The average for a 30-year fixed-rate mortgage tapered off, but the average rate on a 15-year fixed trended upward.

Multiple benchmark mortgage rates ticked downward on Wednesday. The average for a 30-year fixed-rate mortgage tapered off, but the average rate on a 15-year fixed trended upward. Meanwhile, the average rate on 5/1 adjustable-rate mortgages decreased.

Mortgage rates change daily, but they remain low by historical standards. If you're in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just be sure to shop around.

The average rate for the benchmark 30-year fixed mortgage is 3.91 percent, down one basis point over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.81 percent.

At the current average rate, you'll pay $472.24 per month in principal and interest for every $100,000 you borrow. That represents a decline of $0.57 over what it would have been last week.

The average 15-year fixed-mortgage rate is 3.14 percent, up 4 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $697 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

The average rate on a 5/1 ARM is 3.23 percent, falling 2 basis points since the same time last week.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.23 percent would cost about $434 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.

Brett Sinnott, vice president of capital markets, CMG Financial, San Ramon, California, said. “Mortgage rates have continued to remain calm for the first half of the year, unfortunately this has not translated to application volume in the early part of this summer. Refinance applications are down significantly with most pointing towards affordability as the issue and not necessarily the slight increase to rates we have seen so far in 2017.”

Greg McBride, chief financial analyst, Bankrate.com, said, “Unless and until inflation picks up, there is less urgency for the Federal Reserve and other global central banks to raise rates and scale back stimulus.