NEW YORK, May 14 /PRNewswire/ -- Mortgage rates pulled back this week, with the average 30-year fixed mortgage rate sliding to 5.21 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.4 discount and origination points. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO) The average 15-year fixed rate mortgage inched lower to 4.76 percent, while the average jumbo 30-year fixed rate dropped to 6.56 percent. Adjustable rate mortgages were down sharply, with the average 5-year ARM plunging to 4.81 percent and the 7-year ARM sinking to 5.57 percent. After moving up last week in response to job losses that weren't as bad as feared, a renewed dose of economic pessimism helped bring mortgage rates lower. Retail sales for April were worse than expected and there was a downward revision to the March figures. Since consumer spending accounts for 70 percent of economic output, retail sales are a closely-watched barometer for signs of a turnaround. Gloomy economic news drives investors into the safe haven of government bonds, to which mortgage rates are closely related. Mortgage rates are near historic lows. Six months ago, the average 30-year fixed mortgage rate was 6.39 percent, meaning a $200,000 loan would have carried a monthly payment of $1,249.70. With the average rate now more than one percentage point lower at 5.21 percent, the monthly payment for the same size loan would be $1,099.46, a savings of $150 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 5.21% -- down from 5.27% last week (avg. points: 0.4) 15-year fixed: 4.76% -- down from 4.78% last week (avg. points: 0.33) 5/1 ARM: 4.81% -- down from 5.07% last week (avg. points: 0.53) 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. There is no consensus among the panelists this week, with 42 percent expecting mortgage rates to remain more or less unchanged. The remaining panelists are evenly split, with 29 percent forecasting an increase and 29 percent predicting a pullback over 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:YHOONASDAQ:-NASDAQ:News), America Online (NYSE:TWXNYSE:-NYSE:News), The Wall Street Journal and The New York Times (NYSE:NYT -NYSE:News). 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 917-368-8677 http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGODATASOURCE: Bankrate, Inc. CONTACT: Kayleen Keneally, Senior Director, Corporate Communications, Bankrate, Inc., +1-917-368-8677, Web Site: http://www.bankrate.com/

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