For the week ending June 8, 2012 bank mortgages rates and credit cards moved higher while bank CD rates and money market rates moves lower.  Treasury rates led the gains and were kicked up notch this week across all maturities with mortgage rates quickly following suit.  The change in rates for bank CDs and money market accounts may not be a reflection on the general change in interest rates but rather the lower elasticity found in bank savings rates.  Treasury rates and mortgage rates are significantly more liquid and change quickly to changing market conditions and expectations.

The interest rate market was relatively calm following the prolonged reduction in interest rates that has occurred over the past several weeks culminated by the rather measurable drop that seen in the week ending June 1st.   The rate increases for mortgages and Treasuries were all that more restrained compared against the back drop of a notably rising stock market that occurred last week. 

Based on the most recent survey of bank rates performed by, the average 30 year mortgage rate advanced 6.5 basis points; one basis point equals one hundredth of a percent.  The rate push brought the average 30 year mortgage rate up to 3.830 percent.  30 year jumbo mortgage rates were up a similar amount, rising 7.5 basis points to an average rate of 4.250 percent.

CD interest rates dipped by just 3/1000ths of a percent on the week.  The drop in rates is measured by the CD rate index which measures the top ten best CD rates for three month, six month, one year, two year and five year bank CDs.  The CD rate index moved down to 1.044 percent from 1.447 percent in the previous week.   The one year CD rates and two year CD rates saw the greatest rate changes week over week.  The one year CD rate was lower by 9/1000ths of a percent to close the week at 1.048 percent while the two year CD rates dipped by 5/1000ths of a percent to 1.173 percent.

The top bank savings account rates and money market rates ticked lower by one basis point to 0.938 percent.  Money market rates and savings account rates are variable rate savings products that in past years have been highly volatile.  The past year, these rate have settled down only to become slightly more active in the past few weeks as online banks jockey for position to offer savings account rates and money market rates that are registered within the top ten best rates available nationwide.

The increase in credit card rates may be more of anomaly than anything meaningful.  The average interest rate on new credit card offered was up by one basis point on the week bringing the average credit card interest rate up to 13.67 percent.   Very few credit card offers displayed a rate change with the vast majority of the most popular credit card rates remaining unaltered from the previous week.  Credit card rates have been holding quite firm in 2012 and are now experiencing their lowest level of volatility for quite some time.

US Treasury yields jumped up across the spectrum of terms available.  The short term, six month Treasury rate moved ahead two basis points to 0.14 percent.  The one year rate also moved higher by two basis points to yield 0.19 percent.  The five year was up by nine basis points bring its yield up to 0.71 percent and the ten year Treasury was driven higher by 18 basis points to a rate of 1.65 percent.

The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending June 8, 2012.  The weekly rate survey presented the following interest rates and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates.

Bank Rates Market Recap

CD interest rates:
Composite CD interest rate index 1.044 percent (down .003 percent)
3 month CD rates 0.483 percent (up .004 percent)
6 month CD rates 0.751 percent (unchanged)
1 year CD rates 1.048 percent (down .009 percent)
2 year bank CD rates 1.173 percent (down .005 percent)
5 year CD rates 1.767 percent (down .002 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.938 percent (down .01 percent)

Mortgage rates:
30 year mortgage rate 3.830 percent (up .065 percent) 
15 year mortgage rate 3.119 percent (up .046 percent) 
20 year mortgage rate 3.625 percent (up .030 percent) 
30 year jumbo mortgage rate 4.250 percent (up .075 percent)
30 year FHA mortgage rate 3.663 percent (up .038 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.67 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.14 percent (up .02 percent)
One year Treasury rate 0.19 percent (up .02 percent)
Two year Treasury rate 0.28 percent (up .03 percent)
Five year Treasury rate 0.71 percent (up .09 percent)
Ten year Treasury rate 1.65 percent (up .18 percent) 

All bank savings rates and lending rates are based on surveys conducted by at the close of June 8, 2012 with all of the interest rates obtained directly from the banks within the 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.

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