It’s rare that bank deposit rates decline the same week that U.S. mortgage rates are on the rise – but that’s what happened this week. The drop in certificate of deposit rates, in particular, was a sharp one. As measured by the sbup Weekly CD Rate tracker, the 12 month CD rate fell from 0.561% to 0.532%. Further up the duration scale, the 60 month CD fell from 1.612% to 1.573%, a precipitous decline of 39 basis points.
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