The stock market continued to rally last week, the dollar fell, inflation ticked up and somehow interest rates managed to move lower. There is a plethora of opinions from economist on why interest rates should be increasing not decreasing, yet the expected rise in interest rates remains as elusive as ever.

Although short term rates were only modestly lower, long term rates ended the week measurably lower than where they started. Since the interest rates movements for the week were more profound on the longer term, CD interest rates and money market rates were little changed while mortgage rates experienced a more considerable rate reduction.

The weekly bank rate survey included the following interest rate results for the week ending April 29, 2011:

CD interest rates:
Composite CD interest rate index 1.3691 percent (down .002 percent)
3 month CD rates 0.591 percent (down .005 percent)
6 month CD rates 0.981 percent (unchanged)
1 year CD rates 1.246 percent (down .003 percent)
2 year bank CD rates 1.508 percent (unchanged)
5 year CD rates 2.517 percent (down .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 1.145 percent (up .005 percent) 1.145

Mortgage rates:
30 year mortgage rate 4.805 percent (down .082 percent)
15 year mortgage rate 3.995 percent (down .151 percent)
20 year mortgage rate 4.588 percent (down .137 percent)
30 year jumbo mortgage rate 5.163 percent (down .136 percent)
30 year FHA mortgage rate 4.700 percent (down .050 percent)

Credit card rates:
Credit card rates for new credit card offers 13.71 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.11 percent (unchanged)
Two year Treasury rate 0.61 percent (down .07 percent)
Five year Treasury rate 1.97 percent (down .17 percent)
Ten year Treasury rate 3.32 percent (down .10 percent)

The CD rate index was down on the week by less than one basis point or 1/100th of a percent, an almost imperceptible rate change. The CD rate index dipped to 1.369 percent from 1.371 percent in the prior week. The composite CD interest rate measures the CD rates of the top ten best 3 month bank CDs, six month CDs, one year CDs, two year CDs and five year bank CDs.

All of the CD terms that comprise the CD rate index were lower, on average, by less than one basis point. The best three month CDs had an average rate of 0.591 percent, off from 0.596 percent in the week earlier. The six month CD rate average was unchanged at 0.981 percent. The top ten highest one year CD rates came in at 1.246 percent. The highest two year CD rates were also unchanged at 1.508 percent. The best five year CD interest rates moved from 2.522 percent to 2.517 percent.

Bank money market rates and savings account rates were able to squeak out a small gain in yield on the week. The average interest rate earned from the top ten best bank money market accounts and bank savings increased by less than a basis point to 1.145 percent from 1.140 percent in the week earlier.

Mortgage rate reductions were significantly larger than those found in bank savings rates. The average 30 year mortgage rate from the top ten bank mortgage lenders closed at 4.805 percent or eight basis points lower than the previous week. The average 15 year mortgage rate ended the week at 3.995 percent which is five basis points lower than the prior week.

20 year mortgage rates dropped by over 10 basis points to 4.588 percent. 30 year FHA mortgage rates lost five basis points, pushing the average rate to 4.700 percent. Jumbo mortgage rates with a 30 year terms ended the week at 5.163 percent, off 13 basis points week over week.

Credit card rates were unchanged on the week. The average rate for new credit card offers held at 13.71 percent. It was quite week for credit card news, not only were credit card interest rates changed but there has been less activity in the number of new credit card promotions hitting the market.

Treasury rates were down slightly on the short end of the curve but fell rather precipitously on the midterm and long term end of the yield curve. The six month Treasury rate was unchanged on the week at 0.11 percent. The one year Treasury rate was also down by one basis point to 0.22 percent. The two year Treasury rate lost seven basis points to 0.61 percent. The five year gave up 17 basis points to close the week at 1.97percent and the ten year Treasury rate was down by ten basis points to bring the yield to 3.32 percent.

All bank rates are based on surveys conducted by at the close of April 29, 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.

Additional bank rate resources can be found at; 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, CD rates California, Best Interest Checking Accounts, Best Rates on CDs and Best Credit Card Rates.

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