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Interest Rate Roundup
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 June 21, 2006.
Mortgages
Rate: 6.83 percent (30-year fixed) Average points: 0.33
Mortgage rates rose across the board this week, some fairly significantly. The average 30-year fixed-rate mortgage jumped to 6.83 percent from last week's 6.71 percent. The average 15-year fixed-rate mortgage came in at 6.45 percent this week, up 9 basis points. And the average jumbo 30-year fixed-rate mortgage, used for larger loans, is at 7 percent, an increase of 12 basis points. On the adjustable side, the average 5/1 adjustable-rate mortgage stands at 6.49 percent, up a whopping 18 basis points from last week's 6.31 percent. And the average one-year ARM rose 6 basis points to 6 percent.
Home equity products
Rates: 8.09 percent (line of credit); 7.78 percent (loan)
Rates on home equity products barely budged this week. The average home equity line of credit stood still at 8.09 percent, while the average home equity loan dropped 1 basis point to 7.78 percent. Don't count on these numbers to continue stagnating. The consensus is that the Fed will raise rates at least one more time, and that means rates on home equity products will likely rise.
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Auto loans
Rates: 8.13 percent (60-month, new car); 8.88 percent (36-month, used car)

After uncharacteristically rising last week, auto loans went back to their old ways and stayed even for this week. The average five-year, new-car loan rate remained at 8.13 percent, the average four-year new-car loan rate hung in at 8.08 percent and the three-year came in at 8.03 percent, same as last week. The same is true for the used-car side of the street. The average three-year loan rate is 8.88 percent, just where we left it last week.

Certificates of deposit
Yields: 3.73 percent (1-year CD yield); 4.08 percent (5-year CD yield)
What goes up must come down -- but probably not for long. CD yields are taking a breather this week. With another Fed rate hike on the way, we can certainly expect one-year CDs to climb a bit further, but this week the average one-year CD yield dropped to 3.73 percent from last week's 3.79 percent. The average yield on a five-year CD fell 7 basis points to 4.08 percent. Economic news has been seesawing with some reports indicating the economy is slowing, while other reports show inflation picking up. This will add volatility to the CD market, but the general upward trend should continue for the time being.
Bankrate.com's corrections policy
-- Posted: June 23, 2006
 
 
 
 RESOURCES
Experts predict where rates are headed
Fed Outlook blog
Graph rates for the past three months
 TOP SAVINGS STORIES
Winners and losers: Certificates of deposit
Winner or loser: Mortgage shopper
Winner or loser: Home equity loans
 


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