NEW YORK, July 19, 2012 /PRNewswire/ -- Mortgage rates moved lower once again, with the average 30-year fixed mortgage rate setting a new record low of 3.78 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.43 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 rate inched downward to 3.04 percent, while the jumbo 30-year fixed mortgage retreated to 4.43 percent, both record lows. Adjustable mortgage rates were lower, with the average 5/1 ARM rate falling to 2.89 percent and the 7/1 adjustable pulling back to 3.05 percent. Both of those are also record lows.

Weak retail sales were the latest indicator of a flagging economy. While Fed Chairman Ben Bernanke gave no indication of further stimulus in his semiannual Congressional testimony, the summer economic swoon gave bond investors all the excuse they needed to continue piling into government and mortgage-backed bonds. Mortgage rates are closely related to the yields on such bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 3.78 percent, the monthly payment for the same size loan would be $929.64, a difference of $312 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.78% -- down from 3.79% last week (avg. points: 0.43)
15-year fixed: 3.04% -- down from 3.05% last week (avg. points: 0.32)
5/1 ARM: 2.89% -- down from 2.95% 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. Half of the panelists expect mortgage rates to remain more or less unchanged in the next seven days. The remainder are evenly split, with 25 percent forecasting an increase from these record lows and 25 percent predicting further declines in the next week.

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

About Bankrate, Inc. (NYSE: [ RATE ])
The Bankrate network of companies includes [ Bankrate.com ], [ Interest.com ], [ Mortgage-calc.com ], [ Nationwide Card Services ], [ InsureMe ], [ CreditCardGuide.com ], [ Bankaholic ], [ CreditCards.com ] and [ NetQuote ]. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 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 reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.

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

SOURCE Bankrate, Inc.

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Mortgage Rates Tick Lower to Another Record

Bankrate: Mortgage Rates Tick Lower to Another Record