5 Year CD Rates Increase after Midterm Elections
- Updated: November 11, 2014
After midterm elections were over, the five-year CD rates average increased by one basis point. RateWatch reported today that the five-year national CD average climbed by 0.01% to 1.17% today, this as the Federal Reserve kept the short-term federal funds rate between 0% and 0.25% since last 2008.
As stated by Dan Freed, senior staff reporter for TheStreet, which also owns RateWatch, a premier banking data and analytics service, there was hardly any reaction by markets to the Republican-dominated election results, nor the nonfarm payrolls report on Friday for October, which demonstrated declining jobless offset by unwavering wages.
Freed added that five-year CD rates climbed by one basis point from 1.16% to 1.17%. The change was so small there was no prompting of fixed income markets. The National Average calculates using one unique rate per institution, with averages being based on banks, brokers, savings and loans, and internet banks that have more than $1 billion in assets.
Averages are calculated every Monday and data is surveyed weekly using the unbiased national interest rate survey from RateWatch. In all, more than 97,000 financial institution locations throughout the US are surveyed.
RateWatch has been a premier provider of competitive interest rate and product information to financial institutions throughout the US for more than 20 years. This company provides high quality and relevant data consistently but also maintains the industry’s largest database of deposit, loan, and fee information.
RateWatch also surveys, provides financial strength reporting, conducts product comparisons, determines local, regional, and national averages, reports fees, and creates specialty reports.
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