The average 30-year fixed-mortgage rate is 3.50 percent, down one basis point since the same time last week. Last month on the 9th, the average rate on a 30-year fixed mortgage was higher at 3.54 percent.

Multiple closely watched mortgage rates receded this week. The average for a 30-year fixed-rate mortgage dropped, but the average rate on a 15-year fixed were unchanged. The average rate on 5/1 adjustable-rate mortgages, meanwhile, trended down.

The average 30-year fixed-mortgage rate is 3.50 percent, down one basis point since the same time last week. Last month on the 9th, the average rate on a 30-year fixed mortgage was higher at 3.54 percent.

At the current average rate, you’ll pay principal and interest of $449.04 for every $100,000 you borrow. That’s down $0.56 from what it would have been last week.

The average 15-year fixed-mortgage rate is 2.83 percent, unchanged over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $682 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage 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 faster.

The average rate on a 5/1 ARM is 3.19 percent, falling one basis point over the last week.

These loan types are best for those who expect to refinance or sell before the first or second adjustment. Rates could be considerably higher when the loan first adjusts and thereafter.

Monthly payments on a 5/1 ARM at 3.19 percent would cost about $432 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

This week, 42 percent of the experts predict that rates will rise, 16 percent believe there will be a drop in rates and 42 percent say that rates will remain relatively unchanged (plus or minus two basis points).

Greg McBride, CFA and chief financial analyst at, says, “If indications are that the worst for the job market is behind us, it will give mortgage rates a bit of a bump. But I doubt it will last.”

Jim Sahnger, a mortgage planner at Schaffer Mortgage, also believes rates will go up. He said, “As it stands, the markets have all been priced, not for perfection, but intense liquidity perfection. Meaning, without all the stimulus that was passed along from the Fed on a personal, corporate, equity and bond market playing field, the markets would look entirely different. Even in the face of all that’s negative, any bright signal is pumping up yields and causing stocks to continue to chase the SpaceX rocket. In the mortgage space, the Fed has bought roughly $700 billion in mortgage-backed securities since mid-March. This has kept rates down. Look for a little, not much, but a little steam to be let out of the pot in the next week. As awful as the economic numbers and now massive riots have been, investors are seeing the glass over half full right now.”

Michael Becker, a branch manager at Sierra Pacific Mortgage, said, “Treasury and bond yields are spiking today as a result of economic data that was less bad than expected. Specifically, the ADP employment report showed ‘only’ 2.7 million jobs lost versus 9 million expected. This is pushing mortgage rates a little higher today. The ADP report has been known to show wildly different numbers than the BLS employment report which comes out this Friday. I think once that report comes out, bonds will rally and mortgages rates will drop a little early next week.

Dick Lepre, a senior loan officer at RPM Mortgage, Inc., adds, “By far, the most interesting thing about markets, including the Treasury and mortgage-backed securities markets, is the disappearance of volatility. There are two causes: 1) so much has happened (COVID, 40 million lost jobs, Atlanta Fed forecast of 2nd quarter GDP down 52.8 percent, bankruptcies, destruction of the airline and hospitality industries, riots, looting) that markets have developed an immunity to events which, in other times, would have produced enormous prices swings and 2) the Fed's continuing pouring of liquidity into markets reduces volatility.”

Gordon Miller, owner of Miller Lending Group, LLC, says, “Another week and another round of steady as she goes. At some point, rates should head lower but, for the time being, I can’t see too much change. The thing to watch out for is the closing costs as we are seeing a lot of lenders pushing $10,000 plus in fees. Rates are great with little to no costs, so make that as important as anything else you evaluate.”