I run an online banking website: http://www.bromoney.com/ I compare cd rates to savings accounts in order to help users save money.
Current interest rates are an important factor when looking at certificates of deposit. Banks set their cd rates to stay competitive with other banks. Banks know that most customers will browse around for other rates before selecting one, so they generally try to stay close to other banks' rates. As you see interest rates rise, you'll also see cd rates rise with them.