Continued concerns over the situation with European debt markets have interest rates and bond yields low, however long term rates did tick up slightly this week.  The uptick in long term rates had little impact on CD interest rates which are affected more by short term maturities but long maturity rate changes did push mortgage rates modestly higher.  Long term U.S. Treasury securities and mortgage rates were also pushed higher after the news of stronger than expected inflation data was released.

Bank CD rates were hit pretty hard as indicated by the index of the best three month to five year CD rates falling by over two basis points or 2/100’s of a percent.  The CD rate index ended the week on September 16th at 1.243 percent after starting the week at 1.265 percent.

Short term CD rates and long term CD rates were treated equally this past week with the midterm maturity managing to end the week better than where it started.  The best three month CD rates gave back over four basis points with the average rate for the week coming in at 0.573 percent.  Six month CD rates were nudged down by three basis points to 0.927 percent.  The best one year CD rate average shifted higher, gaining less than one basis point to an average rate of 1.158 percent. 

Two year CDs turned lower by precisely two basis points to yield 1.355 percent.  The average rate on the five year CDs were not the worst performing maturity for the first week in quite some time.  The average five year CD rates gave back one basis point to 2.203 percent.

Mortgage rates reflected the change in longer term bond rates this week and moved modestly higher.  The average 30 year fixed rate mortgage from the top ten bank mortgage lenders moved up by just over five basis points to 4.247 percent.  15 year mortgage rates were little changed with the average rate slipping one basis point to a level of 3.353 percent.  30 year FHA mortgage rates and jumbo mortgage rates were, understandably, up by more than the 15 year conforming rate.  The average FHA mortgage rate settled at 4.113 percent while the average jumbo mortgage rate ended the week at 4.538 percent.

Treasury rates matched the dichotomy found in CD rates and mortgage rates.  Long term Treasuries were up in yield while short term Treasury rates moved down.  The ten year U.S. Treasury bond gained 15 basis points to close at 2.08 percent.  The five year Treasury bumped up 13 basis points to 0.94 percent.  The one year Treasury was lower at week’s end, closing out at 0.09 percent after opening the week with a yield of 0.11 percent.  The six month bill gave up three basis points to land at just 0.02 percent on Friday.

Bank savings accounts rates and money market account rates matched other short term rates and shifted lower on the week.  The average rate on the top ten best savings account rates and money market rates available nationally was off by just over one basis point to an average yield of 1.040 percent.

Credit card rates in the weekly bank rate survey stepped down by a basis point.  The average interest rate on the top tier credit card offers across all credit categories came in at 13.71 percent.  The average credit card rate covers the interest rates from the largest credit card companies and some of the most popular credit cards while leaving out any introductory credit card rates or short term promotional offers.

The weekly bank rate survey for September 16, 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 1.243 percent (down .022 percent)
3 month CD rates 0.573 percent (down .056 percent)
6 month CD rates 0.927 percent (down .031 percent)
1 year CD rates 1.158 percent (up .006 percent)
2 year bank CD rates 1.355 percent (down .02 percent)
5 year CD rates 2.203 percent (down .01 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 1.040 percent (up .013 percent)

Mortgage rates:
30 year mortgage rate 4.247 percent (up .054 percent)
15 year mortgage rate 3.353 percent (down .01 percent)
20 year mortgage rate 4.019 percent (up .081 percent) 
30 year jumbo mortgage rate 4.538 percent (up .038 percent) 
30 year FHA mortgage rate 4.113 percent (up .05 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.71 percent (down .01 percent) 

Treasury rates:
Six month Treasury rate 0.02 percent (down .03 percent)  
Two year Treasury rate 0.18 percent (up .01 percent)
Five year Treasury rate 0.94 percent (up .13 percent) 
Ten year Treasury rate 2.08 percent (up .15 percent) 

All bank savings rates and lending rates are based on surveys conducted by at the close of September 16, 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.

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