The average rate for a 30-year fixed mortgage is 4.51 percent, unchanged from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.62 percent.

Mortgage rates have diverged this week. The average for a 30-year fixed-rate mortgage was flat, but the average rate on a 15-year fixed receded. Meanwhile, the average rate on 5/1 adjustable-rate mortgages were down.

The average rate for a 30-year fixed mortgage is 4.51 percent, unchanged from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.62 percent.

At the current average rate, you’ll pay principal and interest of $507.28 for every $100,000 you borrow.

The average 15-year fixed-mortgage rate is 3.70 percent, down 6 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $725 per $100,000 borrowed. That’s obviously 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 quickly.

The average rate on a 5/1 ARM is 3.91 percent, falling 3 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 3.91 percent would cost about $472 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.

Joel Naroff, president and chief economist at Naroff Economics, is one of the few experts who believe rates are heading back up soon. He said, “Rates will go up. Rates fell too far and the economy is still pretty good.”

Michael Becker, branch manager of Sierra Pacific Mortgage, is one of the 50 percent of experts who see rates falling. He said, “Mortgage rates and Treasury yields are starting off 2019 at very good levels. In fact, mortgage rates are at the best level in eight months now. The improvement in rates has been a pleasant surprise for anyone seeking a mortgage. The improvement has been steady and consistent. In fact, I am surprised at the persistence of this rally in rates. In past weeks, I have voted for rates to be steady or to slightly rise because I wasn’t sure that rates could keep improving. But now I am a believer and think that markets are now focused on a slowing U.S. and global economy and that rates can continue to rally. We will see lower rates in the coming week.”

Dick Lepre, a senior loan officer at RPM Mortgage, said, “This is a week which should start bullish (higher prices for Treasuries with resulting lower yields and mortgage rates) and then turn bearish. More importantly, the Treasury techs are sending strong signals that we will soon start a long-overdue secular bull market for Treasuries portending lower mortgage rates this year.

Logan Mohtashami, a senior loan officer with the AMC Lending Group, said, “My big key level has been meet for the 10-year yield and the other aspect that go with that call. We have moved from 3.24 percent on Nov 8, 2018 down to 2.65 percent on Jan 2, 2019. Oil broke under my $59 level, hit my low level of $43 and inflation expectations have collapsed recently.

“Now, for yields to go lower you need to see a close under 2.62 percent with big-time follow through bond buying. What can get us there? Lower PMI data, lower global trade, weaker U.S. manufacturing data or a stock market selloff. However, the big move in bonds is done, now comes real work to go lower.”