Mortgage rates fell noticeably this past week, the week after the Fed decided to not to change their policy on bond buying.  CD rates rose which is not out of the ordinary since these bank instruments often lag the market by several weeks.  The average rate on new credit card offers was also elevated this week with a few of the big cards on the market lifting rates for the first time in several weeks.

For the most part, the trend on fixed income securities and interest rates was downward.  Treasury rates dropped almost across board with longer term maturates falling substantially more than the shorter term instruments.  On the short end of the yield curve, six month Treasury bill rates were off by just one basis point ending the week at 0.10% and one year Treasury rates were unmoved at 0.34%.  Meanwhile, the five year Treasury note had the yield cut by ten basis points to 1.40 and the ten year Treasury bond experienced an 11 basis points haircut to yield 2.64%.

The long bond rate changes were felt directly in the mortgage market.  The 30 year mortgage rate for conforming home loans dipped by just over six basis points bringing the cost for these popular home financing products down to 4.343%.  30 year jumbo rates almost doubled that decline, falling by more than 13 basis points to end the week at 4.310%.  The FHA rates showed the greatest rate changes on the week, dropping almost 16 basis points which drove the average FHA mortgage rate down to 4.090%.

CD rates showed some changes on both the midterm and long term maturities with the long term maturities making a substantial pop higher.  The CD rate index was boosted by just shy of one basis point or 0.009%.  The CD rate index closed out the week at 1.051% after ending the previous week at 1.042%.  The CD rate index measures the top ten best CD rates on the three month term bank CDs, six month term CDs, one year CDs, two year and five year bank CDs available nationally. 

Three month CD rates barely moved over the course of the week with the average rate on the top ten highest three month CDs coming in at 0.401% after sitting at 0.402% in the prior week.  Six month CD rates advanced one basis point to 0.732%.  One year CD rates were unchanged at 1.011%.  The best two year CD rates gained 3/1000ths of a percent to 1.147% and the five year term certificates made the big move by leaping 3.2 basis points to end the week with an average yield of 1.933%.

Bank money market account rates and saving account rates lost a little ground.  The top bank money market rates and savings account rates are now paying account holders 0.003% less this week with the average yield sliding down to 0.860% from 0.863% in the week earlier. 

Credit card rates climbed by one basis point with rate changes coming from a few of the big credit cards on the market including.  Barclays made some minor changes on new card offers while Capital One increased rates on a few of their cards for new card holders.  Overall, the impact was not terribly harsh with the average rate for new consumer credit cards climbing to 13.81% from 13.80% in the previous weekly rate survey. 

The week ahead may see bank rates getting impacted by three economic reports’ coming out as well as the looming government shut down being forced by Republicans in the house.  Along with the possibility of a temporary shutdown, the ISM manufacturing index is released on Tuesday, the Commerce Department releases the August Factory Orders on Wednesday and the big one, the Labor Departments September Employment report, is released on Friday.

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 September 27, 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 September 27, 2013

CD interest rates:
Composite CD interest rate index 1.051 percent (up .009 percent)  
3 month CD rates 0.401 percent (down .001 percent)  
6 month CD rates 0.732 percent (up .01 percent)  
1 year CD rates 1.011 percent (unchanged)  
2 year CD rates 1.147 percent (up .003 percent)  
5 year CD rates 1.965 percent (up .032 percent)

Money market and savings account rates:
Bank money market rates and savings account rates 0.860 percent (down .003 percent) 

Mortgage rates:
30 year mortgage rates 4.343 percent (down .063 percent)  
15 year mortgage rates 3.453 percent (down .136 percent)  
20 year mortgage rates 4.234 percent (down .165 percent) 
30 year jumbo mortgage rates 4.310 percent (down .133 percent) 
30 year FHA mortgage rates 4.090 percent (down .158 percent)

Credit card rates:
Credit card rates for new credit card offers 13.81 percent (up .01 percent)

US Treasury rates:
Six month Treasury rate 0.03 percent (down .02 percent) 
One year Treasury rate 0.10 percent (down .01 percent)
Two year Treasury rate 0.34 percent (unchanged)
Five year Treasury rate 1.40 percent (down .10 percent)
Ten year Treasury rate 2.64 percent (down .11 percent)

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

For more detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending September 27, 2013 please see: 9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, VA mortgage rates, or best interest checking accounts.

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