Bankrate.com Wants to Know, Did You Get a Fixed-rate Mortgage Between June 1999 and December 2000?

Business Editors

NEW YORK, N.Y.--(BUSINESS WIRE)--Feb. 14, 2002

Is Your ARM Expiring in the Next Three Years?

It May Make Sense (and Cents!) to Refi...

According to Bankrate.com's weekly national mortgage rate survey, interest rates remained below 7 percent this week, with the benchmark 30-year fixed rate increasing 3 basis points to 6.92 percent. A basis point is one-one hundredth of a percent.

Thirty-year fixed mortgage rates have now been below 7 percent, on average, for each of the past five weeks, leaving rates at a historically low point -- and making refinancing an attractive option.

"With mortgage rates confined to a narrow range since late November and the risk of higher rates as the economy continues to improve, there is little incentive in waiting to lock," says Greg McBride, financial analyst for Bankrate.com, financial analyst Greg McBride. "The longer the refinancing candidate waits, the longer they hold on to the higher rate they're trying to refinance out of."

Holden Lewis, Bankrate.com's senior reporter and mortgage columnist, notes that the refinancing window may not stay open forever. "As the mighty consumer tugs the economy out of recession, mortgage rates should inch upward," he says.

Who should consider refinancing their mortgage? If you got a mortgage between June 1999 and December 2000 -- when over $1.6 trillion in home mortgages were issued in the United States - your rate could be 0.5 percent, 0.7 percent or even 1 percent more than current rates - and you should consider refinancing. On a $150,000 mortgage, 0.5 percent represents about $50 additional interest payments for the consumer each month. In addition, if you have an adjustable-rate mortgage expiring in the next three years, you should also consider refinancing, in order to lock in current low rates.

Of course, refinancing isn't for everyone -- go to http://www.bankrate.com for our complete advice and consult with your financial adviser to make sure refinancing is your best option.

                            SURVEY RESULTS

     30-year fixed mortgage rate: 6.92% (up from 6.89% last week)
               The average number of total points = 0.61

     15-year fixed mortgage rate: 6.41% (up from 6.38% last week)
               The average number of total points = 0.63

           1-year ARM rate: 5.37% (up from 5.31% last week)
               The average number of total points = 0.54

     30-year jumbo mortgage rate: 7.21% (unchanged from last week)
               The average number of total points = 0.64

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.

About Bankrate Inc.

Bankrate Inc. (OTCBB:RATE) owns and operates Bankrate.com, the Internet's leading consumer banking marketplace, with an average of 4 million unique visitors per month connecting with more than 4,500 financial institutions in 173 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 100 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 100 partners including MSN (Nasdaq:MSFT), Yahoo! (Nasdaq:YHOO), America Online (NYSE:AOL), CNN and Smart Money. Bankrate.com's information is also distributed through more than 100 national and state publications.