18-Month CD Leads Gains at 2.661%;
Long End Rises

Six of eight CD terms moved higher this week as the long end continued to strengthen. The 18-month led at +0.036 points to 2.661%, while 60-month, 48-month, and 36-month all extended gains. The benchmark 12-month gave back 0.007 points to 2.833%.

📊 Full week-over-week data for all 8 CD terms — drawn from 26,766 verified APY quotes across 14,540 institution-term combinations.

NATIONAL — National certificate of deposit APYs were broadly higher for the week ending May 12, 2026, with six of eight tracked terms gaining and two slipping. 18-month CD rates led at +0.036 points to 2.661%, the largest single-term move this week. Long-end gains continued: 60-month CD rates rose 0.018 points to 2.722%, 48-month rates added 0.021 points to 2.628%, and 36-month rates gained 0.013 points to 2.632%. The benchmark best 12-month CD rates edged down 0.007 points to 2.833%, giving back a small portion of last week’s 0.033 point gain. The 6-month was the other decliner, slipping 0.011 points to 2.677%.

Short-term CDs were mixed. 3-month CD rates edged up 0.005 points to 1.918% — essentially flat after several weeks of small movements in either direction. 6-month CD rates slipped 0.011 points to 2.677%, the first decline in the short end after two weeks of gains. The spread between 3-month and 6-month terms narrowed slightly to 0.759 percentage points from last week’s 0.775, as 6-month gave back ground while 3-month held steady.

Mid-term CDs were the focus of the week’s action. 18-month CD rates posted the largest gain among all eight terms at +0.036 points to 2.661%, the second consecutive weekly increase for the term. Two-year CD rates added 0.023 points to 2.689%, continuing the mid-curve advance. The benchmark 12-month was the lone mid-term decliner, edging down 0.007 points to 2.833% — a modest pullback after last week’s sharper gain. At 2.833%, the 12-month still holds the highest yield across the curve, though by a narrowing margin.

Long-term CDs extended their advance for a second straight week. 36-month rates rose 0.013 points to 2.632%. 48-month rates gained 0.021 points to 2.628%. 60-month rates added 0.018 points to 2.722%. The 60-month at 2.722% now sits 0.045 points above the 6-month at 2.677% — a healthier curve shape than the near-parity seen during the early-April pullback. With long-term yields continuing to climb while the benchmark drifts slightly lower, the term structure inversion that has defined this market for the past several weeks is compressing meaningfully.

The two-week pattern of long-end strength is now the clearest directional signal in the CD market. Over the past two weeks combined, 60-month rates have gained 0.060 points, 48-month rates have gained 0.062 points, and 36-month rates have gained 0.051 points. Over the same period, the benchmark 12-month has gained just 0.026 points. The relative outperformance of the long end is consistent with institutions repricing longer-duration deposits higher as funding outlooks shift — the opposite of the early-April pattern, when long-term CDs led declines on softening rate expectations.

For savers, the term structure inversion that has been the defining feature of CD pricing for the past month is now meaningfully compressing. The 12-month-to-60-month spread has narrowed to 0.111 points, down from a peak above 0.20 in early April. If long-term yields continue to advance while the benchmark holds near 2.83%, the inversion could resolve in the coming weeks — restoring a more conventional upward-sloping curve where longer commitments earn higher yields. Track how these spreads evolve on the national CD rate trends page.