Average CD Interest Rates First Week of 2011
As we head into 2011 the rates earned on certificates of deposit are still pathetic but there is hope for the future direction of CD interest rates. Rates on bond yields have been heading higher the past two months sending mortgage rates higher. 10 year bond yields have risen 100 basis points (1.00 percent) since the beginning of October.
On October 8, 2010 bond yields were 2.38 percent.Yesterday 10 year yields closed at 3.48 percent. Yields were up almost 10 basis points yesterday on news that hiring is picking up. A survey from payroll processor ADP found that private companies added 297,000 jobs last month, almost triple the number that economists were expecting.
Eventually rates earned on certificates of deposit will also go higher as the economy picks up steam and the Federal Reserve raises the Fed Funds rate.
The current national average 12 month CD interest rate is 0.698 percent, down from the previous week’s average rate of 0.709 percent. On April 12, 2010 the average 12 month rate was 1.028 percent as reported by MonitorBankRates.com.
First Week of 2011 Average CD Interest Rates
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