CD rates continue their fall this week right after Bank of America cut their long term rates last week. CD rates will be at these low levels for the rest of 2010 and even into early 2011. As the economy continues to slow down and inflation isn’t a threat, interest rates will stay low.
To show how much the economy is slowing, a recent economic report released last Friday showed the economy growing at a measly 2.4 percent annual rate for the second quarter, down 3.7 percent from the first quarter. This slow down can be blamed by the lack of jobs and the continued stresses of the housing market.
The Fed believes that inflation is still not a concern to increase interest rates, forcing both mortgage rates and CD Rates down to record lows. As long as the economy is struggling, this will keep CD rates low for the foreseeable future.
Here is a list of the National average for CD Rates as of August 2, 2010
- 3 Month CD Rates – 0.371%
- 6 Month CD Rates – 0.632%
- 12 Month CD Rates – 0.889%
- 18 Month CD Rates – 1.066%
- 24 Month CD Rates – 1.345%
- 36 Month CD Rates – 1.751%
- 48 Month CD Rates – 1.991%
- 60 Month CD Rates – 2.322%
For more up to date CD Rates, be sure to check out our CD Rate page.