Average CD rates at banks were down again this week over last, continuing a slow decent down since late last year. The good news is CD rates will start heading up sometime in 2010 as long as the economy keeps expanding.

When inflation rears its ugly head, the Fed will be forced to raise interest rates to keep a lid on inflation.

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The Federal Open Market Committee met this week and decided to keep interest rates low for now. In their official “FOMC Statement” the Fed said “economic activity has continued to pick up” and ”activity in the housing sector has increased over recent months”  but “Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.”

Average CD Rates at Banks

• 3 month rates are at 0.578 percent this week, down from last week’s average rate of 0.586 percent.
• 6 month CD interest rates are at 0.846 percent, down from the prior week’s average rate of 0.859 percent.
• 12 month certificate of deposit rates are averaging 1.126 percent, down from the previous week’s average rate of 1.139 percent.
• 18 month CD rates are averaging 1.297 percent, up from last week’s average rate of 1.306 percent.
• 24 month rates are averaging 1.602 percent this week, down from the previous week’s average of 1.610 percent.
• 36 month CD interest rates are at 1.917 percent, down from the prior week’s average of 1.921 percent.
• 48 month CDs are averaging 2.146 percent, down from last week’s average rate of 2.149 percent.
• 60 month certificate of deposits are averaging 2.415 percent, down from the prior week’s average rate of 2.418 percent.

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