the savings and investment side, bank CD interest rates headed lower last week as did bank money market account rates and bank savings account rates. On the lending side, mortgage rates dropped a notch by the close of the week while credit card rates ticked up ever so slightly. ( Once the banks wash out the bad debt in credit cards, this is sure to be a huge cash machine for the major bank credit card issuers – Cap One should benefit greatly from the spreads between the cost of their funds and their credit card rates. )
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending November 5th, 2010 displayed the following results:
Composite CD interest rate index 1.509 percent
3 month CD rates 0.77 percent same
6 month CD rates 1.11 percent same
1 year CD rates 1.38 percent
2 year bank CD rates 1.73 percent
5 year CD rates 2.54 percent
Bank money market rates and savings account rates 1.26 percent
30 year mortgage rate 4.269 percent
15 year mortgage rate 3.648 percent
Credit card rates 13.72 percent
Six month Treasury rate 0.16 percent
Ten year Treasury rate 2.58 percent
The best CD interest rates available nationally were predominantly lower for the week. The Selectcdrates.com composite index of bank CD rates dropped by just under two basis points again this week. The index for bank CD rates ended the week with rate of 1.509 percent, off of the previous week’s closing figure of 1.526 percent.
The composite index of bank CD rates covers the best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates available nationally.
The best three month and six month CD rates were unchanged on the week with average rate for the three month holding at 1.38 percent while the six month remained at 1.11 percent. The best one year CD rates shed two basis points bringing the average yield down to 1.38 percent. The average rate on the two year bank CDs also shed two basis points to close at 1.73 percent. The five year CDs took the biggest hot and lost four basis points driving the average interest rate to 2.54 percent.
Bank savings account rates and money market account rates made their greatest down side drop in several weeks. The composite average of the top ten best bank money market account rates and top ten best bank savings account rates were lower by two basis points falling to 1.26 percent from 1.28 percent in the prior week.
Mortgage rates moved modestly lower for the both the 30 year fixed rate mortgage and 15 year fixed rate mortgage. The average 30 year mortgage rate from the top ten largest bank mortgage lenders was 4.269 percent. The average 15 year mortgage rate from the top ten largest bank mortgage lenders ended at 3.648 percent. The average points charged by the banks moved higher for the 30 year mortgage loan rising to 0.438 points while the average points charged on the 15 year remained unaltered at 0.388 points.
Credit card rates were the bank rates in the weekly survey that moved higher. The average rate on new credit card offers was up by just one basis point closing at 13.72 percent. The previous week’s average credit card rate covering the largest bank credit card issuers across all categories of credit cards was 13.71 percent. The weekly survey of credit card offers covers some of the most popular credit cards available from the largest bank credit card companies excluding introductory credit card offers.
Short term Treasury rates closed the week unchanged while longer term Treasury rates were discernibly lower. The six month Treasury bill and one year Treasury rate remained unchanged with the six month at 0.16 percent and the one year at 0.22 percent. The five year Treasury dipped down by seven basis points to 1.10 percent from 1.17 percent and the ten year Treasury rate lost eight basis points to close at 2.58 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of November 5th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit card rate infomation please see credit card listings at credit cards.
Bank CD rates, savings account rates and mortgage rates were all lower on the week. Rate reductions were relatively modest for the week ending October 29, 2010 with some of the best CD interest rates remaining unchanged week over week. Credit card rates on new bank credit card offers continued to gyrate without basis and moved mildly higher on the week.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending October 22, 2010 displayed the following results:
Composite CD rate index 1.526 percent
3 month CD rates 0.77 percent
6 month CD rates 1.11 percent
1 year CD rates 1.40 percent
2 year CD rates 1.75 percent
5 year CD rates 2.60 percent
Bank money market rates and savings account rates 1.28 percent
30 year mortgage rate 4.388 percent
15 year mortgage rate 3.756 percent
Credit card rates 13.71 percent
Six month Treasury rate 0.18 percent
Ten year Treasury rate 2.59 percent
Bank CD interest rates moved lower for the week ending October 29, 2010. The Selectcdrates.com composite index of bank CD rates was down by just under two basis points or 2/100’s of a percent. The composite index of bank CD rates which covers the best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates closed the week at 1.526 percent, down from the previous week’s average rate of 1.545 percent.
