CD rates are going back down again this week after two conecutive weeks of increases. Most economists believe the economy has turned around and will grow again during the second half of 2009.

Some economists also believe GDP might actually grow in the third quarter between three and four percent. A stronger economy will eventually lead to higher interest rates. Higher rates on certificate of deposit accounts, online savings accounts and mortgage rates

Bank CD Rates

The national average rate for 3-month certificate of deposits are down to 0.640 percent this week, down from the prior week’s average 3-month CD rates at banks of 0.705 percent.

Average 6-month certificate of deposit rates are back under 1.oo percent at 0.918 percent this week, down from the previous week’s national average 6-month CD rate of 1.051 percent. You can find higher CD rates than the national average rates.

The average one-year certificate of deposit rate is now at 1.201 percent, down from the prior week’s average CD rate of 1.441 percent. Currently, Maspeth Federal S&L is offering one of the best CD rates for a 12-month CD, their current rate is 2.10 percent.

Average 18-month certificate of deposit rates are down to 1.357 percent, a decline from last week’s average 18-month CD rate of 1.622 percent. Broadway National Bank is offering one of the highest CD rates for an 18-month CD, their current rate is 2.30 percent.

The average two-year certificate of deposit rate is at 1.651 percent this week, down from last week’s national average two-year CD rate of 1.879 percent.

Average three-year certificate of deposit rates are down to 1.948 percent this week, down from the previous week’s average three-year CD rate of 2.201 percent.

The average four-year certificate of deposit rate is now at 2.117 percent, down from the prior week’s average CD rate of 2.452 percent.

Average five-year certificate of deposit rates are down to 2.442 percent, down from last week’s average five-year certificate of deposit rate of 2.772 percent.