The average rate for the benchmark 30-year fixed mortgage is 4.41 percent, an increase of 8 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was unchanged, at 4.41 percent.

Several closely watched mortgage rates increased this week. The average rates on 30-year fixed and 15-year fixed mortgages both moved up. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also trended upward.

Rates for mortgages change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just make sure you shop around first.

The average rate for the benchmark 30-year fixed mortgage is 4.41 percent, an increase of 8 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was unchanged, at 4.41 percent.

At the current average rate, you’ll pay principal and interest of $501.35 for every $100,000 you borrow. That’s an increase of $4.72 over what you would have paid last week.

The average 15-year fixed-mortgage rate is 3.69 percent, up 1 basis point since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $724 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 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 4.09 percent, adding 6 basis points since the same time 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 4.09 percent would cost about $483 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.

Michael Becker, branch manager at Sierra Pacific Mortgage, said, “After being near multi-month lows in yields, the yield on the 10-year Treasury is spiking a bit. It’s still trading within its recent range, but at the top end of that range. It’s hard to see what caused the spike. There wasn’t good economic news, which can often lead to higher Treasury yields and higher mortgage rates.

“The news on Chinese trade negotiations hasn’t changed much…The small spike in rates could simply be the result of a large issuance of investment-grade bonds that are competing with Treasuries and mortgage-backed securities for buyers. GDP, employment and manufacturing reports are all due in the next couple days. I think that data will show weakness building in the US economy and mortgage rates will drop as a result.”

Dick Lepre, a senior loan officer with RPM Mortgage, said, “The techs are once again mixed, indicating flat Treasury yields and mortgage rates in the coming week. Any changes will likely be event driven rather than technical.”

Greg McBride, the senior vice president and chief financial analyst at Bankrate.com, said, “Don’t expect a sustained rise in mortgage rates until we get the all clear economically – and there is too much uncertainty to be anywhere close to that.”

Also feeling rates will remain unchanged is Logan Mohtashami, a senior loan officer at the AMC Lending Group. He said, “There’s been a lot of news in the last week, not a lot of action. Last week the 10-year yield was 2.65 percent and it has gone back and forth in a tight range even with the promising news from the China trade talk. We haven’t been able to break over 2,800 on the S&P 500 and yields today are standing at 2.68 percent. However, we are still in this range between 2.55 percent to 2.82 percent on the 10-year yield, regardless of the economic data or political news. The confidence indexes are all turning around together in a positive direction, except the small business index. Not much can move rates this week outside a stock sell off.”