NEW YORK, July 30 /PRNewswire-FirstCall/ -- The average 30-year fixed mortgage rate nosed higher to 5.56 percent this week, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

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The average 15-year fixed rate mortgage inched lower to 4.88 percent, while the average jumbo 30-year fixed rate climbed to 6.62 percent. Adjustable rate mortgages continue to post mixed results, with the average 1-year ARM sinking to 5.08 percent and the 5-year ARM rising to 4.95 percent.

Mortgage rates remain range-bound as investors sort out uncertainty about the economy, corporate earnings, and the future path of interest rates. With the Treasury issuing large blocks of debt, investors are now seeking clarification on whether the Federal Reserve will extend the program of government debt buybacks to keep a lid on long-term interest rates including fixed mortgage rates. In the meantime, a big move in mortgage rates - either up or down - seems unlikely.

Mortgage rates remain much lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 6.7 percent, meaning a $200,000 loan would have carried a monthly payment of $1,290.56. With the average rate now 5.56 percent, the monthly payment for the same size loan would be $1,143.12, a savings of $147 per month for a homeowner refinancing now.

    SURVEY RESULTS
    30-year fixed: 5.56% -- up from 5.55% last week (avg. points: 0.44)
    15-year fixed: 4.88% -- down from 4.89% last week (avg. points: 0.42)
    5/1 ARM: 4.95% -- up from 4.93% 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.

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

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. It's a tossup this week, with no clear consensus. According to 38 percent of the panelists, rates will fall. But 31 percent forecast that rates will increase and the same percentage expect rates will remain unchanged in the next 30 to 45 days.

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

About Bankrate, Inc.

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe, CreditCardGuide.com and Bankaholic.com. Each of these businesses helps consumers 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. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: TWX), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.

NOTE TO EDITORS: The information contained in this release is available for print or broadcast with attribution to Bankrate.com

    For more information contact:
    Kayleen Keneally
    Senior Director, Corporate Communications
    kkeneally@bankrate.com
    917-368-8677

SOURCE Bankrate, Inc.