[In 2002, rates on both types of cards are nearly certain to rise. Even fixed-rate cards are no shelter.] The jockeying around to find a low-rate card is really only half the equation, ... The real thing to do is pay down debt.

Most economists use 'fixed' and 'pegged' as interchangeable or nearly interchangeable terms for exchange rates.

Sometimes that difference between short-term rates and long-term rates expands and sometimes it narrows. That difference has narrowed in the last two years, which hampers banks' ability to profit from the difference.

So far this year, fixed-rate mortgage rates have risen only slightly. Long-term mortgage rates are only marginally higher than they were two months ago.

It doesn't look like a rate cut is in the cards.

Freddie Mac's own economic forecast calls for a mild and gradual increase in 30-year fixed-rate mortgage rates to about 6 percent by the end of the year. Low mortgage rates will sustain a brisk housing market, leading to record home sales and single-family construction this year.