The average 30-year fixed-mortgage rate is 3.14 percent, up 8 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.15 percent.

Several benchmark mortgage rates increased this week. The average rates on 30-year fixed and 15-year fixed mortgages both moved up. Meanwhile, the average rate on 5/1 adjustable-rate mortgages also climbed higher.

The average 30-year fixed-mortgage rate is 3.14 percent, up 8 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.15 percent.

At the current average rate, you’ll pay a combined $429.19 per month in principal and interest for every $100,000 you borrow. That’s up $4.34 from what it would have been last week.

The average 15-year fixed-mortgage rate is 2.66 percent, up 7 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $674 per $100,000 borrowed. That’s clearly 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 more quickly.

The average rate on a 5/1 ARM is 3.38 percent, adding 9 basis points from a week ago.

These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.38 percent would cost about $442 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

67 percent of the experts on Bankrate's panel predict rates will rise, while 33 percent expect rates to hold steady. No one believes they will go back down for now. Chief Financial Analyst Greg McBride sees rates as rising. He said, “Higher-than-expected inflation readings have jolted bond yields out of the past few weeks’ tight range. Expect a bump in mortgage rates to follow.”

Logan Mohtashami, a housing analyst at HousingWire, said, “Finally, yields make a snapback from dripping lower due to the stalling of the government disaster relief package. Let's be honest here -- not too much has been happening in the bond market for months now. The latest CPI data was a bit hotter than anticipated but working from the pandemic low. In general, yields have been higher than 0.62 percent for most of this crisis. So unless we get a bad headline from the China talks, or the government disaster relief package that could send money out of stocks into the bonds, this recent move in yields should stick, which would create a tad uptick in pricing.”

Jennifer Kouchis, Senior Vice President of real estate lending at VyStar Credit Union, adds, “Rates will have a small spike. It looks as if record lows could come to a halt from all the theories out there, but what is more likely is a small spike at least for now! The 10-Year Treasury Yield had a strong surge, but already seems to have leveled back down as bond yields are steadily increasing. I feel strongly, we will continue to see small moves either way until we receive our fate as determined by the news on the stimulus and pandemic when it comes to future rates.”

Michael Becker, a branch manager at Sierra Pacific Mortgage, said, “Mortgage-backed securities have sold off pretty dramatically in the last few days. This is sending mortgage rates higher. Whether this is simply a correction from overbought conditions in the mortgage-backed securities market over the last few weeks or the beginning of rates moving higher and higher, only time will tell. But mortgage rates will be higher in the coming week.”

Gordon Miller, owner of the Miller Lending Group, said, “Rates should trade in a narrow range as headwinds continue to blow away any sign of higher mortgage rates. Beware of the costs involved for the low rates as lower-cost options are available.”

Elizabeth Rose, a sales manager at AmCap Mortgage, said, “News of a possible vaccine, coupled with hotter-than-expected-inflation numbers and plenty of supply, sent the mortgage bond market over a cliff, pushing rates slightly higher this week. The bond market was overdue for a correction. The question now becomes, is this just a temporary correction or the beginning of a new trend to higher rates? The good news is we are near a support level that should hold in the week ahead, keeping mortgage bonds steady and rates unchanged.”