The labor department posted good news on Friday with a stronger than expected labor report, this is a sign of strengthening economy in the short term as well as over the long term should the job growth continue. Oil prices also pulled back last week taking some pressure off of inflation expectations. The oil price reduction puts downward pressure on bank rates while job growth puts upward pressure on bank rates and the end result is a mixed market for bank savings rates and lending rates.

By the close of the week on May 6th, 2011 CD interest rates managed to move up, mortgage rates went down, bank savings rates were up, credit card rates were also higher and Treasury rates moved lower hitting record lows for the year.

The weekly bank rate survey included the following interest rate results for the week ending May 6th, 2011:

CD interest rates:
Composite CD interest rate index 1.383 percent (up .014 percent)
3 month CD rates 0.638 percent (up .047 percent)
6 month CD rates 1.014 percent (up .033 percent)
1 year CD rates 1.247 percent (up .001 percent)
2 year bank CD rates 1.507 percent (down .001 percent)
5 year CD rates 2.507 percent (down .01 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 1.152 percent (up .007 percent)

Mortgage rates:
30 year mortgage rate 4.723 percent (down .082 percent)
15 year mortgage rate 3.895 percent (down .10 percent)
20 year mortgage rate 4.500 percent (down .088 percent)
30 year jumbo mortgage rate 5.025 percent (down .138 percent)
30 year FHA mortgage rate 4.525 percent (down .175 percent)

Credit card rates:
Credit card rates for new credit card offers 13.72 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.07 percent (down .04 percent)
Two year Treasury rate 0.57 percent (down .04 percent)
Five year Treasury rate 1.87 percent (down .10 percent)
Ten year Treasury rate 3.19 percent (down .13 percent)

The CD rate index moved higher for the first time in several weeks. The CD rate index ended this week with a rate of 1.383 percent, just over one basis point or 1/100th of a percent above last week’s average rate of 1.369 percent. The composite CD interest rate measures the top ten highest CD rates for the 3 month CD maturities, six month CD maturities, one year CDs, two year CDs and five year CDs.

The best three month CD rates bounced up to 0.638 percent or four basis points above the prior week’s figure of 0.591 percent. The best six month CDs available had an average rate 1.014 percent or three basis points above the previous week’s average rate of 0.984 percent. The average yield on the top one year CD rates was 1.247 percent which was higher by the smallest of increments, the previous average rate for this term CD was 1.246 percent. The highest two year CD rates lost the exact amount of the one year’s rate gain, dipping from 1.508 percent last week to 1.507 percent this week. The long term, five year CD rates lost a little ground and dropped one basis point to 2.507 percent.

Bank money market rates and savings account rates put together another small gain in yield this week. The average rate for the top ten highest bank money market accounts and bank savings account ended the week at 1.152 percent or slightly above the prior week’s rate of 1.145 percent.

Mortgage rates moved lower for the third consecutive week. The 30 year mortgage offered from the top ten bank mortgage lenders had an average interest rate of 4.723 percent. This is a reduction of eight basis points from last week’s 30 year mortgage rate of 4.805 percent. The average interest rate for the 15 year term mortgage came in at 3.895 percent or ten basis points below last week’s average rate of 3.995 percent.

The average 20 year mortgage rate was 4.50 percent or eight basis points lower. The 30 year FHA mortgage interest rate was down by just under eight basis points to 4.525 percent. The average 30 year jumbo mortgage rates slipped 14 basis points to 5.025 percent.

Credit card rates on new credit card offers ratcheted up one basis point. The average rate for new credit card offers moved up to 13.72 percent from 13.71 percent in the previous week. Credit card changes were quite limited with not only the rates showing little activity but there were also limited changes on new credit card promotions and introductory offers.

Treasury rates were down for all maturities with a noticeable drop on the short side of the curve. The six month Treasury rate dropped down to 0.17 percent, the lowest rate of the year. The one year Treasury also hit its lowest yield, falling to 0.18 percent from 0.22 percent in the earlier week. The two year Treasury rate came near its low, falling to 0.57 percent. The five year Treasury dipped down 10 basis points to 1.87 percent. The ten year Treasury rate was off 13 basis points to yield 3.19 percent.

All bank rates are based on surveys conducted by at the close of May 6, 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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