The average rate for a 30-year fixed mortgage is 4.05 percent, a decrease of 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.04 percent.

Mortgage rates showed no clear direction today, but one key rate fell. The average for a 30-year fixed-rate mortgage were down, but the average rate on a 15-year fixed held steady. The average rate on 5/1 adjustable-rate mortgages, meanwhile, increased.

Mortgage rates change daily, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could make sense to 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 4.05 percent, a decrease of 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.04 percent.

At the current average rate, you’ll pay a combined $480.30 per month in principal and interest for every $100,000 you borrow. That’s a decline of $0.58 from last week.

The average 15-year fixed-mortgage rate is 3.49 percent, unchanged over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $714 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 more rapidly.

The average rate on a 5/1 ARM is 3.95 percent, adding 2 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 3.95 percent would cost about $475 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Almost none of the experts expect rates to go up. Dick Lepre, a senior loan officer at RPM Mortgages sees them going down. He said, “The daily tech for the 30-year Treasury bond remains decidedly bullish (higher prices, lower yields.) The weekly is still bearish, which will restrain gains from the daily. There will be a slightly downward pressure on rates in the coming week.”

Les Parker, managing director of Transformational Mortgage Solutions, agrees, saying, “Mortgage rates will go down. Here’s a parody of ‘Not Afraid’ by Eminem that relates to the struggle for the bulls to add to their gains from late March. ‘Bulls not afraid (Bulls not afraid) To take a stand; it’s been a ride; Every low test, just missed; but had to; Go to that place; To get to this one.’ The drop in oil fuels the drive to lower mortgage rates. Plus, low inflation overwhelms the talk and hype for slight improvements in global growth.

Dr. Robert R. Johnson, a professor of finance at the Heider College of Business, offers a different view, saying, “Mortgage rates will remain unchanged. Impressive GDP numbers last week, coupled with no evidence of inflation, lower the odds that the Fed will be dovish on rates moving forward. Potential buyers should heed the words of Gordon Gekko from the film ‘Wall Street: Money Never Sleeps.’ ‘Bulls make money. Bears make money. Pigs? They get slaughtered.’ Don’t wait for rates to fall, you could get slaughtered.”