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 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 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 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.

No user commented in " Bank CD Interest Rates, Mortgage Rates and More April 4, 2011 "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)