Mortgage rates and CD interest rates moved lower for the week ending April 6, 2012.  Mortgage rates were substantially lower while CD rates and even savings account rates were off just slightly for the week. 

Rates have moved significantly higher since mid March as expectations have risen over a gradual and sustainable rise in employment and the economy in general.  For most of 2012, the ten year Treasury bond has hovered around or just under 2.00 percent.  In the first week of April, the ten year reached 2.30 percent.  Is the economy now facing some major headwinds?  The employment report released on Friday gave some pause to that forecast; the report was not particularly good news.  The market expected over 200,000 new jobs to be created for the month of March and the report indicated juts 120,000 jobs were actually created.  While interest rates were heading modestly lower mid week, mortgages rates moved measurably lower following the weaker-than-expected jobs report.

By the close of business on April 6, the average bank CD rate was down 4/1000ths of a percent to an average rate of 1.048 percent.  The average CD rate in the weekly measures the top ten rates available nationally on the three month CDs, six month CDs, one year CDs, two year CDs and five year CDs.  Most maturities showed no rate change for the week.  The three month CDs, six month CDs and five year CDs were unaltered for the week.  The one year CD rates dipped by 3/1000ths of a percent to an average rate of 1.046 percent.  The two year CD rates gave up 1.6 basis points to an average yield of 1.145 percent.  One basis point is equal to 1/00th of a percent.

Mortgage rates moved down much more forcibly than the CD rates.  CD rates had not taken part in the short term rate increases that had occurred during the month March as the mortgage rates did.  The average 30 year fixed rate mortgage available from the top ten bank mortgage lenders was down by 8.5 basis points this week.  The average 30 year mortgage rate closed down at 4.052 percent.

15 year mortgage rates were almost as active as the longer term home loans, dropping 7.9 basis points to average interest rate of 3.321 percent.  30 year jumbo loan rates slowed the tempo slightly and gave back just 6.6 basis points over the week.  The average jumbo home loan rate now stands at 4.422 percent.  FHA mortgage rates reversed direction and became a hair more expensive this week.  FHA rates have held below 4.00 percent during the time other mortgage rates had advanced strongly so a rate blip does not carry as much value.  The average FHA mortgage rate was up just 3/1000ths of a percent to 3.953 percent.  Many mortgage averages would not measure a change of that magnitude as any change at all and would generally call rates even on the week

New credit card rates took a pause this week.  The average interest rate found on new credit card offers for all consumer credit card categories remained at 13.67 percent.  Only the low rate credit card offers showed a rate change of at least one basis point.  The average rate on new low rate credit cards ticked higher by just one basis point to 11.49 percent from 11.48 percent in the previous week.  The change in this credit card category was not sufficient enough to move the national average rate.

Bank savings account rates and money market rates reversed last week’s interest rate gains.  The average rate on bank savings account and money market accounts was lower by 4/1000ths of percent after rising 3/1000ths of a percent ion the prior week.  The average yield for theses bank savings products drifted down to 0.876 percent at week’s end.

All Treasury maturities showed either an even yield or were down for the week.  The ten year Treasury rate slipped by 16 basis points to yield 2.07 percent on Friday.  The five year Treasury note fell 15 basis points to close under 1.00 percent at 0.89 percent.   The one year Treasury rate closed the week at 0.19 percent, which is unchanged on the week.  

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 April 6, 2012.  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:

CD interest rates:
Composite CD interest rate index 1.048 percent (down .004 percent)
3 month CD rates 0.494 percent (unchanged)
6 month CD rates 0.754 percent (unchanged)
1 year CD rates 1.046 percent (down .003 percent)
2 year bank CD rates 1.145 percent (down .016 percent)
5 year CD rates 1.800 percent (unchanged)

Money market and savings account rates:
Bank money market rates and savings account rates 0.876 percent (down .004 percent)

Mortgage rates:
30 year mortgage rate 4.052 percent (down .085 percent) 
15 year mortgage rate 3.321 percent (down .079 percent) 
20 year mortgage rate 3.829 percent (down .088 percent) 
30 year jumbo mortgage rate 4.422 percent (down .066 percent)
30 year FHA mortgage rate 3.953 percent (down .003 percent) 

Credit card rates:
Credit card rates for new credit card offers 13.67 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.15 percent (up .01 percent)
One year Treasury rate 0.19 percent (unchanged) 
Two year Treasury rate 0.33 percent (down .04 percent)
Five year Treasury rate 1.04 percent (down .06 percent)
Ten year Treasury rate 2.23 percent (down .02 percent) 

All bank savings rates and lending rates are based on surveys conducted by at the close of April 6, 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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