NEW YORK, Feb. 5 /PRNewswire-FirstCall/ -- Mortgage rates rebounded from one week ago, with the average 30-year fixed mortgage rate now 5.70 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.35 discount and origination points.

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The average 15-year fixed rate mortgage climbed to 5.31 percent and the average jumbo 30-year fixed rate bumped up to 7.12 percent. Adjustable rate mortgages were mixed, with the average 1-year ARM pulling back to 5.73 percent and the 5/1 ARM rising to 5.5 percent.

Mortgage rates climbed after the Federal Reserve's Jan. 28 post-meeting statement was noncommittal about buying long-term Treasury securities. This, coupled with investor concerns regarding the amount of government debt issuance, helped push Treasury yields and fixed mortgage rates higher. As a result, mortgage rates moved up to the highest level since Christmas. Additional volatility in the coming weeks seems likely, especially with a new economic stimulus package in the works.

Many borrowers are holding out for lower rates, but this waiting game can be costly when rates suddenly increase as they did this week. Last week when the average 30-year fixed mortgage rate was 5.48 percent, a $200,000 loan would have carried a monthly payment of $1,133.07. With the average rate now 5.70 percent, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month.

SURVEY RESULTS

30-year fixed: 5.70% -- up from 5.48% last week (avg. points: 0.35)

15-year fixed: 5.31% -- up from 5.10% last week (avg. points: 0.4)

5/1 ARM: 5.50% -- up from 5.41% last week (avg. points: 0.52)

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, 48 percent, predict mortgage rates will decline. Just 26 percent forecast an increase in rates over the next 30 to 45 days, while an equal 26 percent expect rates to remain more or less unchanged.

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, InsureMe CreditCardGuide.com and Bankaholic. 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.


    For more information contact:
    Kayleen Keneally
    Senior Director, Corporate Communications
    kkeneally@bankrate.com
    917-368-8677

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com

SOURCE Bankrate, Inc.