As we head into a holiday shortened week, key bank lending rates have headed lower and savings rates have moved slightly higher.  Bank rates have remained in a very narrow range throughout the month of June even though the rate landscape appears to be at an inflection point.

The Federal Reserve has held their position regarding the $10 billion per meeting reduction in the Fed’s massive and somewhat controversial bond buying program, inflation has displayed some signs of moving higher on the consumer and wholesale level, and employment growth appears to be gaining momentum as seen in the most recent monthly jobs report and weekly unemployment claims.

These actions and signals should lead to higher interest rates but, this line has been heard numerous times before only to see interest rates remain at or near their current depressed levels.  An early monthly jobs report due out on Thursday of this week may be the final signal showing an expanding economy that moves interest rates higher or, we may very well see a report that hits the sweet spot of moderate growth that fails to move the interest rate barometer one way or another.

For the week ending June 27, mortgage rates were lower for all popular loan programs.  The average 30 year mortgage rate moved lower by almost ten basis points to close the week at 4.152%.  30 year FHA mortgage rates were cheaper by five basis points bringing the average FHA loan rate down to 3.933%.  Jumbo mortgage rates were also less costly over the course of the week with the average rate on these larger loan amounts dipping to 4.100%, a reduction of 8.3 basis points.  One basis point is equal to 1/100th of a percent.

CD rates overall, managed to pull off a gain for the week but, if you didn’t have your jewelers loupe on hand you would miss the gain.  The average CD rate measured by the CD rate index gained 1/1000th of a percent on the week to end the week at 1.111%.

The CD rate index measures the best CD rates available nationally on three month CDs, six month CDs, one year CDs, two year CDs and five year CDs. 

The top three month CD rates displayed a modest gain, increasing to 0.402% from 0.397% in the previous week.  The best six month CD rates and one year CD rates showed no change in the average yield.  Two year CD rate slipped on the week with the average rate dropping by 1/1000ths of a percent to 1.202%.  Five year certificates of deposit were also unaltered on the week with the average yield holding at 2.152%.

The best savings account rates and money account rates available nationally made a noticeable gain this week.  The average interest rate earned on these variable rate savings products jumped to 0.897% from 0.896% in the week earlier.  As variable rate products, the account performances can be volatile as banks offer high yielding account to the market for short term promotions only to reduce the rates at a later date once their mission of drawing in new accounts and dollars is accomplished.

Consumer credit card rates remained sticky.  The average rate on new credit card offers remained at 13.87%.  Credit card rates have been running in place all year long with the occasional card issuer making slight increases in new products only to be offset with slight rate drops shortly thereafter leaving rates mostly unchanged from one month to the next.

The weekly bank rate survey provides a detailed report on bank savings rates and lending rates by different consumer rate categories.  The current bank rate survey is for the week ending June 27, 2014 with rates obtained on or after that day.  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 June 27, 2014

CD interest rates:
Composite CD interest rate index 1.111 percent (up .001 percent) 
3 month CD rates 0.402 percent (up .005 percent)  
6 month CD rates 0.737 percent (unchanged) 
1 year CD rates 1.060 percent (unchanged)  
2 year CD rates 1.202 percent (down .001 percent)  
5 year CD rates 2.152 percent (unchanged) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.897 percent (up .01 percent)

Mortgage rates:  
30 year mortgage rates 4.152 percent (down .093 percent)  
15 year mortgage rates 3.280 percent (down .112 percent)  
20 year mortgage rates 3.933 percent (down .155 percent)
30 year jumbo mortgage rates 4.100 percent (down .083 percent) 
30 year FHA mortgage rates 3.933 percent (down .05 percent)

Credit card rates:
Credit card rates for new credit card offers 13.87 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.06 percent (up .02 percent)
One year Treasury rate 0.10 percent (up .01 percent)
Two year Treasury rate 0.45 percent (down .05 percent)
Five year Treasury rate 1.64 percent (down .07 percent) 
Ten year Treasury rate 2.54 percent (down .09 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of June 27, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending June 27, 2014 at the following rate tables: 9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates, VA mortgage rates, and the best interest checking accounts.

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