Mortgage rates ended the week slightly higher after touching new all-time lows during the week.  While mortgage rates moved modestly higher, CD interest rates moved in the opposite direction and dipped lower.  Treasury rates matched the action in the mortgage market and displayed higher yields for almost all terms over the course of the week.

There was very little domestic news pushing bank rates this past week.  Comments by European leaders have been the news makers for the bond markets and the direction of interest rates for most of July and this past week was no different.  The president of Europe’s central bank, Mario Draghi, made a bold statement that the ECB would do whatever was necessary to save the Euro.  This statement pulled some money out of bond markets in the U.S. which in turn moved interest rates higher for mortgages. 

Bank CDs and savings accounts tend to lag movement in the bond markets and are now being driven more by competitive pressures for consumer bank deposits and therefore were not immediately impacted by changes in Treasury rates and mortgage rates.

By the end of the week, however, bank rates were held in a fairly narrow band.  All things considered, bond markets held relatively flat week over week with the 10 year Treasury bond rising to 1.58 percent.  The 10 year yield is nine basis points or .09 percent above the closing rate found in the prior week but this rate is still below the 1.61 percent rate the ten year had at the start of the month.  The one year Treasury rate closed out the week at 0.17 percent which is unchanged on the week and is four basis points below its yield of 0.21 percent at the onset of the month.

The Selectcdrates.com 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 July 27, 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 July 27, 2012

CD interest rates:
Composite CD interest rate index 1.048 percent
3 month CD rates 0.487 percent
6 month CD rates 0.767 percent
1 year CD rates 1.041 percent
2 year bank CD rates 1.183 percent
5 year CD rates 1.762 percent

Money market and savings account rates:
Bank money market rates and savings account rates 0.953 percent

Mortgage rates:
30 year mortgage rate 3.733 percent
15 year mortgage rate 2.991 percent
20 year mortgage rate 3.555 percent
30 year jumbo mortgage rate 4.143 percent
30 year FHA mortgage rate 3.565 percent

Credit card rates:
Credit card rates for new credit card offers 13.68 percent

Treasury rates:
Six month Treasury rate 0.15 percent
One year Treasury rate 0.17 percent
Two year Treasury rate 0.25 percent
Five year Treasury rate 0.65 percent
Ten year Treasury rate 1.58 percent

All bank savings rates and lending rates are based on surveys conducted by Selectcdrates.com at the close of July 27, 2012 with all of the interest rates obtained directly from the banks within the Selectcdrates.com 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 July 27, 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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