Mortgages
Rate: 6.41 percent (30-year fixed) Average Points: 0.42
Mortgage rates rose once again this week, with one notable exception.
The average 30-year fixed-rate increased 9 basis points, to 6.41 percent. A basis point is one-hundredth of a percentage point. It is the third straight week that mortgage rates have increased.
The average 15-year fixed -- a popular option for refinancing -- moved up 3 basis points, to 6.14 percent. The average jumbo 30-year fixed rose 7 basis points, to 7.65 percent.
Meanwhile, the one-year adjustable-rate mortgage broke the trend by falling 29 basis points, to 6.04 percent. The popular 5/1 ARM increased 11 basis points, to 6.49 percent.
Mortgage activity was down sharply for the second straight week, according to the Mortgage Bankers Association.
For the week ending Sept. 26, mortgage activity declined by a seasonally adjusted 23 percent. Refinancing activity plunged 34.7 percent, while applications for new purchases fell 10.9 percent.
-- Chris Kissell
CDs
Yields: 2.47 percent (1-year CD yield); 3.51 percent (5-year CD yield)
CD yields are getting a small boost this week -- one bright spot, perhaps, amidst the carnage of the financial world. The average yield for one-year CDs now stands at 2.47 percent, up 2 basis points from last week. The five-year average is up 3 basis points to 3.51 percent.
It's the same story on the jumbo side, with both the one-year and the five-year yields rising 3 basis points to 2.68 percent and 3.71 percent, respectively.
This remains a very tough market with sluggish yields that simply aren't keeping up with inflation. But, in times like these, as Will Rogers said, it's more about the return of your money versus the return on your money.
The average yield on money market accounts remains at 0.70 percent for the fifth week.
As always, you should shop for the best yields in CDs and money markets.
-- Laura Bruce
Auto loans
Rates: 7.1 percent (60-month, new car); 7.8 percent (36-month, used car)
The 60-month new car loan rate ticked up 1 basis point to 7.1 percent in this week's interest rate survey, as did the 36-month new car loan rate, now 6.97 percent. The 48-month new car loan rate remains 7.04 percent.
Also gaining 1 basis point, the 36-month and 48-month used car loan rates are now 7.8 percent and 7.82 percent respectively.
More applications for auto loans are being declined this year over last year and even prime shoppers are running into trouble getting financed, CNW Research has found.
Nationally, the loan approval rating for subprime borrowers has been hit the hardest by the credit crunch, with only 23 percent of applications being approved in the first nine months of this year, compared to 67 percent for the same period of time in 2007, Suprimenews.com reported last week.
-- Sheyna Steiner
Home equity products
Rates: 5.83 percent (line of credit); 8.08 percent (loan)
Rates on home equity products continued to move higher this week.
The average home equity line of credit rose 4 basis points, to 5.83 percent. Rates haven't been this high since March 19.
Home equity loan rates increased by 3 basis points, to 8.08 percent. Rates have been rising steadily for months and are now at their highest level since Oct. 17, 2007.
-- Chris Kissell
Credit Cards
Rates: 13.42 percent (standard fixed); 11.57 percent (standard variable)
For the first time since March, the average APR for fixed-rate credit cards tracked by Bankrate hit 12 percent, jumping 12 basis points from 11.88 percent. For variable-rate cards, the average dipped 1 basis point to 11.31 percent.
For standard cards, the average fixed-rate stood at 13.42 percent and the variable-rate at 11.57 percent.
We want to know whether the credit crunch has started to affect Bankrate readers with strong credit histories. Write to plastic_rap@bankrate.com if you've seen your interest rate rise or credit limit reduced despite having a fantastic credit score and no recent late payments or sharp debt increases.
-- Leslie McFadden