Best Interest Rates in March: CDs, Money Markets and Mortgages

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Interest rates rose in February, but it was essentially a wash between borrowers and lenders. Short-term rates on savings products slipped, while longer term yields rose. And although rates on mortgages rose, it was only by the slimmest of hairs.

bank interest ratesRates were marginally higher by month’s end after Federal Reserve Chairman Janet Yellen’s first press conference was more hawkish than the market was expecting, causing bonds to sell off some.

The yield on the benchmark 10-year Treasury note rose over the course of the month, ending February at 2.76%, up from 2.71% a month ago. That’s still well below the 52-week high of 3% hit at the end of 2013.

The trend, however, is up … and that’s following through to savings and loan products. Rates on mortgages ticked up month-to-month, while rates on longer term savings products gained even more.

Best Interest Rates on Savings Products

Here are the best interest rates (shown in annual percentage yields) on some popular savings products (with a minimum deposit of less than $10,000, except for jumbo CDs) as of March 31, according to Bankrate.com (RATE):

  • National Average Interest Rate on a Money Market Account: 0.41%, no change from a month ago
  • National Average Rate on Interest Checking Account: 0.47%, down from 0.48% a month ago
  • Best APY on No-Fee Savings Account: 0.95% (GE [GE] Capital Retail Bank), down from 1% a month ago
  • Best APY on 1-Year CD: 1.05% (GE Capital Bank, $500 minimum), no change from a month ago
  • Best APY on 3-Year CD: 1.45% (Intervest National Bank [IBCA], $2,500 minimum), no change for six months
  • Best APY on 5-Year CD: 2.27% (EverBank [EVER], $1,500 minimum), up from 2.15% a month ago
  • Best APY on 5-Year Jumbo CD: 2.3% (CIT Bank [CIT], $100,000 minimum), up from 2.2% a month ago

Current Mortgage Interest Rates

Rates on the most popular mortgage products rose over the course of the month. At the same time, it got cheaper to take out home equity loan or take out a line of credit on a home. Here are the current mortgage interest rates (overnight national average) on popular loan products as of March 31, according to Bankrate:

  • 30-Year Fixed Mortgage: 4.34% up from 4.3% a month ago
  • 15-Year Fixed Mortgage: 3.36%, up from 3.32% a month ago
  • 5/1 Adjustable-Rate Mortgage: 3.39%, down from 3.41% a month ago
  • 30-Year Fixed Mortgage, Refi: 4.33%, up from 4.31% a month ago
  • $30,000 Home Equity Line of Credit: 4.88%, down from 4.94% a month ago
  • $30,000 Home Equity Loan: 6.18%, down from 6.23% a month ago

Article printed from InvestorPlace Media, https://investorplace.com/2014/03/best-interest-rates-mortgages/.

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