Mortgages
Rate: 6.39 percent (30-year fixed) Average Points: 0.39Mortgage rates fell for the second straight week.
The average 30-year fixed-rate declined 5 basis points, to 6.39 percent. A basis point is one-hundredth of a percentage point.
The average 15-year fixed -- a popular option for refinancing -- fell 13 basis points, to 6.08 percent. The average jumbo 30-year fixed dropped 6 basis points, to 7.7 percent.
The one-year adjustable-rate mortgage rose 9 basis points, to 5.94 percent. The popular 5/1 ARM slipped 4 basis points, to 6.42 percent.
The Mortgage Bankers Association survey of mortgage activity was delayed because of the Veterans Day holiday.
However, the MBA did released statistics showing that borrowers who took out mortgages in the first six months of 2008 were increasingly likely to choose fixed-rate products over adjustable-rate mortgages.
Meanwhile, the government share of mortgage originations nearly doubled to 11.8 percent during the first half of 2008 when compared to the second half of 2007.
-- Chris Kissell
CDs
Yields: 2.61 percent (1-year CD yield); 3.43 percent (5-year CD yield)The gradual upward trend in CD yields that started in early April appears to have reversed course. We now have five consecutive weeks of downward moves across most maturities. It's not surprising, given the stunning condition of the financial markets. If the news continues to grow gloomier with each passing day, CD buyers should be prepared to see further weakness. To paraphrase Will Rogers, you may not see much return on your principal but at least your principal will be returned.
The one-year CD yield, as surveyed by Bankrate.com, now averages 2.61 percent after dropping 4 basis points this week. The five-year average yield lost 2 basis points to come in at 3.43 percent.
Don't expect to be treated much better if you deposit $100,000. The one-year average yield is 2.73 percent, down 11 basis points. This is likely due to Bank of America and Citibank cutting their yields on these products anywhere from one-quarter to one-half percent.
The five-year jumbo fared better this week dropping just 2 basis points to come in at 3.52 percent.
Want a better deal for your money? Try Bankrate's high-yield CDs, where you'll find many one-year CD with yields of 4 percent or better.
Money market account yields lost 1 basis point and now average 0.74 percent.
There are plenty of banks offering much better yields on FDIC-insured money market accounts. You'll find them in Bankrate's high-yield money market database.
-- Laura Bruce
Auto loans
Rates: 7.22 percent (60-month, new car); 7.9 percent (36-month, used car)Interest rates continue to creep up on auto loans. All loan terms, new and used, gained 1 basis point this week. The 60-month new-car loan rate is 7.22 percent, the 48-month new-car loan rate is 7.19 percent and the 36-month new-car loan rate is 7.14 percent.
In used-car loans, the 36-month loan rate is 7.9 percent and the 48-month loan rate is 7.94 percent.
On Tuesday, the Associated Press reported that President-elect Barack Obama had spoken to President George W. Bush on the necessity of bailing out Detroit automakers as soon as possible.
Sharing his sentiment, House speaker Nancy Pelosi (D-Calif.) announced that the House of Representatives will meet next week to vote on a plan designed to rescue the American car companies, Chrysler, Ford and General Motors, The Washington Post reported Wednesday.
On Tuesday, Morgan Housel opined on the Web site, The Motley Fool, as to "Why We Shouldn't Bail Out Detroit."
-- Sheyna Steiner
Home equity products
Rates: 5.12 percent (line of credit); 8.04 percent (loan)Rates on home equity products were split this week.
The average home equity line of credit fell 5 basis points, to 5.12 percent.
Most home equity lines of credit are indexed to the prime rate, a common benchmark for consumer and business loans set by banks. The prime rate moves in lockstep with the federal funds rate.
Last month, the Federal Reserve cut the federal funds rate twice, which in turn has sent HELOC rates lower.
Meanwhile, home equity loan rates went up for the fourth straight week, rising 5 basis points, to 8.04 percent. Loan rates are not directly tied to Federal Reserve rate decisions.
-- Chris Kissell
Credit Cards
Rates: 13.42 percent (standard fixed); 11.58 percent (standard variable)The average APR offered on variable-rate credit cards continued to decline. For all variable-rate cards, the average purchase rate inched down 3 basis points to 11.27 percent. Standard card, variable-rate cards slid to 11.58 percent, from 11.61 percent last week.
For the seventh week in a row, the interest rate for all fixed-rate cards remained at 12 percent. Standard-fixed cards have hibernated at 13.42 percent for more than a year.
By the end of 2008, consumers will have received 1 billion fewer credit card solicitations than in 2007, according to projections from Mail Monitor, a credit card acquisition tracking service from market research firm Synovate. The company predicts that mailed credit card offers will total 4.2 billion for 2008, a decrease of 20 percent from the 5.2 billion offers sent last year. Households earning less than $50,000 annually should see 700,000 fewer solicitations.
-- Leslie McFadden