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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 Dec. 27, 2006. | |
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Mortgages
Rate: 6.23 percent (30-year fixed) Average points: 0.25
Mortgage rates rose for the third week in a row, but by a
small amount. It was a quiet week on the bond market and in terms of economic
reports. The biggest economic report concerned new home sales in November. The
sales pace was slightly stronger than expected, and the inventory of unsold new
homes fell. That boosted bond yields a small amount -- about the same amount as
the week's mortgage rate rise. The average 30-year fixed rate rose to 6.23 percent
from 6.2 percent. The average 15-year fixed, which is a popular option for refinancing,
rose 1 basis point, to 5.96 percent. A basis point is one-hundredth of a percentage
point. Bigger loans were the exception; the average jumbo 30-year fixed fell 1
basis point, to 6.44 percent. Adjustable-rate mortgages went up by small amounts.
The popular 5/1 ARM rose 2 basis points, to 6.11 percent, and the one-year ARM
rose by 2 basis points, to 5.93 percent. | |
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| Home
equity products Rates: 8.21 percent (line
of credit); 7.94 percent (loan)
Home equity products
remained the same. The average home equity line of credit stayed at 8.21 percent,
just 4 basis points shy of the prime rate. Most HELOCs are indexed to the prime
rate. Fixed-rate home equity loans remained at 7.94 percent. |
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| Auto
loans
Rates: 7.8 percent (60-month, new car);
8.72 percent (36-month, used car)
All kinds of businesses
more or less come to a stop during the holidays, and the car loan business is
one of them. There are no changes this week to the average interest rates on any
of the car loans Bankrate covers. The average 60-month new-car loan is 7.8 percent,
the 48-month loan is at 7.76 percent and the 36-month at 7.71 percent. The 36-month
used-car rate remains at 8.72 percent. | |
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| Certificates
of deposit
Yields: 3.78 percent (1-year CD yield); 4.08 percent (5-year CD yield)
It was a quiet week for CDs with average yields barely budging, according to the
latest Bankrate survey. The one-year CD dropped 1 basis point to come in at 3.78
percent, while the six-month and five-year average yields remained the same; 3.54
percent and 4.08 percent, respectively. The three jumbos we track for this report
each shed 1 basis point, putting the average yield at 4.06 percent for the six-month,
4.23 percent for the one-year and 4.32 percent for the five-year. |
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| Credit
cards
Rates: 13.16 percent (standard fixed);
14.79 percent (standard variable)
Credit card interest
rates haven't budged since before Thanksgiving, so it may be a good time to consider
retiring one of your higher-interest cards for a new rate. The standard variable
card remains at 14.79 percent and the standard fixed card is 13.16 percent. For
all cards -- standard, gold and platinum -- the fixed rate remains 11.79 percent
and the variable rate 13.94 percent. | | |
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