CD Rates Unchanged this Week as Federal Open Market Committee Meets to Discuss Monetary Policy
Average CD rates and the best CD rates available are unchanged as the Federal Open Market Committee (FOMC) is holding one of their eight regularly scheduled meetings for 2013. The Fed is slated to keep the fed funds rate near zero percent until mid-2015, which in turn will keep bank CD rates low.
There is hope for higher interest rates before mid-2015 since a few more positive economic reports were released this past week, pointing to a stronger economy. A stronger economy will lower the unemployment rate, which will force the Federal Reserve to increase the fed funds rate before mid-2015. A higher fed funds rate will mean higher interest rates across the board - higher CD rates, higher savings rates, and higher mortgage rates.
Current 6 month CD rates are averaging 0.14 percent in the FDIC rate survey for the week ending January 28, 2013. Average 6 month CD rates at banks are down 1 basis point from the January 22, 2013 average rate. The best rates on 6 month certificates of deposit this week are also down 1 basis point. The bank offering the highest rate on our list is Doral Bank at 0.89 percent, down from 0.90 percent.
Following is a list of the top 6 month rates this week:
Average 12 month CD interest rates are at 0.23 percent in this week's FDIC rate survey, unchanged from the prior week's average rate. The highest CD rates on our 12 month certificate of deposit rate list are also unchanged at 1.04 percent with an APY of 1.05 percent. The banks offering the highest rates on our list are GE Capital Retail Bank and Colorado FSB. Here is a list of the top 1 year CD rates at banks this week:
Check back often with our rate tables to ensure you are always finding the best rates available.
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