The Ukrainian crisis has moved off of center stage, employment is slowly improving, the Fed continues to cut back on monetary easing, and interest rates continue to move lower.  It was yet another week of lower mortgage rates and Treasury rates in the face of news that should be pushing interest rates higher to some degree.  And, even though the Fed tells us inflation is in check, consumers that have reviewed their heating bills, electric bills, and grocery bills are singing, perhaps even screaming, a different tune.  Rising inflation is often the single biggest catalyst for rising rates.

While the world appears to be back in production mode, interest rates showed no sign of moving higher with the exception of some high yielding bank CDs and money market accounts.  As the last week of May came to a close, long term Treasury rates moved lower along with mortgage rates.  The ten year Treasury ended the week at 2.48%, a loss of six basis points on the week and 15 basis points for the month.  30 year fixed rate conforming mortgage loans closed out the week with an average rate of 4.147%, down almost five basis points for the week and 19 basis points from the start of the month.  One basis point is equal to 1/00th of a percent.

The top CD rates available nationally was mostly unchanged on the week.  The recent survey of bank rates conducted by showed some increases however, these figures were distorted slightly by the rates offered by GE Capital Bank and its related entity Synchrony Bank.  GE Capital Bank and Synchrony Bank are related entities that offer slightly different terms under the same umbrella organization.  Both, Synchrony and GE Bank have some of the highest CD rates and savings account rates on the top ten bank rate lists.

Overall, CD rates were up just fractionally with the CD rate index rising from 1.102% to 1.110%.  Minor increases were seen in almost all maturities.  The best one year CD rates experienced the largest gains on the week with the average one CD rate increasing by 1.5 basis points to 1.056%.  Five year CD rates showed the next best gains on the week with an increase of 1.3 basis points.  The increase pushed the average five year CD rate up to 2.168% by week’s end.

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 May 30, 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 May 30, 2014

CD interest rates:
Composite CD interest rate index 1.110 percent (up .008 percent)
3 month CD rates 0.396 percent (up .004 percent) 
6 month CD rates 0.737 percent (up .005 percent)
1 year CD rates 1.056 percent (up .015 percent) 
2 year CD rates 1.192 percent (up .005 percent) 
5 year CD rates 2.168 percent (up .012 percent) 

Money market and savings account rates:
Bank money market rates and savings account rates 0.887 percent (up .003 percent)

Mortgage rates: 
30 year mortgage rates 4.147 percent (down .048 percent) 
15 year mortgage rates 3.318 percent (down .013 percent) 
20 year mortgage rates 3.916 percent (down .014 percent)
30 year jumbo mortgage rates 4.087 percent (up .013 percent) 
30 year FHA mortgage rates 3.908 percent (down .055 percent)

Credit card rates:
Credit card rates for new credit card offers 13.86 percent (unchanged)

US Treasury rates:
Six month Treasury rate 0.06 percent (up .01 percent)
One year Treasury rate 0.10 percent (unchanged)
Two year Treasury rate 0.37 percent (unchanged)
Five year Treasury rate 1.54 percent (down .01 percent) 
Ten year Treasury rate 2.48 percent (down .06 percent)

All bank savings rates and lending rates are based on surveys conducted by at the close of May 30, 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.  

For more detailed interest rate data on mortgage rates, CD rates, credit card rates and savings account rates for the week ending May 30, 2014 please see: 3 month CD rates, 6 month CD rates, 9 month CD rates, 1 year CD rates, 2 year CD rates, 4 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, VA mortgage rates, best interest checking accounts and best credit card rates.

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