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 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 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 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 at the close of October 28, 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 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.

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