Interest rates refused to march in unison last week with a number of interest yielding products moving in opposite directions.  Short term Treasury rates moved lower as long term Treasury rates were pushed higher.  Bank CD rates experienced higher yields as mortgage rates became cheaper.  Better yields and lower costs, a good week for most consumers.

Action by the Federal Reserve and chaos in the Middle East were the catalyst for the market action in fixed income assets.  Trouble brewing in Iraq brought some money into the safety and security of bonds which helped push mortgage bond prices higher and interest rates in the consumer mortgage market lower.  Fears of rising inflation and the continuing actions by the Fed to slow down the pace of monetary easing has countered the flight to quality brought on by the instability in the Mid East which pushed CD rates higher.

Mortgage rates were modestly lower across the board.  The 30 year fixed rate home loan saw a rate decrease of almost four basis points or .04%.  The average 30 year fixed rate mortgage available at the nation’s largest bank mortgage lenders ended the week at 4.245%.  30 year jumbo mortgage rates were down by roughly three basis points to close the week at 4.183%.  FHA mortgage rates with a 30 year term were only marginally lower on the week but the rate cut was enough to drop the average 30 year FHA loan rate back below four percent to 3.983%.

Bank CD account yields were up on the week.  The average rate on the top bank CDs measured by the CD rate index increased by 2/1000ths of a percent to 1.110%.  The top three month CD rates available nationally were lifted by 2/1000ths of a percent to 0.397%.  Six month CD rates were unchanged at 0.737%.  The average rate on the highest one year CDs available climbed by one basis point to 0.737%.  Two year yields were unaltered week over week and five year CD rates just barely squeaked out a small gain to end the week at 2.152% after starting out at 2.151%.

Variable rate bank products showed almost no change week over week.  Bank money market rates and savings accounts rates were unchanged as were consumer credit card rates.  The highest money market and savings account rates held at 0.887%.  The average rate on new consumer credit cards was unaltered at 13.87%.

Six month Treasury rates were cut back rather substantially from there already ultra low yield of 0.07% at the start of the week to end the week at 0.04%.  One year Treasury rates made a similar move, falling from 0.11% to 0.09%.  Long term maturities moved in the opposite direction with the five year Treasury note increasing to 1.71% from 1.70% and the ten year Treasury bond rising to 2.63% from 2.60%.

The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The current bank rate survey is for the week ending June 20, 2014 with rates obtained on or after that day.  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 with the Weekly Change in Rates Offered for June 20, 2014

CD interest rates:
Composite CD interest rate index 1.110 percent (up .002 percent)
3 month CD rates 0.397 percent (up .002 percent) 
6 month CD rates 0.737 percent (unchanged)
1 year CD rates 1.060 percent (up .01 percent) 
2 year CD rates 1.203 percent (unchanged) 
5 year CD rates 2.152 percent (up .001 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.245 percent (down .036 percent) 
15 year mortgage rates 3.392 percent (down .048 percent) 
20 year mortgage rates 4.088 percent (down .005 percent)
30 year jumbo mortgage rates 4.183 percent (down .027 percent) 
30 year FHA mortgage rates 3.983 percent (down .017 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.04 percent (down .03 percent)
One year Treasury rate 0.09 percent (down .02 percent)
Two year Treasury rate 0.50 percent (up .05 percent)
Five year Treasury rate 1.71 percent (up .01 percent) 
Ten year Treasury rate 2.63 percent (up .03 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of June 20, 2014 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 detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending June 20, 2014 please see: 3 month CD rates, 6 month CD rates, 9 month CD rates, 1 year CD rates, 2 year CD rates, 4 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, VA mortgage rates, best interest checking accounts and best credit card rates.

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