Bankrate: Mortgage Rates in a Holding Pattern

NEW YORK, July 30 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage
rate nosed higher to 5.56 percent this week, according to Bankrate.com's
weekly national survey. The average 30-year fixed mortgage has an average of
0.44 discount and origination points.

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The average 15-year fixed rate mortgage inched lower to 4.88 percent, while
the average jumbo 30-year fixed rate climbed to 6.62 percent. Adjustable rate
mortgages continue to post mixed results, with the average 1-year ARM sinking
to 5.08 percent and the 5-year ARM rising to 4.95 percent.

Mortgage rates remain range-bound as investors sort out uncertainty about the
economy, corporate earnings, and the future path of interest rates. With the
Treasury issuing large blocks of debt, investors are now seeking clarification
on whether the Federal Reserve will extend the program of government debt
buybacks to keep a lid on long-term interest rates including fixed mortgage
rates. In the meantime, a big move in mortgage rates - either up or down -
seems unlikely.

Mortgage rates remain much lower than one year ago. This time last year, the
average 30-year fixed mortgage rate was 6.7 percent, meaning a $200,000 loan
would have carried a monthly payment of $1,290.56. With the average rate now
5.56 percent, the monthly payment for the same size loan would be $1,143.12, a
savings of $147 per month for a homeowner refinancing now.
SURVEY RESULTS
30-year fixed: 5.56% -- up from 5.55% last week (avg. points: 0.44)
15-year fixed: 4.88% -- down from 4.89% last week (avg. points: 0.42)
5/1 ARM: 4.95% -- up from 4.93% last week (avg. points: 0.41)

Bankrate's national weekly mortgage survey is conducted each Wednesday from
data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to
http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly forward-looking Rate Trend
Index, in which a panel of mortgage experts predicts which way the rates are
headed over the next 30 to 45 days. It's a tossup this week, with no clear
consensus. According to 38 percent of the panelists, rates will fall. But 31
percent forecast that rates will increase and the same percentage expect rates
will remain unchanged in the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com, Interest.com,
Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee
Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these
businesses helps consumers make informed decisions about their personal
finance matters. The company's flagship brand, Bankrate.com is a destination
site of personal finance channels, including banking, investing, taxes, debt
management and college finance. Bankrate.com is the leading aggregator of
rates and other information on more than 300 financial products, including
mortgages, credit cards, new and used auto loans, money market accounts and
CDs, checking and ATM fees, home equity loans and online banking fees.
Bankrate.com reviews more than 4,800 financial institutions in 575 markets in
50 states. In 2008, Bankrate.com had nearly 72 million unique visitors.
Bankrate.com provides financial applications and information to a network of
more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE:
TWX), The Wall Street Journal and The New York Times (NYSE: NYT).
Bankrate.com's information is also distributed through more than 500
newspapers.

NOTE TO EDITORS: The information contained in this release is available for
print or broadcast with attribution to Bankrate.com
For more information contact:
Kayleen Keneally
Senior Director, Corporate Communications
kkeneally@bankrate.com
917-368-8677

SOURCE Bankrate, Inc.

Kayleen Keneally, Senior Director, Corporate Communications,
kkeneally@bankrate.com, +1-917-368-8677