It’s been a crazy month for the stock market, but it didn’t spread to the most popular savings and loan products.
From all-time highs to flirting with a correction, the S&P 500 hasn’t let traders or investors catch their breath for a while. Happily for savers and borrowers, interest rates have essentially been immune to the volatility in the equity market.
True, market volatility drove some investors to the supposed safe-haven of the bond market, but it was hardly a stampede. The yield on the benchmark 10-year Treasury declined over the course of the month, heading out of April at 2.68% vs. from 2.71% a month ago.
The benchmark rate barely budged and so did interest rates. As a result, savers didn’t gain much ground in the low-rate environment — but they didn’t give up most hard-won gains either.
The best interest rates on popular savings products were largely unchanged in April. The highest-yielding 5-year CD this month paid more interest, while the best-paying 1-year CD paid a bit less.
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 April 28, according to Bankrate.com (RATE):
- National Average Rate on Interest Checking Account: 0.48%, no change from a month ago
- Best APY on 1-Year CD: 1.06% (EverBank [EVER], $1,500 minimum), down from 1.07% a month ago
- Best APY on 3-Year CD: 1.45% (Intervest National Bank [IBCA], $2,500 minimum), no change for seven months
- Best APY on 5-Year CD: 2.3% (EverBank, $1,500 minimum), up from 2.27% a month ago
- Best APY on 5-Year Jumbo CD: 2.3% (CIT Bank [CIT], $100,000 minimum), no change from a month ago
Current Mortgage Interest Rates
Rates on the most popular mortgage products mostly declined over the course of the month as homebuying slowed down. At the same time, the refinancing boom might be over, but the average rate still went up. Here are the current mortgage interest rates (overnight national average) on popular loan products as of April 28, according to Bankrate:
- 30-Year Fixed Mortgage: 4.25%, down from 4.34% a month ago
- 15-Year Fixed Mortgage: 3.29%, down from 3.36% a month ago
- 5/1 Adjustable-Rate Mortgage: 3.28%, down from 3.39% a month ago
- 30-Year Fixed Mortgage, Refi: 4.42%, up from a month ago
- $30,000 Home Equity Line of Credit: 4.75%, down from 4.88% a month ago
- $30,000 Home Equity Loan: 6.21%, up from 6.18% a month ago
