Bank rates were held in a narrow range over the past week.  Mortgage rates were only modestly above the previous weeks closing average after the better than expected jobs report was released on Friday pushed mortgage interest rates higher.  For the better part of the week, mortgage rates were either moving sideways or sliding lower.

CD interest rates also ended the week higher and, as with the mortgage rate changes; the week over week difference was quite small.  Bank CD interest rates generally do not take their cues from latest economic reports but react to long term trends in loan demand and bank rate competition. 

Treasury rates played right along and were mostly higher on the long end of the curve for the week.  Keeping in line with the bank rates, most Treasury maturities ended the week with a rate change of within one to three basis points.  One basis point is equal to 1/100th of a percent. 

The bank rate changes for the week were quite mild considering the week was chock full of economic news that would normally have a big influence on the interest rate markets.  The Federal Reserve released its latest FOMC announcement on Wednesday.  The release showed almost no change in the Feds position regarding monetary policy.  There were at least mild expectations that the Fed would become more accommodative which was not the case. 

Friday, the monthly jobs report was released which showed better than expected job growth but was still a number that is not likely to push the unemployment rate lower in the ensuing months.  The jobs report put moderate pressure on mortgage rates which drove them higher on the day.

In addition to those releases, European leaders came out with strong statements regarding support for the Euro.  European action helped push the stock market higher but had only a minor impact on the US bond market and interest rates.

At the end of the week, the CD rate index advanced by just 1/1000th of a percent.  The CD rate index ended the week at 1.049 percent after closing at 1.048 percent in the previous week.  The average rate on the best three month bank CDs, one year CDs and five year CDs moved higher on the week.  The average rate on the highest two year CD rates remained pat and the six month CD rates lost some ground for the week.

Mortgage rates edged higher for all mortgage terms in the bank rate survey with the exception of the jumbo mortgage rates.  Again, the rate changes were quite mild.  The average 30 year mortgage rate moved up to 3.735 percent from 3.733 in the week earlier.  The average 30 year FHA mortgage rate ended the week at 3.575 percent after reaching 3.565 percent in the prior week.  Jumbo mortgage rates dipped lower, falling to 4.093 percent from 4.143 percent in the preceding weekly rate survey.

Money market rates and bank savings account rates were not changed this week.  The average rate found on the top ten highest money market accounts and savings accounts remained at 0.953 percent.

The best credit card rates are going through one of the longest stretches in quite some time without a rate change.  This may not be terribly surprising since major market moves in credit card rates are generally tied to changes in the prime rate or at least significant changes in the fed funds rate, both of these interest rate measures have showed no change this year.  The average rate for new credit card offers has been held at 13.68 percent throughout the quarter.

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 August 3, 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.

Bank Rates Market Recap for August 3, 2012

CD interest rates:
Composite CD interest rate index 1.049 percent (up .001 percent)
3 month CD rates 0.491 percent (up .004 percent)
6 month CD rates 0.767 percent (unchanged)
1 year CD rates 1.042 percent (up .001 percent)
2 year bank CD rates 1.183 percent (unchanged)
5 year CD rates 1.767 percent (up .005 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.953 percent (unchanged)

Mortgage rates:
30 year mortgage rate 3.735 percent (up .002 percent)
15 year mortgage rate 3.001 percent (up .01 percent)
20 year mortgage rate 3.584 percent (up .029 percent)
30 year jumbo mortgage rate 4.093 percent (down .05 percent)
30 year FHA mortgage rate 3.565 percent (up .01 percent)

Credit card rates:
Credit card rates for new credit card offers 13.68 percent (unchanged)

Treasury rates:
Six month Treasury rate 0.14 percent (down .01 percent)
One year Treasury rate 0.16 percent (down .01 percent)
Two year Treasury rate 0.24 percent (down .01 percent)
Five year Treasury rate 0.67 percent (up .02 percent)
Ten year Treasury rate 1.60 percent (up .02 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of August 3, 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 for the week ending August 3, 2012 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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