The average rate for a 30-year fixed mortgage is 3.70 percent, a decrease of 5 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.83 percent.

Multiple closely watched mortgage rates trended down this week. The average rates on 30-year fixed and 15-year fixed mortgages both fell. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, also declined.

The average rate for a 30-year fixed mortgage is 3.70 percent, a decrease of 5 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.83 percent.

At the current average rate, you’ll pay a combined $460.28 per month in principal and interest for every $100,000 you borrow. That’s down $2.84 from what it would have been last week.

The average 15-year fixed-mortgage rate is 3.15 percent, down 2 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $698 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 3.96 percent, down 1 basis point 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 3.96 percent would cost about $475 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.

Dick Lepre, a senior loan officer at RPM Mortgage, is among the 20 percent who see rates heading back up soon. He said, “On Dec. 3, there was so much flight-to-quality (more like flight-from-fear) buying of U.S. Treasury debt that, in one day, the daily tech went from oversold to overbought. A reversal to bearishness (lower prices, higher yields) is likely starting soon. Market participants are clearly listening to what the president says about trade.”

On the other side, Joel Naroff , President and Chief Economist at Naroff Economics, said, Rates will go down as trade depression strikes again.”

However, 60 percent of the experts see rates staying the same. Derek Egeberg, a certified mortgage planning specialist and branch manager at Academy Mortgage, said, “The market has settled in at the same levels over the last few weeks. It feels like an ocean tide, rising and falling but at the end of the day, the water level averages exactly the same.”

Logan Mohtashami, a senior loan officer at the AMC Lending Group, adds, “Rates will stay the same. As always, I have stressed to focus on PMI data and trade-war headlines. Even though the ISM print was below 50 the PMI data was at a seven-month high and bonds sold off on that news. When stocks are at all-time highs and the VIX is low, sometimes the president gets trade-war, tap-dance cocky and makes a statement that can send money into bonds while stock sell-off.”