Bankrate: Mortgage Rates in Holding Pattern

                 Bankrate: Mortgage Rates in Holding Pattern

PR Newswire

NEW YORK, June 28, 2012

NEW YORK, June 28, 2012 /PRNewswire/ -- Fixed mortgage rates held steady this
week, with the average 30-year fixed mortgage rate remaining at the record low
of 3.89 percent, according to Bankrate.com's weekly national survey. The
average 30-year fixed mortgage has an average of 0.44 discount and origination
points.

(Logo: http://photos.prnewswire.com/prnh/20040122/FLTHLOGO )

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

The average 15-year fixed mortgage rate stayed at 3.16 percent, while the
jumbo 30-year fixed mortgage sits at 4.48 percent for a third straight week.
Adjustable mortgage rates were mostly higher, with the average rate on the
popular 5/1 adjustable moving back above the 3 percent threshold to 3.02
percent, while the 7/1 ARM notched higher to 3.12 percent.

The lingering uncertainty about Europe's debt mess and, to a lesser extent,
the status of the global economy will keep mortgage rates in a holding
pattern. Don't expect any sharp increases without substantive improvement out
of Europe, and if the situation deteriorates further, then look out below
because mortgage rates could certainly fall further.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time,
the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would
have carried a monthly payment of $1,241.86. With the average rate now 3.89
percent, the monthly payment for the same size loan would be $942.19, a
difference of $299 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.89% -- unchanged from last week (avg. points: 0.44)

15-year fixed: 3.16% -- unchanged from last week (avg. points: 0.36)

5/1 ARM: 3.02% -- up from 2.97% last week (avg. points: 0.34)

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.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a
panel of mortgage experts predicts which way the rates are headed over the
next seven days. There is no clear consensus, with 38 percent predicting an
increase and an equal 38 percent expecting mortgage rates to hold steady in
the next week. Just 24 percent forecast a decline in mortgage rates in the
coming week.

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

About Bankrate, Inc. (NYSE: RATE)

The Bankrate network of companies includes Bankrate.com, Interest.com,
Mortgage-calc.com, Nationwide Card Services, InsureMe, CreditCardGuide.com,
Bankaholic, CreditCards.com and NetQuote.  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. Bankrate.com
provides financial applications and information to a network of more than 75
partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), 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 Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677          

SOURCE Bankrate, Inc.

Website: http://www.bankrate.com