Pressure from the equities markets took a little wind out of the bond market sails and pushed mortgage rates slightly higher.  CD rates went in the other direction and dipped slightly, though most of the top CD rates available nationally were unchanged.  Credit card rates finally showed some sign of life with a minor tick higher, the first change in variable credit card rates in several weeks.  Overall, bank rates showed a minor move to the upside during the shortened holiday week.

Market uncertainty in the minds of investors has kept interest rates low on most bank savings and lending products with Fed mortgage market intervention keeping interest rates especially low on mortgage loans.  Unfortunately, the elections did not resolve any significant issues to alleviate market concerns.  The economic data coming from Europe only stimulates investor’s fears about the economic growth here and abroad.  Add to this mix a new level of uncertainty that is sure to come with distorted economic data produced in the US because of Hurricane Sandy and it’s no wonder that rates remain low.  

The jump in the stock market drew some funds out of fixed income securities and into equities which pushed prices on mortgage bonds down and mortgage rates higher.  Almost all mortgage loan products in the current bank rate survey were higher with the exception of the average rate on the 30 year jumbo loan which displayed a small rate decrease on the week.

The 30 year conventional loan showed a modest jump in the average rate, rising by almost five basis points to 3.451 percent, up from 3.405 percent in the previous week.  A basis point is one-hundredth of 1 percentage point.  The average rate on the 30-year FHA mortgage was higher by just over six basis points, climbing to 3.458 percent from 3.395 percent in the week earlier.  15 year rates along with 10 year and 20 year mortgage rates were higher on the week as well.  The 30 year jumbo mortgage rate gave up a little less than four basis points, sliding down to 3.778 percent from 3.815 percent in the preceding week.

CD rates were moderately lower with the average rate in the CD rate index dipping down by just 3/1000ths of a percent to 1.048 percent from 1.051 percent in the prior week.  The best three month CD rates, six month CD rates and two year CD rates were all unchanged on the week.  The average CD rate on the best one year CD bank CDs was off by 6/1000ths of a percent, drifting to 1.068 percent from 1.074 percent last week.  The five year CD rates also moved lower falling over one basis point to 1.715 percent after ended the previous week with a yield of 1.726 percent.

Bank money market account rates and savings rates took a snooze this week with the average rate on the top money market accounts and savings accounts showing no change in yield.  The average rate found on the top ten highest savings accounts and money market accounts remained at 0.964 percent.  

Credit card rates showed new life this week, but new credit card shoppers may have preferred they stayed dead.  The new life in credit card rates brought the average rate up on new credit card offers up by one basis point, the first weekly rise in credit card rates since September.  The average rate on new credit card offers ticked up to 13.72 percent after holding at 13.71 percent in the previous surveys.  Although, the rate change is garnering some attention by us, this is the smallest interest rate change measured in this category and is driven by changes in the credit card rates offered by a very small fraction of the credit card companies surveyed.  

Treasury rates were higher for all maturities.  The six month Treasury rate was higher by just one basis point to 0.14 percent while the ten year jumped by 12 basis points to 1.70 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 November 23, 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 November 23, 2012

CD interest rates:
Composite CD interest rate index 1.048 percent (down .003 percent) 
3 month CD rates 0.478 percent (unchanged) 
6 month CD rates 0.775 percent (unchanged) 
1 year CD rates 1.068 percent (down .006 percent)
2 year CD rates1.202 percent (unchanged) 
5 year CD rates 1.715 percent (down .011 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.964 percent (unchanged) 

Mortgage rates:
 30 year mortgage rates3.451 percent (up .046 percent)  
15 year mortgage rates 2.775 percent (up .012 percent)  
20 year mortgage rates 3.350 percent (up .027 percent) 
30 year jumbo mortgage rates 3.778 percent (down .037 percent) 
30 year FHA mortgage rates 3.458 percent (up .063 percent)

Credit card rates:
Credit card rates for new credit card offers 13.72 percent (up .01 percent)

Treasury rates:
Six month Treasury rate 0.14 percent (up .01 percent) 
One year Treasury rate 0.19 percent (up .03 percent)
Two year Treasury rate 0.29 percent (up .05 percent)
Five year Treasury rate 0.70 percent (up .08 percent)
Ten year Treasury rate 1.70 percent (up .12 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of November 23, 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.  

Additional bank rate data for mortgage rates, CD rates and checking accounts for the week ending November 23, 2012 can be found at the following rate tables:  9 month CD rates, 3 year CD rates, 4 year CD rates, 20 year mortgage rates and the best interest checking accounts.

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