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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's weekly national survey of large banks and thrifts conducted Sept. 6, 2006.
Rate: 6.45 percent (30-year fixed) Average Points: 0.33
Long-term mortgage rates fell for the eighth time in 10 weeks, but the decline was small, reflecting the week's less-than-stellar economic news. Rates on adjustable-rate mortgages went up. The biggest economic report of the last week concerned employment in August. Nonfarm payrolls grew by 128,000 in August, almost exactly as economists had forecast. The average workweek shortened slightly, and average weekly wages fell, too. Such news heralds less upward pressure on interest rates. The average 30-year fixed rate fell to 6.45 percent from 6.49 percent. The average 15-year fixed, which is a popular option for refinancing, fell 6 basis points, to 6.14 percent. A basis point is one-hundredth of a percentage point. On bigger loans, the average jumbo 30-year fixed fell to 6.72 percent from 6.73 percent. Adjustable-rate mortgages went in the other direction, by tiny increments. The popular 5/1 ARM rose 2 basis points, to 6.24 percent, and the one-year ARM rose a solitary basis point, to 5.99 percent.
Home equity products
Rates: 8.21 percent (line of credit); 7.91 percent (loan)
Home equity products almost stood still, for the second week in a row. The average home equity line of credit was unchanged, at 8.21 percent. Most HELOCs are indexed to the prime rate, which is 8.25 percent. Fixed-rate home equity loans fell 1 basis point, to 7.91 percent.
Auto loans
Rates: 7.94 percent (60-month, new car); 8.83 percent (36-month, used car)

The average interest rate on all car-loan types except the 36-month, new-car rate remained the same this week. The average interest rate on a 60-month, new-car loan stays at 7.94 percent, and the average interest rate on the 36-month, used-car loan sits at 8.83 percent. The rate on a 36-month, new-car loan rose to 7.83 percent from 7.82 percent last week, while the 48-month, new-car loan remains at 7.88 percent. The August auto sales figures were released this week, and Ford managed to outsell Toyota, thanks to the record number of sales for its midsized cars. In July, Toyota outsold Ford for the month, for the first time, and its sales remain strong: Toyota had its best-ever August, selling 240,178 vehicles.
Certificates of deposit
Yields: 3.89 percent (1-year CD yield); 4.18 percent (5-year CD yield)

Certificate of deposit buyers took a hit last week as average yields dropped. The average yield for five-year CDs ticked down just 1 basis point to 4.18 percent, but the average yields for six-month and one-year CDs shed 5 basis points and 4 basis points respectively, coming in at 3.61 percent and 3.89 percent. The six-month jumbo CD stands at 4.06 percent, down 6 basis points from last week. The five-year jumbo, at 4.41 percent, fared better, losing only 1 basis point. But the one-year jumbo broke the week's mold and spiked up 5 basis points to an average yield of 4.32 percent.'s corrections policy
-- Posted: Sept. 6, 2006
Experts predict where rates are headed
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Graph rates for the past three months
Winners and losers: Certificates of deposit
Winner or loser: Mortgage shopper
Winner or loser: Home equity loans

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