The reduction in CD rates was driven by lower yields in the midterm and long term bank CDs. The best 3 month CD rates and 6 month CD rates were unchanged for the week. The average rate for the top ten best 3 month bank CDs held at 0.77 percent while the average rate on the top ten best six month CDs remained at 1.11 percent. One year CD interest rates fell by one basis point leaving the average CD interest rate on the one year term at to 1.40 percent. Two year CD rates dropped sharply, shedding four basis points which pushed the average rate to 1.75 percent. Five year CDs lost three basis points, the average five year CD interest arte ended at 2.60 percent.
Bank savings account rates and money market account rates on average, were down just slightly. The Selectcdrates.com composite index of the top ten bank money market account rates and bank savings account rates dropped by one basis point, moving to 1.28 percent from 1.29 percent in the previous week.
Mortgage rates were up on the week. The average 30 year mortgage rate rose by a little more than three basis points. The average 30 year mortgage rate from the top bank mortgage lenders in the weekly mortgage rate survey increased to 4.388 percent from 4.356 percent in the prior week. The average 15 year mortgage rate was up by a bit more than two basis points with the average 15 year mortgage rate ended at 3.756 percent. The average points charged by the bank mortgage lenders was higher for the 30 year mortgage loan, the average points charged coming in at 0.40 points while the average points charged on the 15 year was unchanged at 0.388 points.
Credit card rates reversed a two week down trend and closed higher on the week. The weekly survey new credit card offers showed the average credit card rate increasing by two basis points. The average credit card interest rate, which excludes introductory credit card offers, had an interest rate of 13.71 percent. The weekly survey of credit card offers covers some of the most popular credit cards available from the largest bank credit card companies.
Treasury rates were somewhat mixed for the week. The six month Treasury bill rate was lower by one basis point, closing out the week at 0.17 percent. The one year Treasury rate ticked up by one basis point to 0.22 percent. The two year Treasury followed the six month and gave up one basis point to close at 0.34 percent. The five year stayed even at 1.17 percent and the ten year Treasury rate closed higher by four basis points at 2.63 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of October 29th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit card rate infomation please see credit card listings at credit cards.
Interest rates on bank savings and loan products were lower for the week ending October 22, 2010. Although rates were lower on all bank savings and lending products that are examined in the weekly bank rates survey performed by Selectcdrates.com, the rate reductions were relatively mild.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending October 22, 2010:
Composite CD rate index 1.541 percent
3 month CD rates 0.77 percent
6 month CD rates 1.11 percent
1 year CD rates 1.41 percent
2 year CD rates 1.79 percent
5 year CD rates 2.63 percent
Bank money market rates and savings account rates 1.29 percent
30 year mortgage rate 4.356 percent
15 year mortgage rate 3.744 percent
Credit card rates 13.69 percent
Six month Treasury rate 0.18 percent
Ten year Treasury rate 2.59 percent
The composite index of bank CD rates was down by less than one basis point or 1/100 of a percent. The composted index covering the best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates closed the week at 1.541 percent, off of last week’s close of 1.545 percent.
The best 3 month CD rates were lower by one basis point, ending the week at 0.77 percent. Six month bank CD rates were unchanged at 1.11 percent. The best one year CD interest rates were lower by two basis points bringing the average interest rate down to 1.41 percent. The two year CD rates bucked the trend and closed higher by four basis points pushing the average yield up to 1.79 percent. The longest term bank CD evaluated in the weekly survey, 5 year CDs, moved down by two basis points to close at 2.63 percent.
