For immediate release

Mortgage rates move higher, remain attractive
Bankrate.com posts weekly mortgage survey results

NEW YORK, N.Y. -- Aug. 22, 2002 - They're not at record low levels any more, but mortgage rates are still extremely attractive, according to the latest Bankrate.com national survey of large lenders.

One week after fixed-rate mortgages fell to 6.19 percent, the lowest point in 36 years, the benchmark 30-year fixed mortgage snapped back to 6.31 percent. The 15-year fixed rate jumped 14 basis points to 5.76 percent, and the 1-year ARM registered 4.64 percent, up 7 basis points. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.53 discount and origination points.

Rates have bounced along in a low valley for the past few weeks, reflecting the up-and-down moods of investors. One week, they flee the stock market for the safety of bonds, such as 10-year Treasuries, which mortgage rates closely mimic. When that happens, mortgage rates fall. This week, the mood was more upbeat in the stock market, and bonds looked less attractive. The price of 10-year Treasuries fell, and because bond yields moves in the opposite direction of their prices, mortgage rates went up, too.

The panel of mortgage experts surveyed weekly by Bankrate.com expect rates to remain low for the next 30-45 days. More than a third of the Rate Trend Index panel -- 36 percent -- expect rates to fall in that time; 57 percent believe they'll stay about the same; and only 7 percent believe they will rise.

What does this week's rebound mean to mortgage shoppers one week late to the low rate party? This week, a 30-year fixed rate mortgage of $150,000 carries a monthly payment of $929.44. Just one week ago, the monthly payment for the same loan was $917.73. The difference in monthly payment is $11.73, translating into more than $4,200 in additional interest payments over the length of the loan.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates.

SURVEY RESULTS
30-year fixed: 6.31% -- up from 6.19% last week (avg. points: 0.53)
15-year fixed: 5.76% -- up from 5.62% last week (avg. points: 0.52)
1-year ARM: 4.64 -- up from 4.57 last week (avg. points: 0.55)

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 more details about the survey, and a breakdown of the mortgage rates charged in those cities, go to http://www.bankrate.com. To see this week's expert survey, go to http://www.bankrate.com/RTI.

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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