The average 30-year fixed-mortgage rate is 3.99 percent, a decrease of 10 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was unchanged, at 3.99 percent.

Several closely watched mortgage rates decreased this week. The average rates on 30-year fixed and 15-year fixed mortgages both dropped. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, rose.

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 make sense to go ahead and lock if you see a rate you like. Just make sure you shop around first.

The average 30-year fixed-mortgage rate is 3.99 percent, a decrease of 10 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was unchanged, at 3.99 percent.

At the current average rate, you’ll pay principal and interest of $476.84 for every $100,000 you borrow. That’s lower by $5.78 than it would have been last week.

The average 15-year fixed-mortgage rate is 3.25 percent, down 4 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $703 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 quickly.

The average rate on a 5/1 ARM is 3.86 percent, ticking up 8 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 3.86 percent would cost about $469 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Looking ahead, Joel Naroff, President and Chief Economist at Naroff Economics, said, “Rates will rise as we begin to see some easing in tariff fears.”

But most experts believe rates will hold steady for now. Michael Becker, a branch manager at Sierra Pacific Mortgage, said, “The yield on the 10-year Treasury is now the lowest it’s been in over 18 months. Mortgages have begun to follow that drop, as well, and are also at 18-month lows. The catalyst seems to be intensifying trade wars as President Trump is threatening Mexico with increased tariffs if they don’t help stem the flow of immigrants to our border.

“We also had Fed Chairman Powell say the Fed could cut rates if trade wars slow the economy. Economic data also seems to be softening with a very weak ADP jobs report and soft manufacturing surveys coming out. All of this is driving rates lower. Looking forward, I think bond yields and mortgage rates will consolidate ahead of the Fed meeting on June 19th, so mortgage rates will be flat in the coming week.”

Dick Lepre, a senior loan officer with RPM Mortgage, adds, “The market is volatile. The short story is that it has become technically overbought which could lead to a few days of higher Treasury yields and mortgage rates. We will, after this interruption, get back to the bull (higher prices, lower yields) market. In fact, I am revising my call for the bottom in 10-year yield from 2 percent to 1.8 percent.”