For immediate release

Fixed mortgage rates rise, adjustable rates fall;
Bankrate.com posts weekly mortgage survey results

NEW YORK -- Nov. 7, 2002 -- Mortgage rates moved only slightly, one week after the biggest drop in more than three years, according to the Bankrate.com (RATE) national survey of large lenders.

The benchmark 30-year fixed-rate mortgage inched higher by 2 basis points to 6.18 percent, and the 15-year fixed mortgage popular for refinancing climbed 3 basis points to 5.59 percent. But the one-year adjustable rate mortgage declined 8 basis points to 4.45 percent. A basis point is one-hundredth of 1 percentage point. The 30-year mortgages in this week's survey had an average total of 0.45 discount and origination points. The survey was conducted prior to the announcement of a half-point interest rate cut by the Federal Reserve.

Borrowers counting on the Fed's interest rate cut to push mortgage rates lower might be in for an unpleasant surprise. The Fed cut short-term interest rates 11 times in 2001. Six times, mortgage rates fell the next week. Mortgage rates went up the next week on five occasions. The Federal Open Market Committee expressed greater optimism about the economy than it expressed six weeks earlier. But that's not necessarily good news for mortgage hunters. "If the Fed's confidence in the economy is warranted, long-term rates should be near the bottom," says Bankrate Senior Reporter Holden Lewis.

Mortgage rates are still lower than one year ago. The difference in monthly payment for a $150,000 30-year fixed-rate mortgage fell from $940.22 to $916.76, a decline of $23.46 per month. This amounts to nearly $8,500 over a 30-year term.

Bankrate's panel of mortgage experts, surveyed weekly for the Bankrate Rate Trend Index, agrees that mortgage rates do not appear to be headed lower in the next 30 to 45 days. Half of all respondents feel rates will remain unchanged, while 30 percent foresee rates rising in that period of time. Only 20 percent believe rates will go down.

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

To read our Rate Trend Index panel's prediction for mortgages, go to http://www.bankrate.com/RTI

SURVEY RESULTS
30-year fixed: 6.18 percent-- up from 6.16 percent last week (avg. points: 0.45)
15-year fixed: 5.59 percent -- up from 5.56 percent last week (avg. points: 0.48)
1-year ARM: 4.45 percent -- down from 4.53 percent last week (avg. points: 0.41)

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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