Mortgage rates rose slightly this week, with the average 30-year fixed mortgage rate moving to 6.19 percent. According to Bankrate.com’s weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.29 discount and origination points.

The average 15-year fixed rate mortgage, popular for refinancing, was unchanged at 5.93 percent. On larger loans, the average jumbo 30-year fixed rate inched higher to 6.44 percent. Adjustable rate mortgages were mixed, with the average 5/1 ARM moving up to 6.08 percent and the average one-year ARM was unchanged at 5.96 percent.

Mortgage rates were up slightly as renewed inflation worries made it unlikely the Fed would trim interest rates any time soon. Larger than expected increases in the Consumer Price Index (CPI) and Producer Price Index (PPI) for February made it clear that inflation has yet to fade into the background. With inflation still on the Fed’s radar screen, any likelihood of a Fed rate cut in the coming months was dimmed. Bond yields and mortgage rates both increased slightly. Mortgage rates are closely related to yields on long-term government bonds.

Fixed mortgage rates are notably lower than last summer when the Fed last raised interest rates. At the time, the average 30-year fixed mortgage rate peaked at 6.93 percent, and a $165,000 loan carried a monthly payment of $1,090.00. With the average 30-year fixed rate now 6.19 percent, the same loan originated today would carry a monthly payment of $1,009.50. Fixed mortgage rates are a compelling refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.

SURVEY RESULTS

30-year fixed: 6.19% — up from 6.16% last week (avg. points: 0.29)
15-year fixed: 5.93% — unchanged from last week (avg. points: 0.27)
5/1 ARM: 6.08% — up from 6.04% last week (avg. points: 0.26)

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. The majority of respondents expect the good times to keep on rolling, with 62 percent expecting mortgage rates to fall further. Just 23 percent predict rates will rebound and the remaining 15 percent forecast that rates will remain unchanged in the coming 30 to 45 days.

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

About Bankrate, Inc.
Bankrate, Inc. (NASDAQ:RATE) owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. It is the leading aggregator of 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 2006, Bankrate.com had nearly 53 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 (NYSE:DJ) and The New York Times (NYSE:NYT) . Bankrate.com’s information is also distributed through more than 400 national and state publications. In addition to Bankrate.com, Bankrate, Inc. also owns and operates FastFind, an internet lead aggregator and MMIS/Interest.com, which publishes mortgage guides and financial rates and information.