NEW YORK, April 18, 2003--In stark contrast to the volatility seen leading up to the war, mortgage rates have showed only slight movement in recent weeks. The benchmark 30-year fixed mortgage stands unchanged at 5.9 percent, according to the Bankrate.com weekly national survey of large lenders. Two weeks ago, the average 30-year fixed mortgage registered 5.89 percent. The mortgages in this week's survey had an average total of 0.36 discount and origination points.

The 15-year fixed mortgage popular for refinancing inched higher, rising from 5.21 percent to 5.22 percent. The one-year adjustable rate mortgage nosed higher by 2 basis points to 4.11 percent. A basis point is one-hundredth of 1 percentage point.

Mortgage rates have been listless the past few weeks because no strong economic wind has developed to push them. "The next 30 to 45 days will go a long way toward answering two questions: Is the economy rebounding post-Iraq? And if so, is the recovery sustainable?" said Bankrate senior financial analyst Greg McBride. "Until then, I'm thinking that sufficient pessimism will remain, keeping rates near the 6-percent mark."

While mortgage rates have held steady, the same cannot be said for yields on money markets and certificates of deposit. Yields on deposit products of various maturities have continued to decline. The average yield on a money market account is now 0.68 percent, while a 1-year CD yields just 1.27 percent.

Mortgage rates remain incredibly attractive, even when compared to the low rates of one year ago. Twelve months ago the monthly payment for a $150,000 30-year fixed rate mortgage at 6.96 percent was $993.93. With the average 30-year fixed rate mortgage remaining at 5.9 percent this week, the monthly payment for the same size loan is $889.70. Refinancing now would trim monthly payments by $104.23.

Where will rates head from here? The experts in Bankrate's weekly mortgage Rate Trend Index say there's no urgent reason to lock in a rate at this instant because they'll likely stay low for a while. In the weekly survey of mortgage experts, only 17 percent expect rates to rise significantly over the next five weeks, while 25 percent say they'll drop. The rest predict rates will remain about the same.

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

To see the mortgage Rate Trend Index, go to http://www.bankrate.com/rti

SURVEY RESULTS

30-year fixed: 5.90% -- unchanged from last week
(avg. points: 0.36)

15-year fixed: 5.22% -- up from 5.21% last week
(avg. points: 0.40)

1-year ARM: 4.11% -- up from 4.09% last week
(avg. points: 0.28)

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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