Mortgage rates and Treasury rates leaped during the last week of May, 2013.  Both the 30 year mortgage rate and benchmark, 10 year Treasury rate reached their high points of the month on the last day of May which was also the high rate level reached all year.

To close out the month of May the average 30 year mortgage rate coming from the nation’s top ten largest bank mortgage lenders broke the 4.00 percent barriers and moved up to 4.019 percent.  The rise in the 30 year was almost ten basis points, or .10 percent, above the previous week’s average rate of 3.825 percent.

The ten year Treasury rate started the week at 2.01 percent and was elevated by 15 basis points through the holiday shortened week to 2.16 percent at the close on Friday.  To put little exclamation mark on the rise in the Treasury rates, you need only to look back at the start of May when the ten year Treasury yield was a mere 1.66 percent, 50 basis points below where we are now. 

The 30 year mortgage rate change from the start of May closely matched that of the 10 year Treasury rate, as it often does.  The average rate found on the 30 year mortgage available at the nation’s leading bank mortgage lenders was 3.484 percent on May 3rd or 53 basis points lower than they are today.

Credit card rates also made a somewhat notable advance this week.  The average credit card interest for consumer credit card offers rose to 13.76 percent from 13.74 percent in the previous week.  The rise in credit card rates does seem to be highly correlated to the activity in the rest of the interest rate markets and have often moved in an erratic pattern that is more closely tied to competitive forces in the credit card market as opposed to the underlying cost of funding for the credit card issuers.

Bank CD interest rates were little moved over the course of the week and were down slightly for the week as a whole.  The CD rate index was off by 3/1000ths of a percent on the week driven mostly by weakness in the long term, five year CDs.  The average CD rate in the index dropped down to 0.965 percent from 0.968 percent in the prior week. 

The CD rate index measures the best CD rates on the top ten three month term CDs, six month CDs, one year CDs, two year CDs and five year CDs.  The best CD rates remain measurably higher than the national average rates.

Bank money market rates and savings account rates also slipped this past week, bucking the trend of the underlying interest rate market. The average interest rate on the top ten highest saving account rates and money market account rates was cut by 1.2 basis points to 0.893 percent.

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 May 31, 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 May 31, 2013

CD interest rates:
Composite CD interest rate index 0.965 percent (down .003 percent) 
3 month CD rates 0.424 percent (up .002 percent) 
6 month CD rates 0.708 percent (down .005 percent) 
1 year CD rates 0.976 percent (unchanged) 
2 year CD rates 1.123 percent (unchanged)  
5 year CD rates 1.596 percent (down .012 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.893 percent (down .012 percent)

Mortgage rates:
 30 year mortgage rates 4.019 percent (up .194 percent) 
15 year mortgage rates 3.161 percent (up .174 percent) 
20 year mortgage rates 3.875 percent (up .103 percent) 
30 year jumbo mortgage rates 4.024 percent (up .144 percent) 
30 year FHA mortgage rates 3.868 percent (up .235 percent)

Credit card rates:
Credit card rates for new credit card offers 13.76 percent (up .02 percent)

Treasury rates:
Six month Treasury rate 0.07 percent (unchanged) 
One year Treasury rate 0.14 percent (up .02 percent)
Two year Treasury rate 0.30 percent (up .04 percent)
Five year Treasury rate 1.05 percent (up .15 percent)
Ten year Treasury rate 2.16 percent (up .15 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of May 31, 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.  

Additional bank rate data is available to help consumer shop and compare mortgage rates, CD rates and checking accounts for the week ending May 31, 2013 at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 10 year mortgage rates, best interest checking accounts.

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