Bank savings account rates and money market account rates moved modestly higher. The Selectcdrates.com composite index of the top ten bank money market account rates and bank savings account rates moved up by one basis point to 1.29 percent. The minor up tick was the result of one just bank raising their online money market account rate to 1.35 percent during the week (Hudson City Savings Bank).
Mortgage rates displayed the largest rate change for the week. The average 30 year mortgage rate surveyed by Selectcdrates.com fell by six basis points. The average 30 year mortgage rate from the top bank mortgage lenders in the survey came in at 4.356 percent. The average 15 year mortgage rate in the survey fell by three basis points to close the week at 3.744 percent. The average points charged for a 30 year home loan in the weekly mortgage rate survey dipped to 0.288 points while the average points charged on the 15 year was unchanged at 0.388 points.
Credit card rates moved lower for the second consecutive week. The average credit card rate in the weekly survey for new credit card offers fell by three basis points. The average credit card interest rate, which excludes introductory credit card offers, had an average rate of 13.69 percent.
The average rate calculated through the credit card rate survey is comprised of some of the most popular credit cards available from the largest bank credit card companies. The credit card rate index includes cash back credit card offers, low rate credit card offers, student credit cards, business credit cards, balance transfer credit cards and more.
Treasury rates were also lower on the week, but the rate reductions like that of most bank rates was relatively modest. The three month Treasury bill was down by one basis point to 0.13 percent. The one year Treasury rate was also down by one basis point to 0.21 percent. The two year Treasury shed two basis points to close at 0.35 percent. The five year gave back three points to end at 1.17 percent and the ten year Treasury rate closed right where it started at 2.59 percent.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of October 22th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit card rate infomation please see credit card listings at credit cards.
Bank savings rates and lending rates moved in diverse directions for the week ending October 15th, 2010. Mortgage rates rose at the close of the week. CD rates were predominantly lower. Bank savings account rates and money market rates were unchanged. Credit card rates reversed last week’s rise and ended lower. And Treasury rates were mostly stable for short terms securities while the long term rates were measurably higher.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary for the week ending October 15, 2010:
3 month CD rates 0.78 percent
6 month CD rates 1.11 percent
1 year CD rates 1.43 percent
2 year CD rates 1.75 percent
5 year CD rates 2.65 percent
Money market rates and savings account rate 1.28 percent
30 year mortgage rate 4.421 percent
15 year mortgage rate 3.781 percent
Credit card rates 13.72 percent
Six month Treasury rate 0.17 percent
Ten year Treasury rate 2.59 percent
The best CD interest rates at banks were lower on the week, albeit by only a fairly small margin. The Selectcdrates.com bank CD rates composite index of the best 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates was down by less than one basis point or 1/100 of a percent. The composite index of bank CD interest rates closed the week at 1.545 percent, down from 1.55 percent in the prior week.
The average rate on the best three month CD interest rates available nationally displayed a mild increase for the week, rising to 0.78 percent from 0.77 percent in the preceding week. The average CD interest rate for six month CD rates was unchanged again this week, holding at 1.11 percent. The average for the one year CD rates was lower by one basis point to 1.43 percent. Two year CD rates were also lower by one basis point, stepping down to 1.75 percent. The five year CD rates at banks declined by two basis points, closing the week at 2.65 percent from 2.67 percent in the earlier week.
Bank money market account rates and bank savings account rates remained unaffected for yet another week. The Selectcdrates.com composite index of the top ten bank money market account rates and bank savings account rates remained at 1.28 percent.
Mortgage rates were definitely higher on the week. The average 30 year mortgage rate surveyed by Selectcdrates.com increased to 4.421 percent while the average 15 year moved up to 3.781 percent. The average points charged to obtain the mortgage rates in the survey was lower on the 30 year but higher on the 15 year. The average points for a 30 year home loan in the weekly mortgage rate survey dipped to 0.288 points while the average points charged on the 15 year moved up to with 0.388 points.
