Bankrate: Mortgage Rates Inch Lower

Name	Symbol	Market	Type
Global X Interest Rate Hedge ETF	AMEX:RATE	AMEX	Exchange Traded Fund

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	-0.2067	-0.99%	20.6433	20.68	20.6582	20.68	3,349	21:15:02

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NEW YORK, July 23 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage rate continued to move lower, coming in at 5.55 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. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO) The average 15-year fixed rate mortgage decreased to 4.89 percent, while the average jumbo 30-year fixed rate retreated to 6.49 percent. Adjustable rate mortgages continue to post mixed results, with the average 1-year ARM nosing upward to 5.23 percent and the 5-year ARM sinking to 4.93 percent. Mortgage rates have been yo-yoing up and down as corporate earnings announcements and economic data toy with investor sentiment. But mortgage rates did move lower after Fed Chairman Ben Bernanke reiterated in his Congressional testimony that the Federal Reserve is likely to keep interest rates low for an extended period of time. The average conforming 30-year fixed rate is at the lowest level since late May and the average jumbo 30-year fixed rate moved below 6.5 percent for the first time in two months. Mortgage rates remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.77 percent, meaning a $200,000 loan would have carried a monthly payment of $1,299.86. With the average rate now 5.55 percent, the monthly payment for the same size loan would be $1,141.86, a savings of $158 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 5.55% -- down from 5.58% last week (avg. points: 0.39) 15-year fixed: 4.89% -- down from 4.93% last week (avg. points: 0.43) 5/1 ARM: 4.93% -- down from 4.98% last week (avg. points: 0.46) 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. Nearly half of the panelists, 46 percent, expect rates to remain more or less unchanged in the next 30 to 45 days. The remaining respondents are evenly split, with 27 percent predicting an increase and 27 percent forecasting a decline in mortgage rates 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. 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.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO http://photoarchive.ap.org/ DATASOURCE: 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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