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Interest Rate Roundup   July 30 - Aug. 5
  Each week, Bankrate takes a look at the state of interest rates on five banking
  products from Bankrate.com's weekly national survey of large banks and thrifts. 
 
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 July 22, 2009.

Interest Rate Roundup
Auto loans
Rates: 6.98 percent (60-month, new car); 7.82 percent (36-month, used car)

Rates for car loans continued to slide in this week's interest rate survey. All new-car loan terms surveyed fell 1 basis point from last week. That puts the 60-month, new-car loan rate at 6.98 percent, the 48-month loan rate is 6.99 percent and the 36-month loan rate is 6.87 percent.

In used-car loans, the 36-month loan rate lost 1 basis point to 7.82 percent and the 48-month, used-car loan rate has not budged from last week's rate of 7.96 percent.

Americans are waiting longer to trade in their used cars these days. That's what Edmunds.com reported, by way of the Up To Speed blog, in The Los Angeles Times. Vehicles traded in to dealers have been driven an average of 65,883 miles. That's up almost 9,000 miles from the January 2008 average of 57,079.

Let's hope that means a pent-up demand for new cars is coming soon to dealerships.

To find updated auto rates in your area, visit Bankrate's auto rate table.

-- Sheyna Steiner

Bankrate.com's corrections policy
-- Posted: July 23, 2009
 
 
 
 RESOURCES
Experts predict where rates are headed
Fed Outlook blog
Graph rates for the past three months
 TOP PERSONAL FINANCE STORIES
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TABLE OF CONTENTS
 
 
 
 
Compare Rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.45%
48 month new car loan 3.77%
1 yr CD 0.89%
Rates may include points
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