Credit card rates moved lower this week after a notable increase in the prior week. The average credit card rate for new credit card offers dropped by two basis points, bringing the average rate down to 13.72 percent from 13.74 percent in the previous week. Cash back credit card offers, travel rewards credit card offers and balance transfer credit card offers were all lower on the week while the other credit categories including student credit cards, low rate credit cards, business credit cards and credit cards for bad credit, remained unchanged.
Treasury rates had split results for the week. Treasury rates barely budged for terms of two years or less. The six month Treasury bill rate ticked up just one basis point as did the one year Treasury, leaving their yields at 0.17 percent and 0.22 percent respectively. The two year Treasury rate moved higher by two basis points, from 0.35 percent to 0.37 percent. On the longer term Treasuries, the rate increases were notably more pronounced. The five year Treasury rate added nine basis points to yield 1.20 percent and the ten year swelled to 2.59 percent or 18 basis points higher than the previous week.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of October 15th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit card rate infomation please see credit card listings at credit cards.
Bank savings rates and lending rates were mostly lower by the close of Friday. Mortgage rates tumbled as did Treasury rates. CD rates were hurt for the short term bank CDs and long term bank CDs while holding steady for midterm CDs and credit card rates simply marched to beat of their own drummer and closed higher for the week.
Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary:
3 month CD rates 0.77 percent
6 month CD rates 1.11 percent
1 year CD rates 1.44 percent
2 year CD rates 1.76 percent
5 year CD rates 2.70 percent
Money market rates and savings account rate 1.28 percent
30 year mortgage rate 4.275 percent
15 year mortgage rate 3.696 percent
Credit card rate 13.74 percent
Six month Treasury rate 0.16 percent
Ten year Treasury rate 2.41 percent
Treasury rates set the stage for bank rate reductions this past week. All Treasury bills and bond maturities experienced a drop in interest rates with the exception of the 30 year bond which was higher on the week. The six month Treasury bill shed three basis points pushing the yield down to 0.16 percent. The one Treasury rate moved down to 0.21 percent from 0.26 percent in the earlier week. The five year was down by a whopping 15 basis points leaving the rate on a five year Treasury at 1.11 percent at the close of Friday. The ten year gave up 13 basis points bringing the ten year rate to 2.41 percent.
CD rates at banks tumbled on the short end and long end of the curve but remained remarkably stable for mid term maturities. The Selectcdrates.com bank CD rates composite index that measures the average CD interest rates form the top ten banks for 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates was down by a fairly sizeable 1.3 basis points. The average of the best bank CD interest rates closed the week at 1.55 percent, down from 1.563 percent in the prior week.
The average of the best three month CD interest rates experienced the largest relative drop, dipping down to a rate of 0.77 percent from 0.80 percent in the previous week. The average CD interest rate for six month CD rates was unchanged at 1.11 percent. The average one year CD rates was also unchanged at 1.44 as was the average rate for the best two year CD rates, which held at 1.76. The five year CD rates shed three basis points, closing the week at 2.67 percent from 2.70 percent in the preceding week.
While the majority of bank rates fell over the past week, the average rate on the top bank money market account rates and bank savings account rates remained unaltered. The Selectcdrates.com composite index of the top ten bank money market account rates and bank savings account rates continued to yield 1.28 percent for the third consecutive week.
Mortgage rates were measurably lower this past week. The average 30 year mortgage rates and 15 year mortgage rates from the top ten bank mortgage lenders were lower by over ten basis points, a very significant rate reduction based on the historically low rates that have been place. The average 30 year mortgage rate surveyed by Selectcdrates.com plunged to 4.275 percent with 0.325 points from 4.438 percent with .375 points in the prior week. The average 15 year mortgage rate slumped to 3.696 percent and 0.325 points from 3.821 percent with .388 points in the previous week.
Credit card rates moved up this week, once again moving against the tide of overall lower interest rates. The average credit card rate for new credit card offers, across all categories of credit cards, moved higher by three basis points. The average credit card rate for new credit cards excluding introductory rates inched up to 13.74 percent, from 13.71 percent in the previous week. Low rate credit card offers and travel reward credit card rates saw the greatest rate change among the various credit card categories surveyed by Selectcdrates.com.
