The average rate for a 30-year fixed mortgage is 4.45 percent, a decrease of 4 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.53 percent.

Multiple closely watched mortgage rates slid lower this week. The average rates on 30-year fixed and 15-year fixed mortgages both slid down. Meanwhile, the average rate on 5/1 adjustable-rate mortgages inched up.

Rates for mortgages are in a constant state of flux, 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 make sure you’ve looked around for the best rate first.

The average rate for a 30-year fixed mortgage is 4.45 percent, a decrease of 4 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.53 percent.

At the current average rate, you’ll pay principal and interest of $503.72 for every $100,000 you borrow. That’s $2.37 lower, compared with last week.

The average 15-year fixed-mortgage rate is 3.89 percent, down 2 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $734 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, 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 rapidly.

The average rate on a 5/1 ARM is 4.21 percent, climbing 1 basis point over the last 7 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 4.21 percent would cost about $490 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.

Derek Egeberg, a certified mortgage planning specialist and branch manager at Academy Mortgage, said, “The market has remained relatively stable; but do look for rates to rise throughout the summer and continue higher for the rest of 2018.”

Shashank Shekhar, CEO of Arcus Lending, also sees rates heading up. “As expected, the Fed increased the rates by 0.25 percent. Minutes from their last meeting indicates that the labor market has continued to strengthen and that economic activity has been rising at a moderate to solid rate. Recent data also suggest that growth of household spending has picked up, while business-fixed investment has continued to grow strongly. All of this is good news for the economy and bad news for inflation; both of which usually results in higher mortgage rates for the borrowers.”