Weekly
rate roundup By Greg
McBride, CFA • Bankrate.com
Here's a look at the state of interest
rates on five common consumer banking products and the
latest rates from Bankrate.com's weekly national survey
of large banks and thrifts conducted March 19, 2003.
Rate: 5.92 percent (30-year
fixed) After
setting a new low for five consecutive weeks, mortgage
rates climbed sharply this week. The 30-year fixed mortgage
soared from 5.7 percent to 5.92 percent, the highest
point since Feb. 12. The 15-year fixed mortgage rose
from 5.02 percent to 5.25 percent and the one-year adjustable
rate mortgage reversed all of last week's move, jumping
to 4.11 percent. The affirmation that conflict was near
served to remove some uncertainty from the minds of
investors, pushing bond yields and mortgage rates higher.
Rate: 1.31 percent (1-year CD
yield) While
mortgage rates climbed notably this week, the same cannot
be said for money market acounts and certificates of deposit.
The perpetual decline in deposit yields accelerated this
week even though the Federal Reserve left interest rates
unchanged. The mere speculation about potential future
interest-rate cuts is enough to keep downward pressure
on yields in the coming weeks, much to investors' dismay.
Rates: 7.77 percent (48-month, new car); 8.74 percent
(36-month, used car) Used
car loan rates tumbled 2 basis points, from 8.76 percent
to 8.74 percent. New-car loan rates for 3-year and 4-year
terms declined by a scant 1 basis point, to 7.73 percent
and 7.77 percent, respectively. A basis point is one
one-hundredth of one percentage point. Competition has
fueled the lower interest rate trend in recent weeks.
Rates: 4.79 percent (line of credit);
7.56 percent (loan) Home
equity loan rates remained unchanged at 7.56 percent,
the first week rates have remained static this year. Rates
were last unchanged in December 2002 when the average
home equity loan rate sat at 7.87 percent for the entire
month. In contrast to fixed-rate home equity loans, rates
on home equity lines of credit (HELOCs) have been little
changed over the past two months. This week, the average
HELOC rate was also unchanged, at 4.79 percent.
Rates: 13.77 percent (standard
fixed); 13.23 percent (standard variable) Fixed-rate
cards in the standard, gold, and platinum classes were
unchanged, as they have been for the past month. Variable-rate
credit card averages changed slightly due to changing
institutions and card offerings. The standard-variable
and platinum-variable averages declined 4 basis points
and 3 basis points, respectively, while the gold variable
average nosed higher to 12.21 percent. The average standard-variable
credit card rate is the lowest since registering 13.05
percent one year ago.
While
mortgage rates climbed notably this week, the same cannot
be said for money market acounts and certificates of deposit.
The perpetual decline in deposit yields accelerated this
week even though the Federal Reserve left interest rates
unchanged. The mere speculation about potential future
interest-rate cuts is enough to keep downward pressure
on yields in the coming weeks, much to investors' dismay.
