Bank rates moved visibly lower again this past week. Just when many financial analysts thought the economy was headed in a sustained positive climb and rising rates were soon be on the horizon, Friday’s lousy jobs report put a damper on any rosy economic outlooks. Poor housing sales combined with extremely slow job growth has created a slow sell off in the stock market and a rise in bond prices. With bond prices up, interest rates have moved down. Mortgage rates dropped measurably on the week. Treasury rates also moved significantly lower. Bank CD interest rates and savings account rates were down as well but by a much smaller margin. Credit card rates, however, remained unchanged on the week.

The weekly bank interest rate survey includes a summary of bank lending rates, savings rates as well as a summary of Treasury rates. The results for the survey dated June 3rd, 2011 included the following mortgage rates, CD rates, credit card rates, money market rates, savings account rates and Treasury rates:

CD interest rates:
Composite CD interest rate index 1.376 percent (down .002 percent)
3 month CD rates 0.654 percent (unchanged)
6 month CD rates 1.010 percent (unchanged)
1 year CD rates 1.259 percent (unchanged)
2 year bank CD rates 1.499 percent (down .002 percent)
5 year CD rates 2.457 percent (down .011 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 1.109 percent (down .008 percent)

Mortgage rates:
30 year mortgage rate 4.567 percent (up .081 percent)
15 year mortgage rate 3.758 percent (up .080 percent)
20 year mortgage rate 4.338 percent (up .075 percent)
30 year jumbo mortgage rate 4.813 percent (down .075 percent)
30 year FHA mortgage rate 4.450 percent (down .025 percent)

Credit card rates:
Credit card rates for new credit card offers 13.73 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.10 percent (up .01 percent)
Two year Treasury rate 0.42 percent (down .06 percent)
Five year Treasury rate 1.60 percent (down .11 percent)
Ten year Treasury rate 2.99 percent (down .08 percent)

The CD interest rate index was down ever so slightly for the week. Interest rates on CDs were lower, with long term CDs absorbing most of the rate reductions for the week. The composite CD interest rate index dipped down to 1.376 percent from 1.378 percent in the previous week. The CD rate index is a measure of the average rate for the top ten 3 month CD rates, six month CD rates, one year CD rates, two year CD rates and five year CD rates.

The top three month CD rates available nationally was unaltered on the week at 0.654 percent. The best six month CD rates were also unaffected by interest rate movements this week, holding at an average rate of 1.010 percent. The highest one year CD rates followed along and remained unchanged at rate of 1.259 percent.

The average rate for the highest two year CD rates was lower by a very small margin. The rate for the top ten two year CD rates ended the week at 1.499 percent down from the prior week’s figure of 1.501 percent. The top five year CD rates gave up just over one basis point or 1/100th of percent. The average rate for the five year CDs closed out at 2.457 percent after last week’s average rate of 2.468 percent.

Bank savings account rates and money market account rates pushed lower once again this week. These bank rates had been holding their own in the early stages of the most interest rate declines but have since made up lost ground and have been dropping faster than CD rates. The average rate for the top ten highest money market account rates and savings account rates stepped down to 1.109 percent, off of last week’s rate of 1.117 percent.

Mortgage rates continued their downward slide this week. The average 30 year mortgage rate from the top ten bank mortgage lenders dropped by eight basis points for the week. The average 30 year mortgage rate is now offered at 4.567 percent after reaching 4.648 percent last week. The 15 year mortgage rate was also down by eight basis points leaving the average 15 year home loan rate at 3.758 percent, last week’s average rate was 3.838 percent.

20 year mortgage rate was lower by a hair under eight basis points. The average 20 year mortgage rate in the survey is now at 4.338 percent following last week’s drop to 4.413 percent. FHA mortgage rates slipped just over two basis points to 4.813 percent. 30 year jumbo mortgage rates were slumped by over seven basis points driving the average jumbo loan rate from 4.888 percent to 4.813 percent.

Credit card rates once again ran in place. The average credit card arte for new credit card offers moved down slightly but the rate drop amounted to less than one basis point leaving the measured rate the same at 13.73 percent. The biggest change in the past few weeks for new credit card offers is not the best credit card rates being offered but rather the cash back bonus allotments that are promoted and the term on zero percent introductory credit card rates.

Treasury rates were leader for the week with almost all Treasury security terms falling on the week. The six month Treasury rate was lower by one basis point closing Friday at 0.10 percent. The one year Treasury rate was unchanged again this week at 0.18 percent. The two year Treasury fell by six basis points to 0.42 percent. The five year term Treasury rate gave up 11 basis points to close Friday at 1.60 percent. The ten year Treasury rate declined just eight basis points but landed below 3.00 percent on the week to 2.99 percent.

All bank rates are based on surveys conducted by at the close of June 3rd, 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 for mortgage rates, CD rates, credit card rates and savings account rates 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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