Short term bank rates showed little activity during the last week of February but, long term rates continued to march lower.  This is a theme that has run all year long, all two months of it.  Long term bank rates such as mortgage rates are at their lowest level of the year while shorter term bank products such as CD rates and credit card rates are only off by a fraction of where they were at the end of 2013. 

Another view of the change in term structure of interest rates so far this year can be seen in the Treasury market.  Six month Treasury rates started 2014 with a yield of 0.09% and ended the month of February at 0.08%, not much of change.  The one year Treasury rate was equally as uncaring about any market noise or action, starting at 0.13% on the first trading of January and closing out the last day of February at 0.12%.  Not a lot of change in short term rates.  The ten year Treasury bond on the other hand, started the year at 3.00% even and has now moved down to 2.66%, a drop of 34 basis points in just two months.  The five year Treasury note moved right along with the long term bond and dropped down to 1.51% from 1.72% off the same time frame.

The average rate changes such as those displayed over the past two months are not always reflected in the bank rate survey.  The bank rates in the bank rate survey reflect the rates available from the top banks in the nation and competitive pressure can sometimes, but not always, push bank rates lower for loan products and higher for savings products as the top banks compete for the consumer’s dollars or added market share.

In the most recent survey of bank rates conducted by for the week ending February 28, 2014 most short term bank rates were unchanged and long term rates dropped lower.  The top ten highest three month and six month CD rates available nationwide were unchanged for the week at 0.403% and 0.757%, respectively.  Five year CD rates dipped by just over one basis point, or .01%, to yield 2.066%.  CD rates did in fact match, more or less, the activity in Treasury rate market.

Mortgage rates were cheaper for new borrowers across all products and terms.  The average 30 year mortgage rate in the survey of the largest bank mortgage lenders dropped to 4.410%.  Jumbo rates and FHA rates moved down as well with the average 30 year FHA mortgage rate sliding to 4.028% and the average 30 year jumbo rate slipping to 4.249%.  Shorter term mortgage loans were also less costly for the week for new home loan borrowers.

Money market account rates and savings account rates managed to get boosted just marginally higher to an average rate of 0.889%.  And credit card rates were unchanged at 13.86%.

 The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The most current survey is for the week ending February 28, 2014.  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 for February 28, 2014

CD interest rates:
Composite CD interest rate index 1.079 percent
3 month CD rates 0.403 percent
6 month CD rates 0.757 percent
1 year CD rates 1.019 percent
2 year CD rates 1.148 percent
5 year CD rates 2.066 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.889 percent

Mortgage rates: 
30 year mortgage rates 4.410 percent
15 year mortgage rates 3.464 percent
20 year mortgage rates 4.175percent
30 year jumbo mortgage rates 4.249 percent
30 year FHA mortgage rates 4.028 percent

Credit card rates:
Credit card rates for new credit card offers 13.86 percent

US Treasury rates:
Six month Treasury rate 0.08 percent
One year Treasury rate 0.12 percent
Two year Treasury rate 0.33 percent
Five year Treasury rate 1.51 percent
Ten year Treasury rate 2.66 percent

All bank savings rates and lending rates are based on surveys conducted by at the close of February 28, 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 February 28, 2014 please see the following interest rate tables: 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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