Economic data coming in slightly worse than forecast has pushed interest rates modestly lower for the last week of February.  CD rates and mortgage rates both moved lower on the week with credit card rates and money market rates holding steady. 

Data that had an impact on the market included GDP results for the fourth quarter which was scaled back from the previous release, weekly jobless claims that came in higher than expected, and existing and pending home sales for January came in below projections.  The Federal Reserve chairwoman also spoke to congress during the week, but this was mostly uneventful with little insight provided over when the Fed may increase interest rates.

The data released and digested by the markets over the course of the week did cause the ground to rumble in the bond market.  Bond price gains and the subsequent inters rate reductions were somewhat limited.  However, both treasuries and mortgage backed securities saw broad gains by the last trading day of the month.

The benchmark 10 year note dropped in yield from 2.13 percent at the onset of the week to 2.00 percent on Friday.  The five year T-note slipped to 1.50 percent from 1.61 percent and the one year Treasury security showed little movement, closing at 0.22 percent after starting out at 0.23 percent.

This is just one week’s worth of data and market activity.  Market watchers and investors will be reviewing the next set of meaningful data points and events that will influence the market going forward and the next event may be a big one – the monthly jobs report is due out this Friday.

Bank rates market recap for February 28, 2015:

CD interest rates:
Composite CD interest rate index 1.160 percent
3 month CD rates 0.431 percent
6 month CD rates 0.755 percent
1 year CD rates 1.159 percent
2 year CD rates 1.301 percent 
5 year CD rates 2.155 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.977 percent

Mortgage rates: 
30 year mortgage rates 3.944 percent
15 year mortgage rates 3.253 percent
20 year mortgage rates 3.724 percent
30 year jumbo mortgage rates 3.888 percent
30 year FHA mortgage rates 3.745 percent

Credit card rates:
Credit card rates for new credit card offers 13.89 percent

US Treasury rates:
Six month Treasury rate 0.07 percent
One year Treasury rate 0.22 percent
Two year Treasury rate 0.63 percent
Five year Treasury rate 1.50 percent
Ten year Treasury rate 2.00 percent 2

All bank savings rates and lending rates are based on surveys conducted by at the close of February 28, 2015 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.

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