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| 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 Aug. 29, 2006. |
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Mortgages
Rate: 6.49 percent (30-year fixed) Average
points: 0.36
Mortgage rates rose a tiny amount after
falling five weeks in a row. Rates didn't move much because
there has been little economic news of note in the past two
weeks. That is set to change later in the week, with the second-quarter
GDP report coming Wednesday and the August employment report
arriving Friday. The bond markets will scrutinize the employment
report for signs that the economy is weakening or that it
is unexpectedly strong. The average 30-year fixed rate rose
to 6.49 percent from 6.48 percent. The average 15-year fixed,
which is a popular option for refinancing, rose 1 basis point,
to 6.2 percent. A basis point is one-hundredth of a percentage
point. On bigger loans, the average jumbo 30-year fell to
6.73 percent from 6.74 percent. Adjustable-rate mortgages
fell. The popular 5/1 ARM dropped 2 basis points to 6.22,
while the one-year ARM slipped 2 basis points to 5.98 percent.
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| Home equity products
Rates: 8.21 percent (line of credit);
7.92 percent (loan)
Home equity products were unchanged -- the legacy of the paucity
of economic news during the week. The average home equity
line of credit remained 8.21 percent, just 4 basis points
shy of the prime rate. Most HELOCs are indexed to the prime
rate. Fixed-rate home equity stayed at 7.92.
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Auto
loans
Rates: 7.94 percent (60-month, new car); 8.83 percent (36-month,
used car)
The average interest rate on 60-month new-car loans revved
up a bit this week, increasing 1 basis point to 7.94 percent
from 7.93 percent. The average interest rate on the 36-month
used-car loan had the same increase, to 8.83 percent from
8.82 percent last week. The rate on a 36-month new-car loan
remained at 7.82 percent and at 7.88 percent for a 48-month
new-car loan. Monthly automobile sales figures are due next
Tuesday, so consumers may find some good deals in the weeks
to come.
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| Certificates
of deposit
Yields: 3.85 percent (1-year CD yield);
4.19 percent (5-year CD yield)
The CD yield curve continues to flatten as yields on the long
end shed basis points. The average yield for five-year CDs
dropped to 4.19 percent, down 9 basis points from the prior
week. Meanwhile the average yields for shorter maturities
either held steady or rose slightly. The three-month CD and
the six-month crept up 1 basis point to 2.89 percent and 3.66
percent, respectively. The average yield for the one-year
CD stayed flat at 3.85 percent. The trend on the jumbo side
is the same, with the five-year losing 10 basis points, coming
in at 4.42 percent. The three-month jumbo yield is 3.42 percent,
same as last week. The six-month jumbo rose a basis point
to 4.12 percent, and the one-year jumbo held steady at 4.27
percent.
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Credit
cards
Rates: 13.08 percent (standard fixed); 14.75 percent (standard
variable)
Perhaps reflecting the Fed's decision not to hike the funds
rate two weeks ago, the average interest rates on all credit
cards didn't change this week. The average rate on the standard
variable credit card is at 14.75 percent, and the average rate
for a fixed-rate card is 13.08 percent. For all cards (standard,
gold and platinum), the fixed-rate card averages 11.74 percent
and the variable rate is 14.09 percent. According to the Federal
Reserve Bank, American consumers' revolving debt increased in
June to $2.186 trillion, up from $2.175 trillion in May. |
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