Trouble with the U.S. economy and the European debt crisis stay front and center in 2012 when it comes to the direction of interest rates.  In the past week, we found out that December retail sales were disappointing with a rise of just .01 percent and Standard & Poor’s is getting ready to change the credit ratings for some of the European nations with mounting debt servicing issues.  Data that is bad news for business expansion and bank savings rates but good news for borrowers and mortgage rates.  When the week came to a close almost all bank savings products and lending products in the weekly bank rate survey were lower.

Fortunately for savers, the drop in CD interest rates was negligible. Based on the CD rate index, the average CD rate was down by just 2/1000ths of a percent.  The CD rate index measure the top ten best CD rates on the three month CDs, six month CDs, one year CDs, two year CDs and five year CDs and dipped from 1.089 percent to 1.087 percent for the week ending January 13, 2012.

Three month CD rates were unchanged at 0.483 percent as were six month CD rates holding at 0.766 percent and five year CD rates which remained at 1.908 percent.  The only rate action came in the one year maturities and two year maturities.  The one year CD rates slid down from 1.060 percent to 1.053 percent while the two year bank CD rates were cut by a hair from 1.228 percent to 1.224 percent.

Bank money market rates and savings account rates were not treated as lightly as CD rates.  The average rate for the top ten best savings accounts rates and money market rates slumped by 1.4 basis points, one basis point is equal to 1/100th of a percent.  The average rate this week was knocked down to 0.927 percent.

Home loan borrowing costs were down rather measurably over the period of one week.  Due to higher bond prices and lower interest rates, the average 30 year mortgage rate has dipped below 4.00 percent once again.  The average 30 year mortgage rate from the top ten bank mortgage lenders came in at 3.978 percent.

The dip in 30 year jumbo mortgage rates pushed the average jumbo loan rate to 4.294 percent.  FHA mortgage rates showed little change but remained under 4.00 percent with an average cost of 3.950 percent.

In this week’s bank rate survey, credit card rates finally learned to play well with others and moved lower too.  The average credit card rate for new credit card offers slipped down to 13.70 percent.  Credit card rates had remained fickle by remaining elevated as other consumer lending rates have become significantly less costly over the past few months.

Treasury rates did follow the direction of bank rates or lead depending on your perspective.  The ten year Treasury lost nine basis points to yield 1.89 percent.  Five year rates decreased by six basis points, falling to 0.80 percent.  The one year Treasury rate gave back two basis points to close at 0.10 percent.  Six month bills gained a basis point, ending the week at 0.06 percent.

The weekly bank rate survey results listed below provides a detailed report on bank savings rates and lending rates by category for the week ending January 13, 2012.  The weekly rate survey presented the following interest rate and their 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 1.087 percent (down .002 percent)
3 month CD rates 0.483 percent (unchanged)
6 month CD rates 0.766 percent (unchanged)
1 year CD rates 1.060 percent (down .007 percent)
2 year bank CD rates 1.224 percent (down .004 percent)
5 year CD rates 1.908 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.927 percent (down .014 percent)

Mortgage rates:
30 year mortgage rate 3.978 percent (down .062 percent) 
15 year mortgage rate 3.253 percent (down .076 percent)
20 year mortgage rate 3.846 percent (down .040 percent) 
30 year jumbo mortgage rate 4.294 percent (down .054 percent) 
30 year FHA mortgage rate 3.950 percent (down .038 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.69 percent (down .01 percent)

Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.10 percent (down .02 percent) 
Two year Treasury rate 0.24 percent (down.01 percent)
Five year Treasury rate 0.80 percent (down .06 percent) 
Ten year Treasury rate 1.89 percent (down .09 percent) 

All bank savings rates and lending rates are based on surveys conducted by at the close of January 13, 2012 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 information detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates please see: 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 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, best interest checking accounts and best credit card rates.

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