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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 29, 2009.

Interest Rate Roundup
Auto loans
Rates: 6.96 percent (60-month, new car); 7.82 percent (36-month, used car)

Car loan rates fell for the third week in a row, further sweetening deals for those taking advantage of the government's new "cash for clunkers" program, which officially kicked off Monday.

The 48-month and 60-month new-car loans each fell 2 basis points, to 6.97 percent and 6.96 percent, respectively. Meanwhile, the average rate for a 36-month used-car loan held steady at 7.82 percent.

Already, 16,351 cars and light trucks had been sold under the CARS Act ("cash for clunkers"), says Eric Bolton, a spokesman for the National Highway Traffic Safety Administration. Those vehicles accounted for just over $68 million of the $1 billion authorized by Congress, he says.

That's good news for dealerships hard-hit by the prolonged slump in the U.S. new-car market. A spokesman for the National Automobile Dealers Association says that dealers have reported increased showroom traffic and a boost in sales since the program went into effect.

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

-- Claes Bell

Bankrate.com's corrections policy
-- Posted: July 30, 2009
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Compare Rates
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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