Bank rates moved mostly lower for the week ending September 17, 2010. Bank CD interest rates and bank mortgage rates were measurably lower, savings account rates and money market rates dropped just moderately while credit card rates managed to break a two week trend of inactivity and pushed higher for the week.

Mortgage rates dropped dramatically last week, approaching the record lows of the year. The average 30 year fixed rate mortgage from the top ten bank mortgage lenders was down by eight basis points or 8/100’s of a percent for the week. The 30 year rate closed out at 4.54 percent with an average of .34 points. The shorter tem 15 year mortgage rate was lower as well, falling to 3.98 percent with an average of.375 points.

Bank CD interest rates took a fairly sizeable hit this week. The composite CD rate index which cover the average yield from the top bank CD rates for the five most common CD terms ( 3 month, 6 month, 1 year, 2 year and 5 year ) was down by just over three basis points. CD interest rates were lower across all terms for the week with the shortest term, 3 month maturity, CD rates incurring the largest drop in yield. The composite rate for all five bank CD terms moved down to 1.593 percent from 1.626 percent in the previous week.

Bank money market account rates and savings account rates fell just modestly for the week with the average yield dipping just one basis point to 1.28 percent.

Moving in the opposite direction of the other bank rate categories, credit card rates ended the week higher than where they started. The average rate on new credit card rates rose for the week after remaining stable for two consecutive weeks. The average rate across all credit card categories increased to 13.71 percent from 13.67 percent in the prior week. Credit card rates were up for several categories of credit cards including low rate credit card offers, balance transfer credit cards, cash back credit cards and travel rewards credit cards with the balance transfer credit cards experiencing the greatest rise in rates on the week.

Results from the Treasury market mostly paralleled that of the bank rates. Treasury rates were lower for most all maturities with the exception of the very long term Treasuries and the very short term Treasuries. The 3 month Treasury rate increased by two basis points to end the week at 0.16% as did the 30 year bond which closed at 3.90%, up from 3.88% on the previous Friday. The bulk of the Treasury yield curve moved in the opposite direction. The one year Treasury rate closed lower for the week as did the 2, 3, 5, 7 and 10 year term Treasuries.

The one year Treasury rate moved down just one basis point, landing at 0.26%. The two year was down by ten basis points, closing at 0.48%. The bell weather, ten year bond, fell six basis points to yield 2.75% at the end of the week.

All bank rates are based on surveys conducted at the close of September 17, 2010. Treasury rates are obtained from the Department of the Treasury.

For more information on the best CD rates by term refer to the following pages; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates. For more information on current mortgage rates refer to the 30 year mortagge rates table or the 15 year mortgage rates table rates page. For state CD rates refer to the pages identified by state such as CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia and more. For credit crad rate infomation please see credit card listings at credit cards.

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