Opportunities for investing in high rate certificates of deposit are still available in a variety of markets. Florida residents for example, have a number of CDs with a range of maturities to choose forms that are appreciably above the national averages. The best six month CD rate in Florida is over ½ percent higher than the average of the best national rates while the best five year CD rate in Florida is almost one percent higher. The best six month CD rate in New York shows a similar spread above the average of the best national six month rates. Likewise, the best two year CD rate in Illinois is almost ½ percent higher than the average of the best national two year CD rates. Other states and regions display similar prospects. However, the difference between state and national rates was aided by a reduction in the CD rates available nationally for the week ending June 19, 2009.
The average yield for the best CD rates available nationally for all maturities was lower with the exception of the five year term. The average of the best six month CD rates, dropped by seven basis points or 7/100 of a percent to end the week at 1.96%. This is the lowest rate the six month average has seen in the past three months. The average for the best one year CD rates fared even worse with a reduction of eight basis points for the week to close at 2.30%. The two year CD rates managed to temper their losses with the average of the best two year CD rates falling only five basis points to 2.56%. The five year CD rates were able to actually stop the bloodletting. The average for the five year CD rates increased from 3.55% to 3.61%.
Treasury rates were mostly unchanged for the week. The six month Treasury moved up modestly from 0.29% at the end of last week to 0.33% this week. However, the one year Treasury started the week at 0.52% and ended at 0.51%. The five year Treasury ran in circles, starting the week 2.81% and closing Friday at 2.82%. The ten year Treasury moved down by three basis points to close at 3.79%. The long rates are well off their highs of June. The ten year had peaked at 3.98%, the five year at 2.95% and the one year reached 0.62% in the first week of June.
Mortgage rates started the year at approximately 5.00% on a 30 year, moved as high as 5.59% the week of June 12 and settled down last week at 5.38%. A fairly substantial one week drop in rates. During this same time period the ten year Treasury went from 2.51% at the start of the year to a peak of 3.98% the week of June 12 and down to 3.86% on June 18 ( the 3.86% is the not the weekly close for June 19 but follows the average mortgage rate that are evaluated as of June 18 ).
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