SelectCDrates.com released their survey for the average of the best CD rates for the week ending July 31, 2009. The data released showed that the best CD rates continued to push lower for the week. Bank CD rates failed to end the current slump in yields that started in early spring. All CD terms evaluated by selectcdrates.com were down for the week with the exception of the five year CD rates which remained unchanged.
The average for the best 6 month CD rates fell one basis points or 1/100 of a percent for the week to close at 1.77%. The best CD rates with a one year term dropped by two basis points, finishing the week at 2.08%. Two year CD rates matched the movement of the one year CDs and moved lower by two basis points to 2.36%. The best five year CD rates held steady with an average rate of 3.41%.
The continued direction of CD rates appears murky. The economy is showing some signs of hitting bottom which may lead to higher loan demand and higher rates however, this is countered by less than definite proof of end to the recession and the comments earlier in the month by Federal Reserve members indicating rates may remain low throughout the year and inflation is of little concern.
SelectCDrates.com is the leading industry tool for selecting the best CD rates. In addition to publishing the weekly tables on the best bank CD rates nationally and by state, selectcdrates.com provides current financial content on bank rates and savings rates. To view the results from Selectcdrates.com tables visit http://www.selectcdrates.com. SelectRates Media, the publisher of selectcdrates.com also publishes http://www.bestcreditcardrates.com and http://www.findlocalmortgagerates.com.
