Several different banks have changed their CD rates this past week. The largest decrease in rates was on short term CD rates at Silvergate Bank. 6 month CD rates were reduced by 55 basis points and 1 year rates were reduced by 78 basis points. Read more about Silvergate Bank CD rate reductions.
The overall direction of CD rates remains a mixed bag. We won't see across-the-board CD rate increases until the Federal Open Market Committee increases the federal funds rate. The next FOMC meeting is in a couple of days but there is only a 3.6 percent chance the Fed will increase the rate according to the CME Group's Fed Watch Tool.
This past week, a total of seven banks changed rates. Four banks lowered rates while 3 banks increased rates. Two of the three banks that increased rates, EverBank and Luana Savings Bank, have a history of changing rates often. It is always important to stay apprised of the latest rate changes, which we have listed below.