Bankrate: Mortgage Rates Post Mixed Results

NEW YORK, Sept. 24  /PRNewswire-FirstCall/ -- The average conforming 30-year fixed mortgage rate inched lower to 5.36 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

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The average 15-year fixed and larger jumbo 30-year fixed mortgage rates moved up to 4.74 percent and 6.63 percent, respectively. Adjustable rate mortgages were mostly lower, with the average 1-year ARM sliding to 5.12 percent and the 5-year ARM falling to 4.80 percent.

Mortgage rates continue to hover at low levels, with conforming 30-year fixed rates at the lowest levels since May and only one-quarter percentage point off the record low seen in April. With the Federal Reserve announcing a gradual winding down of their mortgage purchase program through the first quarter of 2010, this will help keep a lid on mortgage rates. The mortgage markets remain very dependent on government support and rates likely would have spiked higher if the Fed had indicated a cold-turkey halt to mortgage purchases at year-end.

Mortgage rates are nearly one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.32 percent, meaning a $200,000 loan would have carried a monthly payment of $1,240.55. With the average rate now 5.36 percent, the monthly payment for the same size loan would be $1,118.07, a savings of $122 per month for a homeowner refinancing now.

  SURVEY RESULTS
  30-year fixed: 5.36% -- down from 5.38% last week (avg. points: 0.39)
  15-year fixed: 4.74% -- up from 4.72% last week (avg. points: 0.27)
  5/1 ARM: 4.80% -- down from 4.89% last week (avg. points: 0.28)




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 majority of panelists, 69 percent, don't think mortgage rates are going much of anywhere anytime soon, expecting mortgage rates to remain more or less unchanged over the next 30 to 45 days. Just 15 percent predict mortgage rates will rise, while 16 percent forecast a decline in that timeframe.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

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 Yates
  Senior Director, Corporate Communications
  
  917-368-8677


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DATASOURCE: Bankrate, Inc.



CONTACT:  Kayleen Keneally Yates, Senior Director, Corporate

Communications, [phone], 



Web Site:  http://www.bankrate.com/ 

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