This past week we saw average certificate of deposit rates move higher on 1 and 5 year certificates of deposit, while declining on 2 year CDs. The rate changes were small, 1 year CD rates moved up 1 basis point, 2 year rates moved 1 basis point lower, and 5 year rates increased by 2 basis points.
There are no new CD rate highs to report for any CD terms this week. Rates will probably hold near current levels until the Federal Reserve increases the federal funds rate. At this time we are looking for a 25 basis point increase to take place after the Fed's June 16-17 meeting.
Listed below are the highest CD rates on the rate tables for CD terms of 3 months to 5 years: