Mortgages
Rate: 6.44 percent (30-year fixed) Average Points: 0.35Volatility remains the name of the game for mortgage rates, which plunged this week.
The average 30-year fixed-rate dropped 33 basis points, to 6.44 percent. A basis point is one-hundredth of a percentage point.
Since Oct. 1, mortgage rates have moved at least 20 basis points each week. During that time, they've remained in a pattern of falling sharply one week before rising dramatically the next.
The average 15-year fixed -- a popular option for refinancing -- plummeted 25 basis points, to 6.21 percent. The average jumbo 30-year fixed skidded 19 basis points, to 7.76 percent.
The one-year adjustable-rate mortgage slid 24 basis points, to 5.85 percent. The popular 5/1 ARM fell 21 basis points, to 6.46 percent.
Mortgage activity slipped for the week ending Oct. 31, according to the Mortgage Bankers Association.
Mortgage activity fell a seasonally adjusted 20.3 percent from one week earlier. Refinancing activity fell 27.8 percent, while applications for new purchase slid 13.9 percent.
In other housing news, JPMorgan Chase announced plans to modify up to $70 billion in mortgage loans to help prevent 400,000 homeowners from falling into foreclosure. The new effort builds on $40 billion in earlier loan modifications by JPMorgan.
Other lenders -- including Citigroup and Bank of America -- also have implemented loan modification programs designed to help at-risk homeowners remain in their homes.
In recent days, there has been speculation that the federal government may guarantee mortgages in an attempt to prevent a wave of new foreclosures.
The Federal Deposit Insurance Corp. and the Treasury Department are said to be working on a plan to use up to $50 billion from the recent bailout package to shore up millions of at-risk mortgages.
However, the plan is controversial and is reported to be just one option among several currently under review.
-- Chris Kissell
CDs
Yields: 2.65 percent (1-year CD yield); 3.45 percent (5-year CD yield)CD yields continue to be whittled away thanks to rate cuts by the Fed and the overall flight to safety. The average yield for a one-year CD lost 3 basis points this week and now stands at 2.65 percent. Nevertheless, it's a considerably better deal than the one-year Treasury at 1.28 percent even when you calculate for the exemption on state and local taxes. The five-year CD average yield is unchanged at 3.45 percent.
On the jumbo side, the one-year average came in at 2.84 percent after dropping 3 basis points; while the five-year average rose 1 basis point to 3.54 percent.
If you'd like 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 remain unchanged at an average of 0.75 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
7.21 percent (60-month, new car); 7.89 percent (36-month, used car)This week's rate survey reflected a couple of infinitesimal changes in auto loan interest rates. The 60-month new-car loan rate dropped 1 basis point to 7.21 percent. Also falling 1 basis point, the 36-month used-car loan is now 7.89 percent.
All other loan terms held tight to their positions from last week. The 48-month new-car loan rate is 7.18 percent and the 36-month new-car loan rate is 7.13 percent.
The 48-month used-car loan rate is 7.93 percent.
Car sales are the lowest they've been in 25 years, FinancialTimes.com reported on Monday. Mike DiGiovanni, a General Motors sales analyst, is quoted as saying, "This is clearly a severe, severe recession in the U.S. auto industry. We're much more concerned than we were a month ago."
Autodata reports that total light-vehicle sales for the month of October were down 32 percent from the same time last year.
-- Sheyna Steiner
Home equity products
Rates: 5.17 percent (line of credit); 7.99 percent (loan)Rates on home equity products were split this week, with the average home equity line of credit falling to its lowest level since November 2004.
The average HELOC plunged 32 basis points, to 5.17 percent. Rates are falling as a result of recent decisions by the Federal Reserve to cut the target federal funds rate.
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.
Meanwhile, home equity loan rates rose for the third straight week, increasing 4 basis points, to 7.99 percent. Loan rates are not directly tied to Federal Reserve rate decisions.
-- Chris Kissell
Credit Cards
13.42 percent (standard fixed); 11.61 percent (standard variable)Variable-rate credit cards yet again presented lower APRs than their fixed-rate counterparts. The average variable interest rate dropped to 11.30 percent, down 3 basis points from last week. Fixed-rate cards offered an average APR of 12 percent.
On standard cards, the average fixed-rate stood at 13.42 percent, but the variable rate fell 7 basis points to 11.61 percent.
The Federal Reserve's latest quarterly survey of senior loan officers indicated widespread credit-limit reductions that affected even people with high credit scores. About 20 percent of domestic banks reported they had lowered the credit limits of prime cardholders, and around 60 percent had slashed lines for nonprime borrowers. They pointed to weak economic conditions, a smaller appetite for risk, lower credit scores and missed payments as justification.
Nearly 50 percent of U.S. banks increased the minimum credit scores needed for new accounts and approximately 60 percent approved fewer applications that didn't satisfy the credit scoring requirement.
-- Leslie McFadden