Today’s Bank Rates October 11th, 2010

October 9th, 2010 Brock Hailes Leave a comment Go to comments

Bank savings rates and lending rates were mostly lower by the close of Friday. Mortgage rates tumbled as did Treasury rates. CD rates were hurt for the short term bank CDs and long term bank CDs while holding steady for midterm CDs and credit card rates simply marched to beat of their own drummer and closed higher for the week.

Selectcdrates.com Weekly Bank Savings Rate and Lending Rate Summary:

3 month CD rates 0.77 percent
6 month CD rates 1.11 percent
1 year CD rates 1.44 percent
2 year CD rates 1.76 percent
5 year CD rates 2.70 percent
Money market rates and savings account rate 1.28 percent
30 year mortgage rate 4.275 percent
15 year mortgage rate 3.696 percent
Credit card rate 13.74 percent
Six month Treasury rate 0.16 percent
Ten year Treasury rate 2.41 percent

Treasury rates set the stage for bank rate reductions this past week. All Treasury bills and bond maturities experienced a drop in interest rates with the exception of the 30 year bond which was higher on the week. The six month Treasury bill shed three basis points pushing the yield down to 0.16 percent. The one Treasury rate moved down to 0.21 percent from 0.26 percent in the earlier week. The five year was down by a whopping 15 basis points leaving the rate on a five year Treasury at 1.11 percent at the close of Friday. The ten year gave up 13 basis points bringing the ten year rate to 2.41 percent.

CD rates at banks tumbled on the short end and long end of the curve but remained remarkably stable for mid term maturities. The Selectcdrates.com bank CD rates composite index that measures the average CD interest rates form the top ten banks for 3 month CD rates, 6 month CD rates, 1 year CD rates, 2 year CD rates and 5 year CD rates was down by a fairly sizeable 1.3 basis points. The average of the best bank CD interest rates closed the week at 1.55 percent, down from 1.563 percent in the prior week.

The average of the best three month CD interest rates experienced the largest relative drop, dipping down to a rate of 0.77 percent from 0.80 percent in the previous week. The average CD interest rate for six month CD rates was unchanged at 1.11 percent. The average one year CD rates was also unchanged at 1.44 as was the average rate for the best two year CD rates, which held at 1.76. The five year CD rates shed three basis points, closing the week at 2.67 percent from 2.70 percent in the preceding week.

While the majority of bank rates fell over the past week, the average rate on the top bank money market account rates and bank savings account rates remained unaltered. The Selectcdrates.com composite index of the top ten bank money market account rates and bank savings account rates continued to yield 1.28 percent for the third consecutive week.

Mortgage rates were measurably lower this past week. The average 30 year mortgage rates and 15 year mortgage rates from the top ten bank mortgage lenders were lower by over ten basis points, a very significant rate reduction based on the historically low rates that have been place. The average 30 year mortgage rate surveyed by Selectcdrates.com plunged to 4.275 percent with 0.325 points from 4.438 percent with .375 points in the prior week. The average 15 year mortgage rate slumped to 3.696 percent and 0.325 points from 3.821 percent with .388 points in the previous week.

Credit card rates moved up this week, once again moving against the tide of overall lower interest rates. The average credit card rate for new credit card offers, across all categories of credit cards, moved higher by three basis points. The average credit card rate for new credit cards excluding introductory rates inched up to 13.74 percent, from 13.71 percent in the previous week. Low rate credit card offers and travel reward credit card rates saw the greatest rate change among the various Instant Approval Cards Credit With A Score Of 600 categories surveyed by Selectcdrates.com.

All bank rates are based on surveys conducted by Selectcdrates.com at the close of October 8th, 2010. Treasury rates are obtained directly from the Department of the Treasury.

To view information on bank promotions and deals refer to bank deals.
For more information on the top ten savings account rates or money market accoount rates please see money market account rates, savings account rates at Selectcdrates.com.

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