CD Rates Pull Back;
12-Month Still Leads at 2.827%

After last week’s clean sweep higher, CD rates gave most of it back. Seven of the eight tracked terms eased this week, with only the 3-month edging up. The benchmark 12-month slipped to 2.827% but still pays more than any other term. The long end fell hardest, which widened the curve’s inversion again. The bigger picture has not changed: the Federal Reserve held a fourth straight time on June 17, and with its new projections pointing to higher rates for longer, CD yields stay range-bound.

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NATIONAL: National CD averages eased across most terms the week of June 22, 2026, reversing much of the prior week’s broad gain. The cross-term average slipped to 2.602% from 2.655% a week ago, with seven of the eight tracked terms lower and only the 3-month higher. The long end gave back the most, undoing the gains that had narrowed the curve a week earlier. One-year CD rates, the benchmark, slipped 0.043 points to 2.827% and remain the highest on the curve.

The short end was the exception. The 3-month added 0.011 points to 1.958%, the only term to rise this week, and it remains the clear low outlier, still more than eight tenths of a point below the 12-month. The 6-month slipped 0.020 points to 2.696%, the smallest decline on the board. That split, a firmer front end against an easing belly and long end, fits the week’s news: short-term Treasury yields rose after the Fed’s new projections leaned hawkish, while the rest of the curve gave back its recent jump.

The middle of the curve stepped down. 18-month CD rates fell 0.071 points to 2.641%, and 24-month CD rates dropped 0.075 points to 2.670%, enough to slip below the 6-month for the first time in weeks. The 12-month still tops everything at 2.827%, but the rest of the curve is bunched tightly beneath it, separated by only a few hundredths from the 6-month down through the 48-month.

The long end fell hardest. The 48-month dropped 0.088 points to 2.626%, the largest move of the week, and the 36-month fell 0.068 points to 2.660%. 60-month CD rates, the long-end anchor, slipped 0.070 points to 2.740%. Because the long end fell more than the 12-month, the gap between the one-year and the five-year widened back to 0.087 points from 0.060 a week earlier. The curve is still inverted, with the one-year paying more than the five-year, and after narrowing for three straight weeks, that inversion widened this week.

A quick word on what these numbers are. They are national averages, drawn from rates collected directly off institution websites. What any one saver can actually get depends on where they bank and how far they are willing to shop. Someone comparing Texas CD rates, for instance, can line up the strongest in-state and online offers against this national picture and see where the gap is worth chasing.

A broad pullback the week after a broad gain looks dramatic on the table, but the explanation is the same as ever: the Federal Reserve sets the pace, and the Fed has not changed the rate. At its June 17 meeting, the FOMC held the federal funds rate at 3.50% to 3.75% for a fourth straight time, a unanimous decision and the first under new Chair Kevin Warsh. What changed was the outlook, not the rate. The Fed’s updated projections dropped the expectation of cuts this year, and the median now implies the funds rate ends 2026 slightly higher than it sits today, a hint of a hike rather than the cut officials had penciled in earlier. Policymakers also raised their inflation forecast. CD yields follow the Fed’s path and the Treasury yields that track it, so a parked policy rate paired with a higher-for-longer signal is a recipe for drift, which is exactly what these weekly swings are.

For savers, that shift cuts the other way from recent months. The case for locking in the longest terms rested on the next move being a cut, which would pull yields lower and make today’s rates a ceiling. That logic has weakened. With the Fed now signaling rates may stay higher for longer, and a hike at least as likely as a cut in the months ahead, the risk of yields being trimmed from under a saver has eased, and there is a real chance the next move lifts deposit rates rather than lowering them. The 12-month at 2.827% is still the best yield on the board, so a one-year term remains the sweet spot, but the 60-month at 2.740% no longer looks like a rate worth rushing to capture for five years. With the curve this flat and the inversion back out to 0.087, there is little reward for going long, which is what keeps a CD ladder worth a look: staggered maturities stay flexible and can roll into higher rates if the Fed does hike. A CD calculator does the math on any single rate and balance, and term-by-term detail lives on the CD rate history page.