Real Estate Central

NEW YORK, Aug. 7 /PRNewswire-FirstCall/ — Mortgage rates posted a
modest advance, with the average conforming 30-year fixed mortgage rate
increasing to 6.74 percent. According to Bankrate.com’s weekly national
survey of large lenders, the average 30-year fixed mortgage has an average
of 0.38 discount and origination points.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )

The average 15-year fixed rate mortgage popular for refinancing rose to
6.27 percent, while the average jumbo 30-year fixed rate is now 7.68
percent. Adjustable mortgage rates were lower, with the average 1-year ARM
dipping to 6.24 percent and the average 5/1 ARM down to 6.32 percent.

Since posting a mighty advance two weeks ago, mortgage rates have
settled into a range. Mortgage rates have been bobbing up and down, with no
clear direction. That was true this week, with mortgage rates pulling back
due to disappointing economic growth and more job losses before moving up
as the Fed indicated interest rates could be on hold for some period of
time. Another factor in higher mortgage rates has been the noticeably wider
spread between benchmark Treasury yields and fixed mortgage rates. Spreads
have expanded in recent weeks as investors fret about the quality of
outstanding mortgage loans, commanding higher returns to compensate for the
risk.

Mortgage rates have been on a wild ride since the beginning of the
year. The average 30-year fixed mortgage rate was as low as 5.57 percent in
January, meaning that a $200,000 loan would have carried a monthly payment
of $1,144.38. But at today’s rate of 6.74 percent, a $200,000 loan would
mean a monthly payment of $1,295.87.



SURVEY RESULTS

30-year fixed: 6.74% — up from 6.70% last week (avg. points: 0.38)
15-year fixed: 6.27% — up from 6.22% last week (avg. points: 0.47)
5/1 ARM: 6.32% — down from 6.35% last week (avg. points: 0.45)
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. This week, a majority of
panelists, 71 percent, expect mortgage rates to continue climbing. Chances
of a decline look slim, with only 21 percent voting that way. Just 8
percent forecast that rates will remain more or less 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. (Nasdaq: RATE)

The Bankrate network of companies includes Bankrate.com, Interest.com,
Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee
Disclosure and InsureMe. Each of these businesses helps consumers to 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 2007, Bankrate.com had nearly 60 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.

Use Bankrate.com’s Press Page: http://pr.bankrate.com/

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

See Also:

• A Cute Pool Boy for Your New Cabana
• FauxPanels.com Covers It All with New Faux Stone and Brick Panels
• Macron Dynamics Moves to Larger Facility to Meet Increased Demand for Company’s Linear Actuators and Custom Engineered Mechanical Motion Systems
• Arizona Law Firm Offers Affordable Advice to Homeowners Facing Foreclosure
• Bay Creek Resort & Club Enlists IF Marketing & Advertising for Real Estate Sales

[Via Real Estate Newswire]