Bank Rates December 13th, 2010

December 10th, 2010 Brock Hailes Leave a comment Go to comments

All bank rates made a modest drop again this past week with the key exception in mortgage rates. Mortgage rates rose measurably by week’s end as did mid and long term Treasury rates.

Excluding mortgage rates, bank savings rates and lending rates were lower on the week. CD interest rates were either unchanged or lower for all CD terms measured in the Selectcdrates.com weekly bank rate survey. Credit card rates were down and money market rates remained unchanged.

The Selectcdrates.com composite CD rate index, which evaluates the best CD rates across multiple bank CD maturities, dropped by less than one basis point or 1/100th of a percent. The Selectcdrates.com CD rate index drifted down to 1.454 percent from 1.456 percent in the previous week.

The best three month CD rates, one year CD rates and five year CD rates were unchanged for the week. The rates for these maturities ended the week at 0.74 percent for the three month CD, 1.34 percent for the one year CD and 2.51 percent on the five year CDs. The average rate on the best six month CDs lost one basis point moving from 1.08 percent to 1.07 percent. The average rate for two year CD also dipped by one basis points with the rate falling from 1.62 percent to 1.61 percent.

The best bank savings account rates and money market account rates held firm for the week. The average interest rate on the top ten bank savings account rates and money market rates remained at 1.24 percent.

Credit card rates gave up two basis points from the previous week. The average credit card rate for new credit card offers was 13.69 percent compared to 13.71 percent in the earlier week. The weekly survey of credit card rates covers new credit card offers for the best tier rate on the most popular credit cards available from the largest bank credit card companies.

Mortgage rates monopolized all the action for the week, all bad. The average 30 year mortgage rate from the top ten bank mortgage lenders ended the week at 4.898 percent, an increase of 17 basis points from the previous week’s average rate of 4.721 percent. The average 15 year mortgage rate came in at 4.25 percent or 19 basis points higher than the previous week’s average rate of 4.065 percent.

The average points charged to obtain these rates also increased for both the 30 and 15 year loan. The average points charged on the 30 year mortgage was 0.40 compared to 0.375 points last week. The average points charged on the 15 year term loan was 0.45 points compared to 0.363 points in prior week.

Treasury rates shot up for mid term maturities and long term maturities. Six month Treasury rates managed to move to tiny bit lower, dropping to 0.18 percent at the close of Friday from 0.18 percent on the earlier week. The one year Treasury rate moved up three basis points to 0.29 percent. The five year Treasury rate climbed a staggering 36 basis points to close at 1.98 percent and the ten year Treasury gained 29 basis points, moving from 3.03 percent last week to 3.32 percent on Dec.10th.

The summary of bank rates surveyed by Selectcdrates.com in the weekly Bank Savings Rate and Lending Rate survey included the following interest rate results for the week ending December 10th:

Composite CD interest rate index 1.454 percent ( unchanged )
3 month CD rates 0.74 percent ( unchanged )
6 month CD rates 1.08 percent ( down .01 percent ) 1.07
1 year CD rates 1.34 percent ( unchanged )
2 year bank CD rates 1.62 percent ( down .02 percent ) 1.61
5 year CD rates 2.51 percent ( unchanged )
Bank money market rates and savings account rates 1.24 percent ( unchanged )
30 year mortgage rate 4.898 percent ( up .17 percent )
15 year mortgage rate 4.25 percent ( up .19 percent )
Credit card rates 13.69 percent (down .02 percent )
Six month Treasury rate 0.18 percent ( down .01 percent )
Five year Treasury rate 1.98 percent ( up .34 percent )
Ten year Treasury rate 3.32 percent ( up .29 percent )

All bank rates are based on surveys conducted by Selectcdrates.com at the close of December 10th, 2010. Treasury rates are obtained directly from the Department of the Treasury.

Key links for information on the above bank rates include; 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates, 30 year mortgage rates table 15 year mortgage rates, table CD rates California, CD rates New Jersey, CD rates New York, CD rates Florida, CD rates Washington, CD rates Illinois, CD rates Virginia, credit cards as well as Chase Bank Promotions and Citibank Promotion.

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