So, while mortgage rates have been soaring, CD rates are only inching up. When Will CD Rates Go Up?īanks typically move much more quickly to charge higher interest than they do to pay higher interest. While the current averages still may not sound very impressive, the best CD rates now top 4.00% for a one-year CD and 4.50% for a five-year CD. The average rate for those went from 0.28% to 0.57%.īy December, average rates were up to 1.07% for a one-year CD and 1.09% for a five-year CD. Over the same six months, there were similar increases for other CD terms, including five-year CDs. By mid-July, the average had climbed to 0.31%. In mid-January, the typical APY, or annual percentage yield, for a one-year CD sat at a mere 0.13%-a pandemic low, according to FDIC data. ![]() ![]() It is difficult to imagine that we would reach that level again,” says Tenpao Lee, professor emeritus of economics at Niagara University in upstate New York. “In the 1980s, CD rates were as high as 15% or more.
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