The average rate for the benchmark 30-year fixed mortgage is 4.47 percent, an increase of seven basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.41 percent.

Multiple benchmark mortgage rates notched higher this week. The average rates on 30-year fixed and 15-year fixed mortgages both climbed higher. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also cruised higher.

Rates for mortgages change daily, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like. Just make sure you’ve looked around for the best rate first.

The average rate for the benchmark 30-year fixed mortgage is 4.47 percent, an increase of seven basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.41 percent.

At the current average rate, you’ll pay principal and interest of $504.90 for every $100,000 you borrow. Compared to last week, that’s $4.14 higher.

The average 15-year fixed-mortgage rate is 3.87 percent, up five basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $733 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 save thousands of dollars 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 4.16 percent, ticking up six basis points over the 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 4.16 percent would cost about $487 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

The upward trend of mortgage rates is something 58 percent of the financial experts believe will continue.

Michael Becker, a branch manager for Sierra Pacific Mortgage, said, “The first trading day of September saw a sell-off in Treasuries and mortgage-backed securities resulting in higher rates to start the month. The weakness in bonds started before economic data was released, perhaps because bonds were in overbought territory. Looking forward, it would take a negative economic surprise for bonds and rates to rally. I don’t see that as a likely outcome over the next week, so I imagine rates will rise a little in the coming week."

Bankrate.com senior vice president and chief financial analyst Greg McBride said, “Positive economic news and an easing of trade worries will push bond yields and mortgage rates a bit higher.”

Elizabeth Rose, a sales manager at Nations Lending, added, “Mortgage rates will go up. Mortgage bonds are trading lower, pushing mortgage rates higher. Despite stocks moving lower, mortgage bonds have not seen the benefit…I am advising everyone to lock in rates.”