National Mortgage Rates for July 5, 2012


3.87% (30-year fixed)    0.43 (average points)

Mortgage rates dropped to record lows this week, despite recent efforts to ease the euro crisis and boost investors' confidence.

The 30-year fixed-rate mortgage fell 2 basis points to 3.87%. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed-rate mortgage fell 3 basis points to 3.13%. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 1 basis point to 4.47%.

The 5/1 adjustable-rate mortgage fell 6 basis points to 2.96%. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.


0.32% (1-year CD yields)    1.1% (5-year CD yields)

Rates on certificates of deposit were unchanged in this week's survey.

For the fifth week, the average one-year CD yield is 0.32%. The average five-year yield remains at 1.1%.

For deposits of $100,000, the average one-year jumbo CD yield is 0.34%. The average five-year jumbo CD yield is 1.12%.

The average money market account yield dropped 1 basis point to 0.12%. A basis point is one-hundredth of 1 percentage point.

Auto Loans

4.46% (60-month, new car)    5.11% (36-month, used car)

Auto loan rates moved down in this week's rate survey.

The average 60-month new-car loan rate dropped 2 basis points to 4.46%. The 48-month new-car rate is down 1 basis point to 4.31%.

For used cars, the average 36-month loan rate fell 1 basis point to 5.11%. A basis point is one-hundredth of 1 percentage point.

Millions of people fantasize about snoozing or reading on their commute while their car does all the work. That dream was one step closer to reality Monday in California, where the state Assembly pushed forward a bill that would establish rules for driverless cars, the website reported Tuesday.

Florida and Nevada already have passed laws legalizing the testing of driverless cars.

Home Equity

5.14% (line of credit)    6.4% (loan)

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

The typical home equity loan inched down 2 basis points to 6.4%. A basis point is one-hundredth of 1 percentage point. The typical home equity line of credit, or HELOC, fell 3 basis points to 5.14.

Credit Cards

13.81% (all fixed)    14.5% (all variable)

The average annual percentage rate, or APR, for variable-rate credit cards rose 4 basis points this week to 14.5% from 14.46% after one issuer increased the high end of its interest-rate range, according to Bankrate's latest survey of interest rates. A basis point is one-hundredth of 1 percentage point.

The fixed APR remained steady at 13.81%, where it has been since the first week of March.

Credit card holders are paying down their outstanding balances at the fastest rate on record, according to the latest Fitch Ratings index, which started in 1991. Additionally, card delinquencies hit their second-lowest level in 18 years in June's reading, which measures credit card performance through the end of May. The percentage of credit card accounts that were deemed uncollectible also declined after increasing the previous month.