Term July APY Aug 1 APY Aug 8 APY
3-month 5.38% 5.38% 5.38%
6-month 5.57% 5.57% 5.50%
12-month 5.71% 5.69% 5.50%
24-month 5.71% 5.49% 5.40%
36-month 5.71% 5.47% 5.35%
60-month 5.71% 5.50% 5.40%
The 5-year CD rate is now only two basis points above the 3-month CD. With yesterday's Fed decision to pause due to signs of a slowing economy, I have a feeling this will keep a lid on the long term rates. The concerns about the slowing economy seems to be an important factor in keeping this inverted yield curve.
Not all banks are moving quickly to drop rates. Corus Bank kept its 6-month and 12-month CD rates the same yesterday for the second week in a row. They remain at a competitive 5.64% and 5.72% APY. The rate on Corus Bank's money market account went up one basis point to 5.11% APY.