For immediate release

Fixed mortgage rates remain temptingly low
Bankrate.com posts weekly mortgage survey results

NEW YORK, N.Y. -- May 9, 2002 -- Mortgage rates inched up this week in Bankrate.com's national survey of lenders, but remain well below 7 percent. Rates on the benchmark 30-year fixed mortgage rose 1 basis point to 6.83 percent, with rates on the 15-year fixed and 1-year adjustable mortgage also staying flat. A basis point is one-hundredth of a percent. With the drop, mortgage rates remained below 7 percent for the fourth consecutive week. The slow pace of the economic recovery, combined with a lack of inflationary pressures, have kept the rates low -- contrary to the consensus of experts earlier in the year. "The initial jump in economic activity to start the year had many foreseeing a higher rate environment taking hold by May," says Bankrate financial analyst Greg McBride. "Of course, it hasn't worked out that way. The slower, more measured economic rebound, with inflation remaining well in check, gives the Federal Reserve ample time before enacting any interest rate hikes. Home buyers and refinancing candidates have been the happy beneficiaries."

Today, a 30-year fixed rate mortgage carries a sharply lower monthly payment and overall cost than just five weeks ago, when the rate was 7.13 percent. Then, a $150,000 carried a monthly principal and interest payment of $1,011.08. Today, it's a more-manageable$980.89. Over the life of the loan, the difference adds up to $11,951. The slow pace of the recovery is having an affect on Bankrate's panel of mortgage experts polled for the Web site's weekly Rate Trend Index; More of the experts are expecting low rates to stick around. Over the next 30-45 days, a substantial minority (21 percent) expect rates to rise, but far more expect them to fall (37 percent) or to remain unchanged (42 percent).

SURVEY RESULTS
30-year fixed: 6.83 -- up from 6.82 last week (avg. points: 0.44)
15-year fixed: 6.29 -- up from 6.28 last week (avg. points: 0.47)
1-year ARM: 5.28 -- up from 5.27 last week (avg. points: 0.40)

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.

About Bankrate, Inc.
Bankrate, Inc. (Nasdaq: RATE) owns and operates Bankrate.com, the Internet's leading consumer banking marketplace. Bankrate.com averages 4 million unique visitors per month, according to comScore Media Metrix, which ranks Bankrate.com first in unique visitors in the "Financial information and advice" category. Bankrate.com reviews more than 4,800 financial institutions in more than 180 markets in 50 states. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of more than 190 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 provides financial applications and information to a network of more than 80 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal (NYSE: DJ) and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 100 national and state publications. The Company’s stock is included in the Russell 3000 Index and the Russell 2000 index.

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