Average bank CD rates are down this week over last. The average 12 month CD rate is just above 1.00 percent at 1.113 percent. Just six months ago, the average 12 month certificate of deposit rate was 1.48 percent.

You can find CD rates higher than the national average rates. UmbrellaBank.com is offering one of the highest CD rates and CD yields around. Their current 12 month CD rate is 2.08 percent and the annual percentage yield (APY) is 2.10 percent.

Average CD Rates

• Average 3 month certificate of deposit rates are at 0.570 percent this week, down from the prior week’s average rate of 0.578 percent.
• Average 6 month CD interest rates are at 0.834 percent, down from last week’s average rate of 0.846 percent.
• Average 12 month CD rates are at 1.113 percent, down from the previous week’s average interest rate of 1.126 percent.
• Average 18 month rates are at 1.277 percent, up from last week’s average rate of 1.297 percent.
• 24 month CD rates are averaging 1.587 percent this week, down from the prior week’s average of 1.602 percent.
• 36 month CD interest rates are at 1.902 percent, down from the previous week’s average of 1.917 percent.
• 48 month CDs are averaging 2.125 percent, down from last week’s average rate of 2.146 percent.
• 60 month certificate of deposits are averaging 2.413 percent, down from the prior week’s average rate of 2.415 percent.

Find the Best CD Rates in your zip code by searching our CD Rate Tables.

Certificate of deposit rates and yields have been heading down all year long. Finding the highest CD rates takes a lot of research.

Currently, 18 month CD rates are averaging 1.29 percent but you can find better rates than the average CD rate.

MetLife Bank is offering one of the best CD rates available for an 18 month CD if you have $25,000 or more to deposit. The bank’s current annual percentage yield is 2.15 percent.

We have compiled a list of the top ten 18 month CD rates and CD yields available as of November 10, 2009. All banks listed offer certificate of deposit accounts insured by the Federal Deposit Insurance Corporation (FDIC).

Best 18 Month CD Yields

1. UmbrellaBank.com 2.10% APY (minimum balance $1,000)
2. Pacific Mercantile Bank 2.10 APY ( minimum balance $10,000)
3. Nationwide Bank 2.02% APY (minimum balance $500)
4. Bank of Internet 2.02% APY ($1,000 minimum) (12 month also @ 2.025 APY)
5. Imperial Capital Bank 2.01 APY (minimum balance $2,000)
6. EmigrantDirect.com 2.00% APY (minimum balance $1,000)
7. Aurora Bank 1.99% APY (minimum balance $1,000)
8. AIG Bank 1.96% APY (minimum balance $2,500)
9. Discover Bank 1.95% APY (minimum balance $2,500)
10. AllyBank 1.94% APY (minimum balance $1.00)

Find the highest CD rates and CD yields in your area by searching our certificate of deposit tables here: CD Rate Tables

Discover Bank, the banking arm of the credit card company, is offering a $25 certificate of deposit account opening bonus. The promo bonus CD offer is good for any CD term of 12 months or longer.

A minimum opening deposit of $10,000 must also be received within 30 days of opening the certificate of deposit.

To take advantage of this promotional CD offer you must use Offer Code D120336. The $25 bonus offer is valid until December 15, 2009. There is a limit of one offer per person. The funds have to stay in the certificate of deposit account for at least 90 days to receive the bonus.

Discover Bank also offers very competitive CD rates and yields which makes the bonus offer appealing. The bank is currently offering a 12 month CD rate of 1.88 percent and an annual percentage yield (APY) of 1.90 percent. Their 24 month CD rate is 2.23 percent and the APY is 2.25 percent.

Discover Bank $25 Promotional Bonus offer: Discover $25 Bonus here

Related: Best CD Rates in New York

Beside the current low mortgage rates, you now have another incentive to buy a home. The Senate has voted to expand and extend the first time home-buyer tax credit that was due to expire at the end November 2009. The House is expected to vote and pass it later today.

For first time home-buyers which includes anyone who hasn’t owned a home in the past three years, the $8,000 tax credit has been extended to April 30, 2010. You have to sign a sales contract by April 30 and close on the home by June 30, 2010.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Best Mortgage Rates

The credit has been expanded to include a $6,500 tax credit for home-buyers who have owned their home for at least five years. The tax credit is only for a home purchase that will be your primary home and costs $800,000 or less.

The credit is also phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. If you’re in the military serving outside the United States for at least 90 days, the tax credit is extended for another year.

Freddie Mac released a report showing one half of borrowers who refinanced their conventinal mortgage in the 3rd quarter lowered the mortgage rate they were paying by 1.1 percent on average.

The collective dollar amount saved in the first 12 months of interest payment expenses by the home owners who refinanced their mortgages was $3 billion.

Looking for mortgage refinance rates? The best mortgage refinance rates can be found in your state by using our mortgage rate tables: Current Mortgage Refinance Rates

In the beginning of 2009 only borrowers who had enough equity in their homes were able to refinance but that changed for many borrowers who had their home loans owed by Freddie Mac or Fannie Mae.

A program called The Home Ownership Affordability Refinance Program which started in April 2009 allows homeowners who have a loan owed by Freddie Mac or Fannie Mae to refinance their loans even if they have no home equity.

As of August 31, 2009, 93,000 homeowners have taken advantage of the program and refinanced their loan with most of the refinancing taking place in July and August according to the Federal Housing Finance Agency.

Freddie Mac’s Refinance report also showed 64 percent of borrowers who refinanced a conventional  first-lien mortgage either kept about the same principal balance or reduced it. Borrowers are also refinancing loans without taking equity out, a big change from the past several years when the main reason people refinanced was to take money out.

Mortgage refinance rates are still very low so if you haven’t refinanced your mortgage yet, you should take advantage while interest rates are still low. You can use a mortgage calculator to figure out if refinancing makes sense for you. A general guideline is that the new mortgage rate should be at least one percent lower than your existing mortgage rate.

If you have an adjustable mortgage rate that will reset in the near future, you should probably refinance even if current mortgage rates are not one percent lower. Mortgage interest rates will head higher in the coming year, mainly because the recession is all but over and the Federal Market Open Committee will raise interest rates to keep inflation in check.

The Feds actions will drive mortgage rates higher, so take advantage of these low rates while you can. A possitive note about the Fed increasing rates is that will drive bank deposit rates higher, including CD rates and savings account rates.