All bank rates are based on surveys conducted by Selectcdrates.com at the close of October 8th, 2010. Treasury rates are obtained directly from the Department of the Treasury.
For more information on the best CD rates by term refer to the following pages; 3 month CD rates,6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table rates page. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit crad rate infomation please see credit card listings at credit cards.
To view information on bank promotions and deals refer to bank deals.
For more information on the top ten savings account rates or money market accoount rates please see money market account rates, savings account rates at Selectcdrates.com.
To find more information on the best online banks refer to best online bank and to see some of the current best online savings accounts see best online bank.
Bank savings rates and lending rates moved in opposite directions over the past week. Short term bank savings rates were mostly held in check while longer term bank savings rates tumbled. Bank lending rates were higher on average while U.S. Treasury rates followed the bank savings rates, holding steady on the short end and dropping rather precipitously for longer term Treasuries.
Mortgage rates inched lower once again for both the 30 year and 15 year fixed rate home loan. The average 30 year mortgage rate from the top ten bank mortgage lenders surveyed by Selectcdrates.com came in at 4.438 percent with .375 points from 4.492 percent with .313 points in the prior week. The average 15 year mortgage rate dipped to 3.821 percent with .388 points from 3.892 percent with .375 points in the previous week.
Credit card rates for new credit card offers were unchanged on the week. The average credit card rate for new credit cards excluding introductory rates remained at 13.71 percent. This week, not only did the overall credit card rate remain in check but the rates on all seven categories of credit cards surveyed by Selectcdrates.com changed by less than one basis point.
The average rate on the top bank money market account rates and savings account rates were once again unchanged on the week. The Selectcdrates.com composite index of the top ten bank money market account rates and bank savings account rates held on the week at 1.28 percent.
The best CD rates available nationally tumbled rather significantly during the past week. The Selectcdrates.com composite index of the top ten three month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates was down by just under two basis points. The CD interest rate composite index dropped from 1.580 percent to 1.563 percent. All bank CD maturities were lower on the week with the exception of the short term, 3 month CD rates which managed to rise slightly.
The average of the best three month CD interest rates rose from 0.78 percent to 0.80 percent on the week. The average CD interest rate for the top ten six month CD rates moved down from 1.13 percent to 1.11 percent. The one year CD rate dipped to 1.44 percent from 1.48 percent. The two year was pushed down to 1.76 percent from 1.77 percent on the previous week. The long term five year CD rate ended at 2.70 percent from 2.74 percent in the prior week.
The drop in mid and long term Treasuries was significant and appeared to get little market attention by the end of the week. U.S. Treasury rates barely budged on the short end of the curve while dropping measurably on the long end. Six month Treasury rates closed the week at 0.19 percent, exactly where the rate was on the previous Friday. The one year Treasury rate ticked up one just basis point, closing at 0.26 percent. The two year Treasury was down by three basis points to 0.42 percent. The five year was down by over ten basis points, tumbling from 1.37 percent to 1.26 percent and the ten year Treasury rate fell a bit more, moving down 12 basis points from 2.62 percent to 2.54 percent at the close of the week.
All bank rates are based on surveys conducted at the close of October 2nd, 2010. Treasury rates are obtained directly from the Department of the Treasury.
Selectcdrates.com Weekly Rate Summary:
3 month CD rate 0.80 percent
6 month CD rate 1.11 percent
1 year CD rate 1.44 percent
2 year CD rate 1.76 percent
5 year CD rate 2.70 percent
Money market – savings account rate 1.28 percent
30 year mortgage rate 4.438 percent
15 year mortgage rate 3.821 percent
Credit card rate 13.71 percent
Six month Treasury rate 0.26 percent
Ten year Treasury rate 2.54 percent
For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table rates page. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit crad rate infomation please see credit card listings at credit cards.