All 8 CD Terms Decline;
12-Month Gives Back Last Week's Gains
Week Ending May 04, 2026

All 8 CD terms moved lower this week in a complete reversal from the prior period. The benchmark 12-month fell 0.030 points to 2.810% — effectively erasing last week's gains — while the mid-curve led the declines: 6-month −0.028, 36-month −0.027, and 24-month −0.024. Long-end rates barely moved, with the 60-month edging down just 0.003 points.

📊 Full week-over-week data for all 8 CD terms — drawn from 25,960 verified APY quotes across 14,999 institution-term combinations.

NATIONAL — National certificate of deposit APYs declined across all eight tracked terms for the week ending May 04, 2026 — a complete reversal from the prior week, when all eight terms had risen. 12-month CD rates fell 0.030 percentage points to 2.810%, effectively erasing the 0.033-point gain posted the previous week. Mid-curve terms led the declines: 6-month CD rates dropped 0.028 points to 2.660%, 36-month rates fell 0.027 points to 2.592%, and 24-month rates eased 0.024 points to 2.642%. The long end held up best — the 60-month moved just 0.003 points lower.

In the short-term segment, 3-month CD rates moved lower by 0.014 points to 1.899%, a meaningful departure from the prior week's effectively flat reading. 6-month rates gave back 0.028 points to 2.660% after gaining 0.019 the week prior, posting one of the larger declines on the curve. The spread between 3-month and 6-month terms narrowed slightly to 0.761 percentage points from 0.775 last week, with the 6-month falling more decisively than the 3-month.

Mid-term CDs took the brunt of this week's reversal. 12-month CD rates fell 0.030 points to 2.810%, surrendering nearly all of last week's recovery and posting the steepest single-term decline. 18-month rates eased just 0.007 points to 2.618%, the second-smallest move on the curve. 24-month rates dropped 0.024 points to 2.642%. The 12-month benchmark continues to lead all terms by yield, but its premium over the 60-month narrowed to 0.109 points from 0.136 a week ago, with the inversion compressing further as the mid-curve falls faster than the long end.

The long end was the standout this week for stability. 36-month rates fell 0.027 points to 2.592%, giving back roughly two-thirds of last week's 0.038 gain. 48-month rates declined 0.010 points to 2.597%. 60-month rates barely moved, easing just 0.003 points to 2.701% — small enough to leave 60-month yields essentially at last week's level. With the 60-month at 2.701% and the 6-month at 2.660%, the 60-month-to-6-month spread widened to 0.041 points from 0.016 last week, restoring a more normal premium for term commitment at the long end of the curve.

This week's broad-based decline across all eight CD terms is the second consecutive directional reversal in the deposit market — underlining the choppy, two-way movement that has defined April and early May. The pattern of mid-curve declines outpacing long-end declines is particularly notable: 12-month rates fell 0.030 points while 60-month rates slipped just 0.003 points, the inverse of the long-end leadership seen during last week's rally. Institutions appear to be repricing benchmark and intermediate-term deposits more aggressively than long-duration CDs, where rate offerings have held remarkably steady week over week.

The term structure inversion that has defined the CD market for several weeks compressed further this week, but for a different reason than last. The 12-month CD at 2.810% still sits above every longer term, but the spread to the 60-month tightened to 0.109 points from 0.136 last week — this time because the mid-curve fell faster than the long end. Among shorter terms, the spread between the 60-month and the 6-month widened to 0.041 points from 0.016, restoring a clearer term premium at the long end. For savers, the picture is mixed: the 12-month remains the highest-yielding option, but the gap to longer terms is shrinking, and locking in 60-month rates near recent levels is starting to look more attractive on a relative basis — a setup that may favor a CD laddering strategy for depositors who want to capture today's mid-curve yields while keeping a foothold at the long end. Track how these spreads evolve through weekly CD rate movements.