The average 30-year fixed-mortgage rate is 4.74 percent, a decrease of eight basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher at 4.75 percent.

Multiple key mortgage rates dropped 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 receded.

The average 30-year fixed-mortgage rate is 4.74 percent, a decrease of eight basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher at 4.75 percent.

At the current average rate, you’ll pay principal and interest of $521.04 for every $100,000 you borrow. That’s $4.83 lower, compared with last week.

The average 15-year fixed-mortgage rate is 3.99 percent, down 14 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $739 per $100,000 borrowed. That may squeeze 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 quickly.

The average rate on a 5/1 ARM is 4.24 percent, down 23 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 4.24 percent would cost about $491 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 at the Freedom SMU Cox School of Business and the former chief economist of the Dallas Federal Reserve Bank, believes rates will head up.

“My bet is that the 30-year conventional mortgage rate is still in the rising mode, but will peak soon,” he said. “The 30-year mortgage rate follows the 30-year T-Bond rate fairly closely, and the last weekly observation on the T-Bond rate for the week ending Nov. 9 showed both rates rising. But this week, following the election, the 30-year T-Bond rate has been falling; inflation is also falling. My expectation is that the 30-year mortgage rate will peak soon as the 30-year Treasury rate settles a little lower.”

Logan Mohtashami, a senior loan officer at the AMC Lending Group, says rates will go down. He said, “With oil prices below my $59 target level and inflation expectations soon to follow lower, yields should be lower now. However, we are still bounded by this technical level between 3.05 percent and 3.25 percent.

“I am looking for yields to go below three percent again, but we need to crack that 3.05 percent level for that to happen. I know people are putting weight on the 3.11 percent level, but for me we need to crack 3.05 percent.”

Shashank Shekhar, CEO of Arcus Lending, added, “The big news for mortgage rates was the inflation numbers. The Consumer Price Index, or CPI, came in exactly as estimated at 2.5 percent. Inflationary pressure almost always leads to higher rates for consumers and vice versa. It’s expected that the November CPI numbers will be lower because of a massive decline in oil prices that is driving down the gas prices. With lower inflation rates and very little of any other impactful data, expect mortgage rates to cool down just a tad from recent highs.”

Elizabeth Rose, branch manager at Movement Mortgage in Dallas, says, “Rates will be unchanged. Mortgage rates are on the rise, however mortgage bonds are currently trading sideways between the 10-day and 25-day moving averages. I anticipate they will remain in this groove; although with the Thanksgiving holiday, the markets can often behave unexpectedly.”