The average rate you'll pay for a 30-year fixed mortgage is 3.06 percent, an increase of 2 basis points over the last seven days. Last month on the 11th, the average rate on a 30-year fixed mortgage was higher, at 3.17 percent.

Several closely watched mortgage rates climbed higher this week. The average for a 30-year fixed-rate mortgage climbed higher, but the average rate on a 15-year fixed fell. Meanwhile, the average rate on 5/1 adjustable-rate mortgages increased.

The average rate you’ll pay for a 30-year fixed mortgage is 3.06 percent, an increase of 2 basis points over the last seven days. Last month on the 11th, the average rate on a 30-year fixed mortgage was higher, at 3.17 percent.

At the current average rate, you’ll pay principal and interest of $424.85 for every $100,000 you borrow. That’s $1.09 higher compared with last week.

The average 15-year fixed-mortgage rate is 2.59 percent, down 9 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $671 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 adjustable rate mortgage is 3.29 percent, rising 1 basis point 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 considerably higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.29 percent would cost about $437 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, 64 percent of the experts on Bankrate's panel predict rates will fall while 21 percent think they'll rise and 14 percent expect rates to hold steady.

Greg McBride, chief financial analyst at Bankrate.com, sees rates heading up. He said, “Just how much momentum has been lost in the job recovery (please don’t call it ‘job growth’) is the looming question, but bond yields and mortgage rates could get a bump when another coronavirus relief package is passed.

Shashank Shekhar, CEO at Arcus Lending Inc, said, “Mortgage rates have set a new record low three of the last four weeks. My guess is the mortgage-backed securities rally -- which has caused the drop -- will take a momentary pause, even a movement in the reverse direction. Expect some correction this week, which will cause mortgage rates to go up.

Gordon Miller of the Miller Lending Group believes, “Rates should head lower as the 10-year Treasury now struggles to maintain a yield above 0.5. The key moving forward for homeowners will be the amount of closing costs. A lot of pretty rates are being advertised, but an APR might be the worst way to alert a potential borrower of the costs involved. Averaging the costs over the term of 30 years makes it sound more attractive, but if the APR was calculated on the actual life of the loan itself then the rate could average out over 5 percent!”

Jennifer Kouchis, senior vice president at VyStar Credit Union, adds, “Rates have made some slight moves this past week, but it’s the Treasury yields that keep pushing lower. At some point these record lows will stop, but it’s hard to tell when. With no substantial updates in the news with regard to the pandemic and low Treasury yields, we may see yet another record low!”

Jeff Lazerson, President at MortgageGrader, thinks rates will be flate. He said, “Mortgage rates will flatline, staying under 3 percent for a 30-year and under 2 percent for a 15-year fixed. Too much business volume, and lenders are getting more worried about early payoffs where borrowers become serial refinancers in a short time period. Lenders lose a lot of income in those cases and they have to reimburse upstream investors for money advanced in the case of no-cost and no-point mortgages.”