Weekly CD Rate Report

CD rates were down this week, continuing the downtrend that started late last year. Rates are not expected to rise anytime soon since the Fed is expected to keep the Fed Funds rate in a targeted range to zero percent to 1/4 percent until early next year.

The economy is expanding again this quarter and the recession is expected to end by the end of 2009.  The Fed isn’t planning on raising interest rates because inflation still isn’t a concern at this point and the housing market is still weak. Any increase in rates will drive mortgage rates higher choking off any recovery.

Bank CD Rates

• 3 month CD rates are currently at 0.631 percent, down from the previous week’s average CD rate of 0.691 percent. CD Interest Rates - First Federal Bank of California is offering one of the best CD rates available today for a 3 month CD, their current APY is 1.45 percent.
• 6 month CD rates are back under 1.00 percent at 0.906 percent, down from the prior week’s average CD rate of 1.038 percent. CD Rates Best: First Century Bank is offering a 6 month CD that has an APY of 1.75 percent.
• 12 month CD rates are down to 1.187 percent this week, down from the prior week’s average CD rate of 1.430 percent. High CD Rates - GiantBank is offering a 12 month certificate of deposit that currently yields 2.01 percent.

CD Rates

• 18 month certificate of deposit rates are averaging 1.346 percent this week, down from last week’s average certificate of deposit rate of 1.607 percent. Savings CD Rates - Nationwide Bank is offering an 18 month CD that has an APY of 2.20 percent. 
• 24 month certificate of deposit rates are down to 1.645 percent this week, down from the prior week’s average certficate of deposit rate of 1.867 percent. Best CD Rates: Tennessee Commerce Bank is offering a 24 month certificate of deposit that has a current APY of 2.40 percent.
• 36 month certificate of deposit rates are back under 2.00 percent at 1.947 percent, down from the previous week’s average certificate of deposit rate of 2.172 percent.  Bank CD Rates - Ally Bank is offering a 36 month certificate of deposit that has an APY of 2.75 percent.
• The average 48-month CD rate is currently at 2.178 percent this week, down from last week’s average CD rate of 2.469 percent. Best CD Rates - Discover bank is offering a 48 month CD that has a current APY of  3.10 percent.
• Average CD rates for 60 month certificate of deposits are at 2.440 percent this week, down from the prior week’s average CD rate of 2.708 percent. Highest CD Rates - Citibank is offering one of the highest CD yields for a 60 month CD, their current CD yield is 3.50 percent.

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