The average rate for the benchmark 30-year fixed mortgage is 3.08 percent, down 2 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.06 percent.

Multiple key mortgage rates declined this week. The average rates on 30-year fixed and 15-year fixed mortgages both receded. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, ticked up.

The average rate for the benchmark 30-year fixed mortgage is 3.08 percent, down 2 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.06 percent.

At the current average rate, you’ll pay principal and interest of $425.93 for every $100,000 you borrow. That’s $1.09 lower compared with last week.

The average 15-year fixed-mortgage rate is 2.54 percent, down 3 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $669 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 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 adjustable rate mortgage is 3.35 percent, adding 3 basis points from a week ago.

These types of loans are best for those 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 3.35 percent would cost about $441 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

17 percent of the experts on Bankrate's panel predict rates will rise, while 50 percent expect rates to hold steady and 33 percent think rates will fall.

Ken H. Johnson, a real estate economist at Florida Atlantic University, believes rates will move back up. He said, “Long-term mortgage rates are tethered to 10-year Treasurys. Treasurys are moving up slowly and long-term mortgage rates will soon follow.”

Michael Becker, a branch manager at Sierra Pacific Mortgage, see rates continue to go down. He said, “Bonds sold off and mortgage rates were higher after Federal Reserve Chairman Jay Powell’s speech at the Jackson Hole Economic Policy Symposium last week. Powell announced a policy shift in regards to inflation to ‘average inflation targeting.’ This means the Central Bank will be inclined to allow prices rising above its 2 percent target for a period of time. Since inflation is the enemy of bond investors as it eats away at their returns, it makes sense that bonds would sell off and mortgage rates would rise. But this week bond markets seemed to remember that the Fed will be supporting lower interest rates by buying both Treasurys and mortgage-backed securities, and the employment has dropped in the past without too much inflation coming in. This switch in sentiment will result in bonds rallying and lower mortgage rates in the coming week.”

Les Parker, the managing director at Transformational Mortgage Solutions, adds, “Rates go nowhere. Here's a parody based on The Moody Blues 1968 hit “Ride My See-Saw”: “Ride, ride the seesaw, Take risk's place; On this tick; To nowhere.” Economic growth concerns in the U.S. dissipated while Europe ponders its lack of vitality. The investment world continues to ride a seesaw to nowhere, but the balance is tenuous.”

Jennifer Kouchis, a senior vice president of real estate lending at VyStar Credit Union, said, “All is right in the world of mortgage rates - at least for now! Most lenders reacted in a positive way after news hit on the delay of Fannie and Freddie’s loan-level price adjustment announcement, helping the overall outlook. Rates are now tracking closer to the bond market and dare I say almost back to their lowest point. Nobody can predict the future, but for now I do not expect much movement either way for mortgage rates this week.”

Mitch Ohlbaum, a mortgage banker at Macoy Capital Partners, said, “The 10-year is trading at 0.65 percent, which is lower than last week but some disappointing private sector employment news gave the Treasurys a slight bump but not enough to move mortgage rates. Banks will hold the line on rates to keep business at steady flow. Interesting to note that some big banks are not accepting applications for refinances and some are saying no cash out as well. Make calls before you commit.”