Warren Buffett: “Worst Is Over,” – But CD Rates Continue Downward Slide
If two of the world's richest men believe that things are bound to be better from now on, isn't it time we had a little faith as well?
CD Rates Drop an All-Time Low
CD rates took quite a beating this week as averages for 6-month and 12-month CDs plunged to lower depths, from 1.14% to 1.10% APY and 1.41% to 1.38% APY respectively. Rate averages for long term CDs also fell, albeit only by a modest 0.01%.
CD Rates End the Month Still At Dismal Lows July 31, 2009
Those who may be continually watching out for even the most tentative signs of economic recovery had a lot to be happy about this month – big banks reporting stellar 2nd quarter income (yes, even the most "troubled" ones), rise in home sales, the Dow Average seeing record highs again, and an expected decline in the number of job layoffs for this month.
Modest Changes in CD Rate Averages This Week Even As Most Banks Continue To Cut Rates
This week saw few changes in CD rates, with averages going either up or down by a few basis points, but in general, remaining at rock-bottom levels. While some banks did make a few adjustments to their CD rates, it was mostly to cut their interest rates rather than increase them.
CD Average Rates Linger At Low Levels June 30, 2009
Amid hopes that interest rates may have finally reached a bottom, CD rates persisted in remaining at low levels the past week. Of course, the Treasury yields haven't given the banks much reason to up their rates and buck the downward trend. Even online and regional banks are not inclined to bring their rates much higher than the national CD rate averages.
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