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 weekly CD rate survey, slumped by less than one basis point or 1/100th of a percent.  The 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 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 at the close of December 9, 2011 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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