The average rate for a 30-year fixed mortgage is 4.63 percent, down three basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower at 4.40 percent.

Several benchmark mortgage rates ticked downward this week. The average rates on 30-year fixed and 15-year fixed mortgages both trended down. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also fell.

The average rate for a 30-year fixed mortgage is 4.63 percent, down three basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower at 4.40 percent.

At the current average rate, you’ll pay $514.44 per month in principal and interest for every $100,000 you borrow. That’s a decline of $1.80 from last week.

The average 15-year fixed-mortgage rate is 3.94 percent, down two basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $737 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 4.34 percent, sliding 13 basis points from a week ago.

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 4.34 percent would cost about $497 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Michael Cox, founding director and executive-in-residence of the O’Neil Center for Global Markets & Freedom - SMU Cox School of Business & former chief economist of the Dallas Federal Reserve Bank believes rates will head back up. He said, “It’s a tug-of-war between the rising cost of short-term funds and the falling expectations of inflation, but for now, I believe we’re still in a period of slightly raising long-term rates.”

Derek Egeberg, a certified mortgage planning specialist and branch manager of Academy Mortgage agrees, saying, “Like leaves slowly changing colors unnoticed, rates will slowly continue to rise. If you look back at those charts, the rise is incredible, just like the changing color of the leaves.”

Michael Becker, branch manager of Sierra Pacific Mortgage, sees rates going down more in the short term.

“I think we will get lower rates in the coming days, but the long-term trend of higher rates is still intact. Bond yields went on a roller coaster ride after the Fed decision. First they dropped, then then spiked, and then they dropped again. The big change is that the Fed removed the term ‘accommodative’ in regards to monetary policy out this statement. That means they no longer think rates are stimulative to the economy, and they are not yet restrictive to further economic growth,” he said. “I think in the short term that markets may think the Fed may be slower to raise rates in the future and we could get a slight improvement in rates in the coming week. However, I do think the long-term pattern of higher mortgage rates is still intact.”

Shashank Shekhar, CEO of Arcus Lending, said, “Mortgage rates will go down. As expected, the Fed increased the rate. However, there weren’t any major surprises in the minutes of the meeting that was released. With lack of overtly bearish news, expect the mortgage rates to trend lower this week. With four back-to-back weeks of the rate increase, it’s time for correction. Borrowers can expect a tad lower rate this coming week.”

Shaun Guerrero, branch manager of New American Funding, said, “Rates should remain unchanged for the near future. I fielded a few calls and messages from clients in the process of buying or a refinance of their home, and they were panicked about the Fed meeting. Typically, it’s not the rate hike that impacts us, it’s the comments made by the Fed. We have anticipated this rate hike so it’s not a shock to the market.”