The average rate for a 30-year fixed mortgage is 3.99 percent, a decrease of 6 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.12 percent.

Several benchmark mortgage rates receded this week. The average rates on 30-year fixed and 15-year fixed mortgages both receded. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also dropped.

Mortgage rates are constantly changing, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it may be a great time to lock in a rate. Just be sure to shop around.

The average rate for a 30-year fixed mortgage is 3.99 percent, a decrease of 6 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.12 percent.

At the current average rate, you’ll pay a combined $476.84 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $3.46 lower.

The average 15-year fixed-mortgage rate is 3.45 percent, down 4 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $712 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment 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 3.78 percent, falling 17 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 3.78 percent would cost about $465 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.

Almost all the experts see rates as continuing go to down, especially with President Trump’s escalated trade war on China that will have a negative effect on the U.S. economy.

Robert R. Johnson, a professor of finance at the Heider College of Business, Creighton University said, “Absent any resolution of the trade tensions between the U.S. and China, mortgage rates are likely to decline slightly in the short term. A protracted trade war would be negative for U.S. GDP growth and put downward pressure on rates.”

Bankrate.com senior vice president and chief financial analyst Greg McBride, CFA, said, “The ‘fear trade’ has taken hold again, which is good news for mortgage shoppers as bond yields and mortgage rates pull back in response.”

Shashank Shekhar, CEO of Arcus Lending, said, “The 10-Year Treasury broke beneath 2.459 percent, a level that has stopped yields from moving lower the last two times tested. If they can remain under this level, they can potentially get to 2.37 percent, which it touched at the end of March. The 10-Year Treasury movements almost always impact the mortgage bonds that, of course impacts the rate that the borrower gets. So, a downward trend on the Treasury yield would mean rates moving lower by around .125 percent to borrowers in the coming week.”