CD Rates, Mortgage Rates and the Best Savings Rates June 27, 2011

July 3rd, 2011 Brock Hailes Leave a comment Go to comments

While debate continues over the future path of the U.S. economy, interest rates remain a path to lower deposit yields and loan rates. Bank savings rates and lending rates did not change significantly, but what changes did occur were towards the down side. CD rates, savings rates and mortgage rates were lower on the week while credit card rates remained stagnant. And while changes in bank rates were somewhat modest, interest rates on Treasury securities moved more substantially lower week over week.

SelectCDrates.com performs a weekly survey of the top CD rates, mortgage rates from the largest bank mortgage lenders, the top savings rates and the credit card rates on new credit card offers from some the biggest credit card companies. The results of the most current bank rate survey dated June 24th, 2011 included the following mortgage rates, CD interest rates, credit card rates, money market rates, savings account rates and Treasury rates:

CD interest rates:
Composite CD interest rate index 1.354 percent
3 month CD rates 0.633 percent
6 month CD rates 0.999 percent
1 year CD rates 1.231 percent
2 year bank CD rates 1.481 percent
5 year CD rates 2.428 percent

Money market and savings account rates:
Bank money market rates and savings account rates 1.118 percent

Mortgage rates:
30 year mortgage rate 4.522 percent
15 year mortgage rate 3.706 percent
20 year mortgage rate 4.363 percent
30 year jumbo mortgage rate 4.800 percent
30 year FHA mortgage rate 4.438 percent

Credit card rates:
Credit card rates for new credit card offers 13.72 percent

Treasury rates:
Six month Treasury rate 0.07 percent
Two year Treasury rate 0.35 percent
Five year Treasury rate 1.40 percent
Ten year Treasury rate 2.88 percent

CD rates dipped slightly this past week. The overall SelectCDrates.com CD interest rate index fell to 1.354 percent on the week. The SelectCDrates.com CD rate index is a measure of the average rate for the top ten best 3 month CD rates, best six month CD rates, best one year CD rates, best two year CD rates and best five year CD rates.

The highest three month CD rates remained unchanged for the week with the average yield at 0.633 percent. The highest six month CD rates were lower by just a hair, giving up just 1/1000th of a percent which moved the average rate down to 0.999 percent. The top ten highest one year CD rates gave up a bit of ground, shedding two basis points or 2/100’s of a percent which pushed the average yield on the one year certificates to 1.231 percent.

The top two year CD moved down by just over one basis. The average rate for the top ten best two year CDs closed out the week at 1.481 percent. The average yield on the top five year CD rates also moved down by just over one basis point. The average interest rate marketed on the top ten five year CDs ended the week at 2.428 percent.

The average rate on savings accounts and money market accounts at the nation’s top banks moved noticeably lower gain this week. The average rate now being offered among the top ten bank money market accounts and bank savings accounts is now 1.118 percent in the previous week.

Mortgage rates continued their summer slide. 30 year mortgage rates from the top bank mortgage lenders slipped five basis points week over week. The average rate for a 30 year mortgage now stands at 4.522 percent. 15 year mortgage rate lost half as much as the 30 year, falling by roughly 2.5 basis points. The average 15 year mortgage rates closed out Friday at 3.706 percent.

The average 20 year mortgage rate was an anomaly for the week and experienced no change in rate. The average 20 year mortgage rate from the top ten bank mortgage lenders closed at 4.363 percent. 30 year jumbo mortgage rates were lower by slightly more than two basis points. The average 30 year jumbo mortgage rate moved down to 4.800 percent. The 30 year FHA mortgage rates thumbed their noses at the other mortgage terms and moved higher. The average FHA mortgage rate moved higher but a bit over two basis points to a rate of 4.438 percent.

Credit card rates were unchanged for the week. The interest rate for new credit card offers held at 13.72 percent. Once again, the emphasis by the credit card companies appears to be marketing introductory credit card rates which are not included in the credit card rate survey and cash back and credit card reward offers to attract new credit card customers as opposed to simply lowering the rates on new cards.

Treasury rates were the big movers for the week. Six month T-bills gave up three basis points to move from 0.10 percent at the start of the week to 0.07 percent at the end of the week. The one year Treasury rate gave up one basis point top close the week at 0.16 percent. The two year Treasury bond was lower by three basis points tumbling to 0.35 percent from 0.38 percent in the earlier week. The ten year plummeted on Friday which brought the rate down six basis points and leaving the yield at 2.88 percent.

All bank rates are based on surveys conducted by Selectcdrates.com at the close of June 24th, 2011 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.

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