The monthly employment report has once driven the markets crazy.  A better than expected jobs report released on Friday fueled the stock market and scared the bond markets.  The net result of the strong jobs report was rising stocks prices and rising interest rates, interest rates rise when bond prices fall.

The unexpected strength in the jobs report pushed stocks up by almost 150 points on Friday and drove the ten year US Treasury bond rate up over twenty basis points or .20 percent.  Prior to the jobs report release, the ten year Treasury bond had fluctuated between 2.48 percent and 2.52 percent and then shot up to 2.73 to close out the week.

The rise in interest rates was felt across a broad spectrum of fixed interest and variable interest securities including mortgage rates, CD rates, money market rates and credit card rates.

Mortgage rates epxeeriencd3 the biggest rate spike for the holiday shortened week.  The average 30 year mortgage rate available at the nation’s top bank mortgage lenders jumped to 4.758 percent from 4.446 percent in the prior week.  30 year FHA mortgage rates and 30 year jumbo mortgage rates made similar upside moves.  The average FHA loan rate closed the week at 4.613 percent, a rise of 42 basis points, and the average jumbo loan rate ended the week at 4.675 which was an increase of 27 basis points over the week before.

Bank CD rates also moved higher but with not quite as much as vim and vigor as was found in mortgage rates or long term Treasury rates, alright, not even close.  The average CD rate found among the top bank CD rates available nationally increased by 4/1000ths of a percent on the week.  The composite CD interest rate index closed the week at 0.964 percent up from 0.960 in the prior week. 

The CD rates index measures the top ten highest CD rates for three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally.  Of the five maturities measured in the CD rate index, none of the terms or maturities moved lower and three of the five maturities ended the week higher.  As might be expected, the rising CD rates were all seen on the longer term certificates with the one year CDs, two year CDs and five year CDs displaying a rise in rates for the week.

The top money market account rates and savings account rates managed to push higher on the week even though these bank savings products generally follow shorter term rate movements more closely as opposed to longer term interest bearing products.  The average rate for the top ten highest yielding bank savings accounts and money market accounts increased to 0.903 percent or 7/1000ths of a percent above the previous week’s average yield of 0.896 percent.

Credit card rates were mostly higher on the week with minor increases by just a few new credit card offers pushing the average interest rate on new consumer card offers up by one basis point or 1/100th of a percent.  The average credit card rate found on new credit card offers across all credit categories ratcheted up to 13.78 percent from 13.77 percent at the end of June.

The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by consumer rate category.  The most current survey is for the week ending July 5, 2013.  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 July 5, 2013

CD interest rates:
Composite CD interest rate index 0.964 percent (up .004 percent) 
3 month CD rates 0.418 percent (unchanged) 
6 month CD rates 0.703 percent (unchanged) 
1 year CD rates 0.980 percent (up .006 percent) 
2 year CD rates 1.125 percent (up .005 percent) 
5 year CD rates 1.593 percent (up .009 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.903 percent (up .007 percent)

Mortgage rates:
30 year mortgage rates4.758 percent (up .312 percent)  
15 year mortgage rates 3.855 percent (up .299 percent) 
20 year mortgage rates 4.748 percent (up .430 percent) 
30 year jumbo mortgage rates 4.675 percent (up .27 percent) 
30 year FHA mortgage rates 4.613 percent (up .423 percent)

Credit card rates:
Credit card rates for new credit card offers 13.78 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.08 percent (down .02 percent) 
One year Treasury rate 0.15 percent (unchanged)
Two year Treasury rate 0.40 percent (up .04 percent)
Five year Treasury rate 1.60 percent (up .19 percent)
Ten year Treasury rate 2.73 percent (up .21 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of July 5, 2013 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 data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending July 5, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

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