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 Sept. 6, 2006.
Mortgages 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.
Credit
cards Rates: 13.08 percent (standard fixed);
14.75 percent (standard variable) Rates are holding steady for all
kinds of credit cards this week with no changes to the rates.
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. Credit card industry surveys show that
monthly payment rates -- the amount people pay on their debt
-- remain strong. Through July, the rate is at 20.36 percent.
