| |
| 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 Nov. 16, 2005. |
| | |
..............................................................
|
Mortgages
Rate:
6.42 percent (30-year fixed) Average Points: 0.35 
Mortgage rates finally paused for a breath following a nine-week run-up. The average
30-year, fixed rate mortgage remained at 6.42 percent, and the 15-year fixed is
just a shade under 6 percent at 5.99 percent. The average jumbo 30-year, fixed-rate
mortgage nudged higher from 6.6 percent to 6.61 percent. Adjustable-rate mortgages
were mixed, with the average 5/1 ARM dipping from 5.94 percent to 5.93 percent,
while the average one-year ARM increased from 5.44 percent to 5.5 percent. While
concerns about inflation have been pushing mortgage rates higher over the past
two months, those concerns eased somewhat this week. With oil prices easing from
$70 per barrel to $60 per barrel, the Producer Price Index and Consumer Price
Index showed only moderate increases compared to last month's jump higher. News
of moderate inflation was countered by stronger than expected retail sales, which
underscores the Fed's case for additional interest rate hikes and left mortgage
rates largely unchanged. | | ..............................................................
| Home
equity products Rates: 7.05 percent (line
of credit); 7.34 percent (loan)
Home equity rates ticked higher, with both home equity lines of credit and home
equity loans posting increases. The average rate for a fixed-rate home equity
loan increased for the third straight week, to 7.34 percent. The average HELOC
rate, which customarily rises as the Federal Reserve pushes benchmark interest
rates higher, did not disappoint, rising to 7.05 percent. This is the highest
since July 2001 and puts the spread between home equity loans and lines of credit
at the narrowest point since Bankrate.com began surveying home equity loans in
1997. Bankrate.com began surveying HELOCs in 1992. |
| ..............................................................
| |
|
|
..............................................................
|
Auto
loans
Rates: 8.08 percent (48-month,
new-car); 8.82 percent (36-month, used-car)
The average used-car loan rate reversed last week's move,
dipping 1 basis point to 8.82 percent. A basis point is one-hundredth
of 1 percentage point. New-car loan rates are idling, with
the average four-year new car loan rate at 8.08 percent for
the third consecutive week. The average three-year and five-year,
new-car loan rates are 8.05 percent and 8.11 percent, respectively,
also for the third straight week. Watching the lack of movement
on auto loan rates is reminiscent of watching paint dry, but
the exciting aspect for borrowers is that monthly payments
aren't much higher than last year.
|
|
..............................................................
|
Certificates
of deposit
Yields: 3.19
percent (one-year CD yield); 3.8 percent (five-year CD yield)
Yields on long-term CDs have been buoyed by inflation concerns
in recent weeks, with the average five-year CD yield returning
to the 3.8-percent mark for the first time since the end of
August. That momentum might wind down in coming weeks amid
more moderate inflation readings. But short-term CD yields
are poised to keep chugging higher just as surely as the Fed
will continue raising short-term interest rates. The average
one-year CD yield increased to 3.19 percent, the highest since
September 2001. The gap between yields on shorter maturities
such as the one year, and longer maturities such as the five
year, is narrowing fast and provides little incentive for
investing in multi-year maturities in a rising rate environment.
|
|
..............................................................
|
Credit
cards
Rates: 12.97 percent (standard fixed);
13.29 percent (standard variable)
The average standard variable rate notched higher from 13.27
percent to 13.29 percent, while the average standard fixed rate
held at 12.97 percent. One of the mantras about credit cards
that we repeatedly preach here at Bankrate.com is the following:
"A fixed rate credit card is not truly a fixed rate."
For evidence, look no further than Capital One's platinum card
that was formerly a 5.9 percent fixed rate offer. This offer
is now a 6.25 percent variable rate card. While the rate is
still extremely attractive, particularly in an environment where
the prime rate is 7 percent, the rate is subject to further
increases in the coming months. This card is part of a growing
universe of cards pegged not to the prime rate but to the three-month
LIBOR. This offers cardholders no immunity from higher interest
rates, and that could be a shock to someone who thought the
rate would permanently reside at 5.9 percent. Owing to this
change, the average rate for all classes of fixed rate cards
climbed from 11.38 percent to 11.51 percent, and the overall
average for variable rate cards dipped from 12.56 percent to
12.49 percent. |
| |
|
| |
|
| |
|
| |
|
|
|
|
|
TOP STORIES |
|
|
| |
|
|
 |
Checking and Savings
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
|
|
|
SAVE YOUR HOME
Struggling to pay your mortgage? Read this.
|
|
|
