NEW YORK, July 16 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage rate ended the week a hair lower at 5.58 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO ) The average 15-year fixed rate mortgage was unchanged at 4.93 percent, while the average jumbo 30-year fixed rate retreated to 6.65 percent. Adjustable rate mortgages continue to post mixed results, with the average 1-year ARM moving higher to 5.22 percent and the 5-year ARM sinking to 4.98 percent. It was an active week for mortgage rates. After first declining on continued economic weakness, mortgage rates reversed ground following corporate earnings that weren't as bad as feared. With investors moving out of bonds and into stocks, it pushed bond prices down and bond yields higher. Mortgage rates are closely related to yields on long-term government bonds. The up-and-down, yo-yo movement of mortgage rates is likely to persist as the economic sentiment waxes and wanes, with good economic news leading to higher rates and dour news producing a pullback. Mortgage rates remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.42 percent, meaning a $200,000 loan would have carried a monthly payment of $1,253.63. With the average rate now 5.58 percent, the monthly payment for the same size loan would be $1,145.63, a savings of $108 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 5.58% -- down from 5.59% last week (avg. points: 0.41) 15-year fixed: 4.93% -- unchanged from last week (avg. points: 0.42) 5/1 ARM: 4.98% -- down from 5.05% last week (avg. points: 0.43) 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. Half of panelists forecast an increase in rates. The other half are evenly split, with one-quarter predicting a retreat while the final 25 percent expect mortgage rates to remain more or less unchanged 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: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. http://www.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, +1-917-368-8677, Web Site: http://www.bankrate.com/

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