NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage rate climbed to 5.65 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.46 discount and origination points. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO) The average 15-year fixed rate mortgage jumped to 4.97 percent, while the average jumbo 30-year fixed rate inched higher to 6.63 percent. Adjustable rate mortgages were no exception, with the average 1-year ARM rising to 5.20 percent and the 5-year ARM rebounding to 5.03 percent. As the economic outlook brightens, mortgage rates moved higher but remain within the familiar range seen throughout the summer. Economic output seems to have bottomed in the second quarter and employers are cutting jobs at a slower pace than was the case just a few months ago. Higher home sales and an uptick in manufacturing have also lifted spirits, as well as Treasury yields. Mortgage rates are closely related to yields on long-term government bonds. Mortgage rates remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.74 percent, meaning a $200,000 loan would have carried a monthly payment of $1,295.87. With the average rate now 5.65 percent, the monthly payment for the same size loan would be $1,154.47, a savings of $141 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 5.65% -- up from 5.56% last week (avg. points: 0.46) 15-year fixed: 4.97% -- up from 4.88% last week (avg. points: 0.39) 5/1 ARM: 5.03% -- up from 4.95% last week (avg. points: 0.38) 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 clear consensus, with 46 percent of the panelists expecting mortgage rates to remain more or less unchanged. But 31 percent forecast that rates will increase and 23 percent predict a decline 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 917-368-8677 http://www.bankrate.com/ http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO http://photoarchive.ap.org/ DATASOURCE: 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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