NEW YORK, June 25 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage rate was slightly higher this week, rising to 5.80 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.45 discount and origination points. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO ) The average 15-year fixed rate mortgage inched lower to 5.16 percent, while the average jumbo 30-year fixed rate pushed above the 7 percent mark to 7.03 percent. Adjustable rate mortgages were generally lower, with the average 3-year ARM falling to 5.32 percent and the 5-year ARM dropping to 5.26 percent. Mortgage rates have settled down following a hefty run-up in late May and early June that had 30-year fixed mortgage rates flirting with the 6 percent mark. Conforming fixed mortgage rates have been relatively subdued the past two weeks in comparison. Spurts of volatility are common with mortgage rates, especially given the uncertain economic and financial climate. The performance of the economy and the outlook for inflation are likely to be the key drivers of Treasury yields and mortgage rates in the coming months. Mortgage rates are closely related to yields on long-term government debt. Mortgage rates, though higher than in recent months, remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.62 percent, meaning a $200,000 loan would have carried a monthly payment of $1,279.96. With the average rate now 5.80 percent, the monthly payment for the same size loan would be $1,173.51, a savings of $107 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 5.8% -- up from 5.76% last week (avg. points: 0.45) 15-year fixed: 5.16% -- down from 5.19% last week (avg. points: 0.37) 5/1 ARM: 5.26% -- down from 5.37% last week (avg. points: 0.54) 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. The good news is that a majority of panelists don't expect an increase in rates, with only 23 percent voting that way. The panelists say mortgage rates are more likely to decline, with 46 percent forecasting a drop in mortgage rates. Nearly one in three, or 31 percent, say mortgage rates will be 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. For more information contact: Kayleen Keneally Senior Director, Corporate Communications 917-368-8677 NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGODATASOURCE: Bankrate, Inc. CONTACT: Kayleen Keneally, Senior Director, Corporate Communications of Bankrate, Inc., +1-917-368-8677, Web Site: http://www.bankrate.com/

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