National Mortgage Rates for Dec. 20, 2012

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Published December 21, 2012

| Bankrate.com

Mortgages

   3.62% (30-year fixed)
   0.31 (average points)

Mortgage rates jumped this week as investors bet Congress is close to an agreement to avert the "fiscal cliff."

The 30-year fixed-rate mortgage rose 10 basis points to 3.62%. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage rose 4 basis points to 2.89%. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, rose 9 basis points to 4.07%.

The 5/1 adjustable-rate mortgage rose 4 basis points to 2.78%. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

The volume of mortgage applications decreased 12.3% last week compared to one week earlier, according to the Mortgage Bankers Association.

CDs

   0.28% (1-year CD yields)
   0.91% (5-year CD yields)

Once again, rates on certificates of deposit were mostly unchanged in the weekly rate survey.

The average one-year CD yield did slip 1 basis point to 0.28%. A basis point is one-hundredth of 1 percentage point. All other maturities are the same as last week. The average five-year yield is unchanged at 0.91% for the second week.

For deposits of $100,000, the average one-year jumbo CD yield is unchanged at 0.31%. The five-year jumbo yield also stayed put at 0.92%.

The average money market account yield is 0.11% for the ninth straight week.

Auto Loans

   4.17% (60-month, new car)
   4.89% (36-month, used car)

Auto loan rates took their first big dip in weeks, falling to new record lows in Bankrate's weekly survey.

The average rate for a 48-month new-car loan fell 6 basis points to 4.09% while the 60-month new-car average fell 7 points to 4.17%. A basis point is one-hundredth of 1 percentage point.

Used-car loan rates also took a dive, with the average rate for a 36-month used-car loan falling 5 basis points to 4.89%.

Auto loan delinquency rates will remain near record-low levels in 2013, according to a forecast by credit bureau TransUnion. Currently, only 0.36% of auto loans are more than 60 days late, and that number is expected to rise only slightly to 0.37% by the end of 2013. The fall in auto loan delinquencies has persisted even as more borrowers with checkered credit histories have been able to obtain car loans, according to the report.

Home Equity

   5.02% (line of credit)
   6.08% (loan)

Rates on loans backed by home equity were unchanged in Bankrate's weekly survey.

The typical home equity loan rate was 6.08%, the same as last week.

The typical rate for a home equity line of credit, or HELOC, stayed at 5.02%.

Credit Cards

   14.02% (all fixed)
   14.59% (all variable)

The average annual percentage rate for variable-rate credit cards edged up 1 basis point to 14.59% from 14.58%, according to Bankrate's latest survey of interest rates. A basis point is one-hundredth of 1 percentage point. The average APR for fixed-rate credit cards stayed steady at 14.02% for the ninth straight week.

The Consumer Financial Protection Bureau said Wednesday that it is asking for public comment on how the Credit Card Accountability, Responsibility and Disclosure Act of 2009 has affected consumers and the credit card industry. The agency is specifically seeking information on the terms of credit cards and practices by issuers, the effect of protections against unfair or deceptive practices, changes in cost or availability of credit, and the use of risk-based pricing.

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