The average 30-year fixed-mortgage rate is 3.14 percent, a decrease of 11 basis points over the last week. Last month on the 13th, the average rate on a 30-year fixed mortgage was higher at 3.39 percent.

Several benchmark mortgage rates are sliding lower this week. The average rates on 30-year fixed and 15-year fixed mortgages both fell. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also fell.

The average 30-year fixed-mortgage rate is 3.14 percent, a decrease of 11 basis points over the last week. Last month on the 13th, the average rate on a 30-year fixed mortgage was higher at 3.39 percent.

At the current average rate, you’ll pay $429.19 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $6.02 lower.

The average 15-year fixed-mortgage rate is 2.73 percent, down two basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $678 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 more rapidly.

The average rate on a 5/1 ARM is 3.08 percent, down four basis points from a week ago.

These types of loans are best for people 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 3.08 percent would cost about $426 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Half of the financial experts predict that rates will stay the same, seven percent see a rise in rates and 43 percent believe that rates will drop.

Michael Becker, a branch manager at Sierra Pacific Mortgage, is one of the few experts who believe rates will rise. He said, “Mortgage rates surprisingly improved this week, continuing the recent trend. Mortgage rates can’t keep setting all-time lows, can they? Given the recent rally in rates, I expect rates next week to be slightly higher.”

Dick Lepre, a senior loan officer at RPM Mortgage, Inc., thinks rate will keep going down. He said, “For the first time in several months all of the bond techs are bullish, meaning higher Treasury prices and lower yields and mortgage rates…Markets will continue to be driven by COVID reporting. While COVID cases are increasing, COVID-related deaths have decreased for 11 consecutive weeks - although one would hardly know that by reading the news.”

James Sahnger, a mortgage planner at C2 Financial Corporation, adds, “We are quoting rates in the 2s left and right. Rates have been range-bound for the last month, but look to be stepping out of the range to the benefit of home shoppers and those looking to refinance. Economically, it’s hard to think that with COVID-19 cases spiking around the country that economic data will impress anyone for a while to come.”

Ken H Johnson, a real estate economist at Florida Atlantic University, said, “Mortgage rates should continue to trend down slowly. The demand for fixed-income type securities will continue to drive up their prices and result in lowering mortgage rates for a while longer.

Logan Mohtashami, a housing analyst at HousingWire, said, “The 10-year yield refuses to really break under 0.62 percent and the upside in bond yields is limited while the new covid case grows. For the next few days, be mindful of any vaccine news to see if that can move the markets.

Gordon Miller, owner of the Miller Lending Group, sees rates as being flat. He said, “Rates will remain in the same narrow trading range as we head into next week. Renewed concerns over the number of new cases being reported will be a hurdle for stocks while the 10-year Treasury flirts with a sub-0.6 yield. One thing seems certain and that is the likelihood low rates are here until further notice.”