Bank rates were fairly contained for the third week of the New Year with CD rates and mortgage rates showing very little movement from the previous week.  What movement there was in bank interest rates was slightly to the downside.  The Federal Reserve’s monetary stimulus programs that includes the purchase of mortgage bonds and Treasury bonds  has continued to help keep a cap on rising mortgage rates at the same time suppressing savings rates while continued news of economic strength is keeping pressure on interest rates to move higher.

The balance or calm in the markets this week was well represented by the activity in the Treasury market.  Treasury rates from the short end of the curve up to the long end showed almost no change from the previous week.  Six month Treasury rates, one year Treasury rates and two year Treasury rates ended the week right where they started.  The six month rate held at 0.10 percent, the one year was unaltered at 0.14 percent and the two year Treasury rate remained at 0.26 percent.  The five year Treasury rate dropped by just one basis point to 0.77 percent and the ten year Treasury bond yield was cut back by two basis points, one basis point is equal to 1/100th of a percent, to 1.87 percent.  Weeks with this action in the Treasury market are not terribly common.

Bank rates showed a similar pattern as that found in the Treasury market.  The average 30 year mortgage rate coming from the top 10 bank mortgage lenders in the weekly bank rate survey was lower by one basis point to 3.525 percent.  30 year FHA mortgage rates declined by almost the same amount, slipping by 1.3 basis points to an average rate of 3.430 percent.  The rate on the 15 year mortgages was not far off giving up less than one basis point which pushed the average 15 year home loan rate from 2.789 percent to 2.783 percent.

CD rates were almost as confined in their rate actions over the week.  The average CD rate in the CD rate index was lower by .5 basis points or 5/1000ths of a percent.  The average CD rate available at the nation’s top bank CD rates running across multiple maturities was lowered to 1.025 percent from 1.030 percent in the previous week. 

The average rate on the best three month bank CD rates  barely moved, slipping 1/1000th of a percent to an average rate of 0.481 percent.  Six month CD rates slid by less the ½ of a basis point to an average rate of 0.754 percent.  The average rate on the one year bank CDs was unchanged and held at 1.032 percent.  Two year CDs dipped by 4/1000ths of a percent, sliding to 1.171 percent from 1.175 percent in the week earlier. Five year CD rates showed the greatest rate change for this week with a drop of two basis points to 1.685 percent.

The average rate on the top ten highest savings account rates and bank money market account rates were unchanged for the second consecutive week.  The average rate on bank savings programs remained at 0.968 percent. 

The average rate on the best consumer credit card rates made its first big move in several weeks.  The average interest rate on new credit card offers jumped by two basis points from the previous week.  Consumers sticking with credit cards that offer the top credit card rate can expect to see an average rate of 13.75 percent.

The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending January 18, 2013.  The weekly rate survey presented the following interest rates and their changes for mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates.

Bank Rates Market Recap for January 18, 2013

CD interest rates:
Composite CD interest rate index 1.025 percent (down .005 percent) 
3 month CD rates 0.481 percent (down .001 percent) 
6 month CD rates 0.754 percent (down .004 percent) 
1 year CD rates 1.032 percent (unchanged) 
2 year CD rates 1.171 percent (down .004 percent) 
5 year CD rates 1.685 percent (down .02 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.968 percent (unchanged)

Mortgage rates:
 30 year mortgage rates 3.515 percent (down .01 percent) 
15 year mortgage rates 2.783 percent (down .006 percent)  
20 year mortgage rates 3.447 percent (up .014 percent) 
30 year jumbo mortgage rates 3.824 percent (up .012 percent) 
30 year FHA mortgage rates 3.430 percent (up .013 percent)

Credit card rates:
Credit card rates for new credit card offers 13.75 percent (up .02 percent)

Treasury rates:
Six month Treasury rate 0.10 percent (unchanged) 
One year Treasury rate 0.14 percent (unchanged)
Two year Treasury rate 0.26 percent (unchanged)
Five year Treasury rate 0.77 percent (down .01 percent)
Ten year Treasury rate 1.87 percent (down .02 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of January 18, 2013 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending January 18, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

No user commented in " Bank Rates, CD Rates and Mortgage Rates Show Little Change January 21, 2013 "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)