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 May 12, 2004.

Mortgages

Rate: 6.37 percent (30-year fixed)
Mortgage rates increased for the eighth consecutive week, reaching an eight-month high. The average 30-year fixed rate mortgage soared from 6.18 percent to 6.37 percent. The average 15-year fixed rate mortgage popular for refinancing climbed from 5.52 percent to 5.75 percent. The jumbo 30-year fixed rate mortgage jumped from 6.37 percent to 6.57 percent, while the one-year adjustable rate mortgage increased from 3.9 percent to 4.09 percent. Mortgage rates soared yet again as better-than-expected job growth was reported for April, and the stellar report for March was revised upward. The much improved job and economic outlook, in contrast to that seen just two months ago, is behind the sharp increase in mortgage rates over the past two months.

Certificates of deposit

Rate: 1.27 percent (1-year CD yield); 3.28 percent (5-year CD yield)
To the delight of depositors, yields on certificates of deposit increased for the sixth consecutive week. With the first rate hike now expected at the end of June, even short-term CDs are showing some improvement, while longer-maturity CDs continue their strong rebound. This week, yields increased on maturities ranging from six months through five years. While the longest maturities have shown the strongest improvement, maturities of six months and longer are now the highest in 11 months or more. The average one-year CD yield of 1.27 percent is the highest since April 2003, and the average five-year CD yield of 3.28 percent is the highest since November 2002.

Auto loans

Home equity products

Rates: 4.72 percent (line of credit); 7.19 percent (loan)

The average home equity line of credit (HELOC) rate increased from 4.7 percent to 4.72 percent this week, reversing half of last week's decline. The average home equity loan rate inched higher from 7.18 percent to 7.19 percent, and is now the highest since the week of March 31. Although prepayment penalties on home equity loans are not widespread, it pays to check your loan paperwork to make sure no penalty is applied. Even HELOCs can impose a penalty if the line of credit is closed out within the first several years after being opened. Why worry about these penalties if rates are rising anyway? Should the homeowner sell the home, the proceeds would pay off any home equity borrowing in addition to the first mortgage, and could trigger such penalties if they exist.

Credit cards

Rates: 12.85 percent (standard fixed); 13.55 percent (standard variable)
No rate changes were seen on fixed-rate cards in the standard, gold, or platinum classes. On the variable-rate cards, no changes were seen in the gold or platinum classes. The average standard variable rate dropped from 13.78 percent to 13.55 percent upon the deletion of some cards from the survey. Some issuers are now offering only their platinum cards for direct application, but that doesn't mean the cardholder will get the platinum card. If the cardholder is not approved for the platinum, they might then be offered the standard card even if they did not -- or could not -- apply directly for that card.