The average 30-year fixed-mortgage rate is 4.41 percent, a decrease of 1 basis point over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.30 percent.

Several closely watched mortgage rates were down this week. The average rates on 30-year fixed and 15-year fixed mortgages both were down. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also decreased.

Mortgage rates change daily, but they continue to represent a bargain compared to rates before the Great Recession.

The average 30-year fixed-mortgage rate is 4.41 percent, a decrease of 1 basis point over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.30 percent.

At the current average rate, you’ll pay principal and interest of $501.35 for every $100,000 you borrow. That represents a decline of $0.59 over what it would have been last week.

The average 15-year fixed-mortgage rate is 3.84 percent, down 2 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $732 per $100,000 borrowed. The bigger payment may be a little tougher to find room for in your monthly budget than a 30-year mortgage payment would, 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 rapidly.

The average rate on a 5/1 ARM is 4.29 percent, falling 11 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 4.29 percent would cost about $494 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Greg McBride, CFA and senior vice president at Bankrate.com, said, “Between the Fed statement and a bevy of Fed speeches later in the week, there will be plenty of chatter about inflation nearing the 2 percent threshold and the likelihood of four rate hikes this year instead of three. This may push rates up in the near-term, but with the Fed on the inflation case this will ultimately keep a lid on bond yields and mortgage rates.”

Dick Lepre, a senior loan officer at RPM Mortgage, believes rates will go down. He said, “Both the daily and weekly techs are bullish (higher prices, lower yields), which should modestly lower Treasury yields and rates in the coming week. Be happy if rates fall by 0.125 percent. I want to note again that the monthly tech is massively oversold and calling for a bullish long-term market, but this could take months to actualize.”

Les Parker, senior vice president of LoanLogics, sees rates staying the same. He said, in a song parody, “Here we are in a cloud with inaction. Standing in the dark. Where the trades didn’t move me … Blamin’ it all; On the nights in lightweights.”

He added, “The dollar supports lower rates, yet yields market is bearish, so expect them to cancel out one another.”

The song was “Nights On Broadway” by The Bee Gees (1975).