CD rates continued their decent this past week. From three month certificate of deposits to five year certificate of deposits all were down slightly.

Will we ever see an uptick in CD rates? It’s hard to imgine an increase in CD rates these days but yes, some day we will start to see rates go up.

Hopefully by the end of this year or early in 2010. Which is why we still recommend sticking to shorter term certificates.

12 month CD rates averaged 1.42 percent, down from 1.44 percent. There are12 month certificate of deposit rates well above the national average, right now Ally Bank is offering a rate of 2.76 percent for a 12 month CD. 24 month certificate of deposits averaged 1.78 percent this past week, down from 1.80 percent. UFB Direct is offering a 2 year CD that currently has a annual percentage yield of 2.65 percent, about the national average.

Three year CD rates averaged 2.05 percent this past week, down from 2.06 percent from the week before. Three year average rates are not that much higher than two year CDs or one year CDs. If you still are looking for a three year CD, PenFed is offering an annual percentage yield of 3.50 percent for a three year certificate of deposit.

Four year certificate of deposit rates and five year certificate of deposit rates averaged 2.43 percent and 2.48 percent this past week. Down from the prior week’s average of 2.25 percent for a four year CD and 2.49 percent for a five year CD. PenFed credit union is also offering four year CD rates above the national average, PenFed’s four year CD currently has an APY of 3.75 percent and their five year CD currently has an APY of 4.00 percent.

As for shorter term CD rates, three month CDs averaged .83 percent, down from .85 percent the previous week. Six month CDs averaged 1.14 percent, down from 1.15 percent the week before. Ameriprise Bank is offering an APY of 2.00 percent for a three month CD. AIG Bank is offering an APY of 1.91 percent for a six month CD.