Average CD Rates and Best CD Rates This Week July 29, 2013
While interest rates on mortgages have skyrocketed this summer, the same can't be said for CD rates. Mortgage rates surged higher on average about 100 basis points due to long term bond yields also moving higher. 10 year bond yields moved from a low of around 1.60 percent to a recent high of 2.70 percent.
Both bond yields and mortgage rates have settled down the past few weeks and have remained at current levels. During this time average 1 year bank CD rates in the FDIC's weekly survey barely moved. In fact, the national average 1 year CD rate fell from 0.21 percent to 0.20 percent.
Average 1 Year CD Rates Fall While the Best 1 Year CD Rates Remain Unchanged
While average CD rates have fallen the past three months, the best CD rates available remain unchanged at just above 1.00 percent. The best CD rate on our rate table this week is from GE Capital Retail Bank at 1.04 percent with an APY of 1.05 percent. We also have a few other banks that are offering 1 year rates just above 1.00 percent.
Long term average CD rates also remain relatively unchanged since early May. The FDIC's average 5 year CD rate fell from 0.75 percent on May 6, to 0.74 percent on July 29. In the beginning of May, the best CD rate on our 5 year certificate of deposit rate list was from Nationwide Bank at 1.59 percent with an APY of 1.60 percent.
Right now the best CD Rate on Monitor Bank Rates' 5 year rate list is from EverBank at 1.84 percent with an APY of 1.86 percent. GE Capital Retail Bank is right behind EverBank with a 5 year CD rate of 1.83 percent with an APY of 1.85 percent. Below are lists average CD rates and highest CD rates this week.
Average and Highest CD Rates July 29
FDIC Average CD Rates
Monitor Bank Rates Average CD Rates
Highest CD Rates
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