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

Multiple key mortgage rates decreased this week. The average rates on 30-year fixed and 15-year fixed mortgages both ticked downwards. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, also trended down.

Rates for mortgages change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just don’t do so without shopping around first.

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

At the current average rate, you’ll pay principal and interest of $501.35 for every $100,000 you borrow. Compared with last week, that’s $0.59 lower.

The average 15-year fixed-mortgage rate is 3.85 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. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 4.13 percent, sliding 10 basis points over the last seven days.

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 4.13 percent would cost about $485 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.

Michael Becker, a branch manager with Sierra Pacific Mortgage, said, “Concerns about the makeup of the new Italian government caused markets to switch to a risk-off mode with stock markets selling off and bonds being bid. As a result, the 10-year treasury yields and mortgage rates dropped to their lowest levels in weeks. Looking forward, rallies like this are often short lived and I expect a pull back with higher rates in the coming week.”

Michael Cox, founding director and executive-in-residence of the O’Neil Center for Global Markets and former chief economist of the Dallas Federal Reserve Bank, said, “Two factors are behind the recent upward pressure on rates: inflation and business investment growth. Inflation is up to roughly 2.5 percent from zero percent two to three years ago. Inflation expectations get incorporated into interest rates to some degree. Business investment growth is up, too, which is contributing more to loan demand than it did two to three years ago. Over the past four months, real non-residential investment spending grew at over a 6-percent rate, adding to overall loan demand and driving up rates.

Les Parker, managing director of Transformational Mortgage Solutions, said, “Mortgage rates will go down. Here is a song parody, called ‘Ode to Italian Debt,’: ‘Your load, lifting bonds higher/That none thought would be lifted once more.’ The reason we called Italy the Canary in the EU coal mine is it exposes the EU and EMU weaknesses including its banking system. The bulls are back and boredom ended.”

Shashank Shekhar, the CEO of Arcus Lending, said, “Borrowers saw an unexpected improvement in mortgage rates last week because of a near-perfect storm. We had anti-inflation pressure as the oil prices tumbled by almost two percent in addition to the political uncertainty in Italy, which could have an impact on Eurozone economics. However, as with most news this year, any positive sentiment to bonds are only transient. Expect the bond yields to rise again this week which will result in higher mortgage rates to the borrowers.”

David Kuiper, vice president of Northpointe Bank, said, “We saw a nice little rally in the bond market (where interest rates are priced) which led to slightly improved mortgage interest rates earlier in the week. This was the result of the uncertainty in the markets, caused by trade war talk and political instability within the EU. The market continues to be very volatile, so the prudent thing to do would be to lock into an interest rate if it makes sense to do so to avoid future volatility. The chances of rates moving up would be greater than moving down, so we don’t want to become too complacent. Consult with your local mortgage professional to see what this means for you, whether you’re looking to buy, build or refinance.”