Bank rates moved higher this past week as the markets have gained stability and refocused on economic conditions and away from geopolitical risks.  Tensions in Ukraine have settled down, at least temporarily, and the bond and stock market spent the week digesting the economic data and business news that has hit the streets.

The economic data and business reports released during the Holiday shortened Good Friday were generally positive pushing the stock market higher and the bond market lower.  Lower bond prices results in higher interest rates.
Economic data continues to indicate an improving economy.  Upbeat financial results were reported from some major U.S. companies, including General Electric, Coca-Cola and Johnson & Johnson.  The economic data and earnings reports further confirms the position the Fed has on staying the course with regards to their $10 billion reduction in bond buying per meeting this year.  All in all it was a week of good news for the economy, good news for savings returns, and less than ideal news for new borrowers.

CD rates, measured by the CD rate index, ticked up by 5/1000ths of a percent on the week.  The CD rate index measures the top ten highest CD rates on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs that are available nationally.  The CD rate index ended the week at 1.090% after starting out at 1.085%.  Although the yield increase in certificates wasn’t earth shattering, rate increases were seen in a number of maturities.  Six month CD rates, one year CD rates, and two year CD rates were all higher on the week.

Mortgage rates were also higher on the week with the popular 30 year conforming fixed rate home loan increasing over ten basis points.  The average 30 year fixed rate loan coming from the nation’s largest bank mortgage lenders moved up to 4.460% from 4.355% from the previous week.  Other mortgage terms followed the 30 year’s lead and increased by similar amounts.  The 30 year FHA rate was up by 7.3 basis points to 4.113% while 30 year jumbo mortgage rates moved up by almost 11 basis points to an average rate of 4.283%.

The top bank money market rates and savings account rates were unchanged on the week.  The average rate found on the top ten highest bank savings rates held at 0.887%.  The best credit card rates available to consumers were also unaltered this past week.  The average rate found on new credit card offers across a broad spectrum of credit card issuers and card types remained 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 April 18, 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 with the Weekly Change in Rates Offered for April 18, 2014

CD interest rates:
Composite CD interest rate index 1.090 percent (up .005 percent)
3 month CD rates 0.384 percent (down .006 percent) 
6 month CD rates 0.732 percent (up .014 percent)
1 year CD rates 1.029 percent (up .006 percent) 
2 year CD rates 1.178 percent (up .015 percent) 
5 year CD rates 2.127 percent (down .004 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (unchanged)

Mortgage rates: 
30 year mortgage rates 4.460 percent (up .105 percent) 
15 year mortgage rates 3.582 percent (up .13 percent) 
20 year mortgage rates 4.215 percent (up .12 percent)
30 year jumbo mortgage rates 4.283 percent (up .109 percent) 
30 year FHA mortgage rates 4.113 percent (up .073 percent)

Credit card rates:
Credit card rates for new credit card offers 13.86 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.05 percent (down .01 percent)
One year Treasury rate 0.11 percent (up .02 percent)
Two year Treasury rate 0.43 percent (up .06 percent)
Five year Treasury rate 1.75 percent (up .17 percent) 
Ten year Treasury rate 2.73 percent (up .10 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of April 18, 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 April 18, 2014 please see: 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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