Bankrate: Mortgage Rates Hit a 2-Year High

                  Bankrate: Mortgage Rates Hit a 2-Year High

PR Newswire

NEW YORK, July 11, 2013

NEW YORK, July 11, 2013 /PRNewswire/ --Mortgage rates rebounded following a
better-than-expected jobs report, with the benchmark 30-year fixed mortgage
rate rising to 4.66 percent, according to Bankrate.com's weekly national
survey. The average 30-year fixed mortgage has an average of 0.28 discount and
origination points.

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

The average 15-year fixed mortgage increased to 3.75 percent, while the larger
jumbo 30-year fixed mortgage rate climbed to 4.82 percent. Adjustable rate
mortgages moved higher also. The popular 5-year adjustable rate jumped to 3.63
percent, the highest in more than two years, while the 10-year adjustable hit
4.07 percent. 

This week's jump in mortgage rates, which more than wiped out last week's
retreat, came after the release of the monthly employment report. Job growth
for June that exceeded expectations, coupled with upward revisions to April
and May payrolls, were evidence of the type of improvement the Fed will need
to see to begin curtailing their bond purchases. And for that reason, we saw
further increases in both bond yields and mortgage rates, to levels above
where they were following Ben Bernanke's late June press conference. 

As recently as May 1^st, the average 30-year fixed mortgage rate was 3.52
percent. At that time, a $200,000 loan would have carried a monthly payment of
$900.32. With the average rate currently at 4.66 percent, the monthly payment
for the same size loan would be $1,032.47, a difference of $132 per month for
anyone that waited just a little too long.

SURVEY RESULTS

30-year fixed: 4.66% -- up from 4.48% last week (avg. points: 0.28)

15-year fixed: 3.75% -- up from 3.62% last week (avg. points: 0.26)

5/1 ARM: 3.63% -- up from 3.48% last week (avg. points: 0.33)

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 this week, with 42 percent of
respondents expecting mortgage rates to remain more or less unchanged.
One-third predict that rates will continue to rise, while 25 percent forecast
a retreat in mortgage rates over the coming week.

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

To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0
go to
https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.

AboutBankrate, Inc.

Bankrateis a leading publisher, aggregator, and distributor of personal
finance content on the Internet.Bankrateprovides consumers with proprietary,
fully researched, comprehensive, independent and objective personal finance
editorial content across multiple vertical categories including mortgages,
deposits, insurance, credit cards, and other categories, such as retirement,
automobile loans, and taxes. TheBankratenetwork includes Bankrate.com, our
flagship website, and other owned and operated personal finance websites,
including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com,
CreditCardGuide.com, InsuranceQuotes.com, CarInsuranceQuotes.com,
InsureMe.com, and NetQuote.com.Bankrate aggregates rate information from over
4,800 institutions on more than 300 financial products. With coverage of
nearly 600 local markets in all 50 U.S. states,Bankrategenerates over 172,000
distinct rate tables capturing on average over three million pieces of
information daily.Bankrate develops and provides web services to over 80
co-branded websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the Internet such
asYahoo!,CNN Money, CNBC, andComcast. In addition,Bankratelicenses
editorial content to over 500 newspapers on a daily basis including The Wall
Street Journal,USAToday, TheNew York Times, TheLos Angeles Times, andThe
Boston Globe.

For more information contact:
Kayleen Yates
Senior Director, Corporate Communications
kyates@bankrate.com
(917) 368-8677

SOURCE Bankrate, Inc.

Website: http://www.bankrate.com