CD Rates are down this week over last. The decline in bank CD rates was fractional - no big moves down. The FOMC met earlier this week and decided to keep the Fed funds rate in a targeted range of zero percent to one quarter percent.
The Fed also didn’t change its phrase on keeping rates “low for an extended period of time.” Bank CD rates will start heading higher sometime later this year when the economy is on firm footing and the Fed increases rates.
12 month certificate of deposit rates are back under 1.00 percent. The average 12 month CD rate is at 0.960 percent this week, down from last week’s average 12 month rate of 1.034 percent.