The average rate you’ll pay for a 30-year fixed mortgage is 3.62 percent, down 11 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.74 percent.

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

The average rate you’ll pay for a 30-year fixed mortgage is 3.62 percent, down 11 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.74 percent.

At the current average rate, you’ll pay $455.77 per month in principal and interest for every $100,000 you borrow. That’s down $6.21 from what it would have been last week.

The average 15-year fixed-mortgage rate is 3.13 percent, down 7 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $697 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.

The average rate on a 5/1 ARM is 3.32 percent, sliding 8 basis points over the 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 3.32 percent would cost about $439 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Les Parker, a managing director at Transformational Mortgage Solutions, is one of only 10 percent of experts who believe rates will go back up soon. He said, “Mortgage rates will go up. Here’s a parody based on the Tommy James and the Shondells’ 1969 hit ‘Crystal Blue Persuasion.’ ‘Look over yonder; What do you see? The Bull is a’rising; How definitely; A new BEAR is coming, ooh, ooh; Markets are changing; Ain’t it beautiful, ooh, ooh; Crystal NEW persuasion.’ Flip a coin for the direction this week. Will temporary headwinds to growth become long term? If so, mortgage rates drop. If they dissipate, then mortgage rates rise.”

Dick Lepre, a senior loan adviser at RPM Mortgage, is one of the 50 percent of experts who expect rates to keep going down. He said, “Treasury techs are still bullish (higher prices, lower yields) but the daily tech should reverse around the end of this period. The coronavirus epidemic has gotten a massive amount of media attention (note: the seasonal flu kills 12,000-61,000 in the U.S. each year) and, as such, might become a domestic financial issue if it impacts the supply chain of Chinese products exported to the U.S.”

Michael Becker, a branch manager at Sierra Pacific Mortgage, is among the 40 percent who believe rates will stay the same. He said, “As expected, the Fed kept rates at current levels and very little changed in their statement from their last meeting. The Fed has not really been moving mortgage rates lately as markets expect the Fed to be on hold for the foreseeable future. Concern about the spread of the coronavirus in China (and its effect on the Chinese and global economy) have been driving markets lately. The flight to safety has caused a rally in bonds and a drop in mortgage rates to levels last seen in early September or close to the lowest in years. Given the rally in rates, I think we are due for a pause in this rally and mortgage rates will be flat in the coming week.

Logan Mohtashami, a senior loan officer at AMC Lending Group, Irvine, adds, “The last few days were about the coronavirus which, as bad headlines often do — pushed money into bonds from stocks. Some of the recent economic data was fine, nothing too dramatic on that front. The Fed isn’t going to move this year, so don’t worry about Fed rate hikes; if anything, you’re more likely to see a cut than a hike. What the bond market is telling you is correct: even with the stock market doing well, there is no recession coming but there is no higher rate of growth either… just yet. Watch carefully for any bad headlines from the coronavirus, this can spark an even bigger rally in bonds.”