The average 30-year fixed-mortgage rate is 3.04 percent, down 4 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher at 3.14 percent.

Several closely watched mortgage rates fell this week. The average for a 30-year fixed-rate mortgage receded, but the average rate on a 15-year fixed remained steady. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, tapered off.

The average 30-year fixed-mortgage rate is 3.04 percent, down 4 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher at 3.14 percent.

At the current average rate, you’ll pay principal and interest of $423.76 for every $100,000 you borrow. That’s down $2.17 from what it would have been last week.

The average 15-year fixed-mortgage rate is 2.54 percent, unchanged 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’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 faster.

The average rate on a 5/1 ARM is 3.33 percent, sliding 2 basis points over the last week.

These loan types are best for those 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 3.33 percent would cost about $440 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, 36 percent of the experts on Bankrate's panel predict rates will rise while 27 percent expect rates to hold steady and 36 percent think rates will keep falling.

Greg McBride, the chief financial analyst at Bankrate.com, see rates going back up soon. He said, “There is risk of an increase if the inflation numbers come in higher than expected. Not a high likelihood, but let’s face it, 2020 has been a lesson in low probability/high impact events.”

Ken H. Johnson, a real estate economist at Florida Atlantic University, agrees, saying, “Long-term rates will move up slightly. The Fed’s open market activities remain consistent, serving to keep long-term mortgage rates near record lows. Is this the week, however, that default risk begins to work its way into long-term mortgage rates?”

Dick Lepre, a senior loan officer at RPM Mortgage, Inc., believes rates will keep going down. He said, “With equities selling off big time, we may see flight-to-quality buying of U.S Treasury and mortgage-backed securities debt. Markets are driven by COVID-based fear and uncertainty, which are showing no sign of abating.”

Jeff Lazerson, President of MortgageGrader, adds, “Rates will drop as the stock market is teetering and no deal is in the works for Congress to provide more unemployment funds.”

Logan Mohtashami, a housing analyst at HousingWire, thinks rates will hold steady. He said, “Even with some movement in the stock market and some vaccine headlines, the bond market has been stable and in a tight range. The economic data has been holding up well considering what has happened in 2020. We still don't have a full disaster relief deal, but if we get some clarity on that, it should move the bond market.”

Jennifer Kouchis, a senior vice president of real estate lending at the VyStar Credit Union, said, “As expected, there wasn’t too much movement as far as rates were concerned going into the three-day weekend. I suspect that the same trend will continue this week. However, what lies in our future is another story. We know the loan-level pricing adjustment is coming, so when will lenders and the market react? With extended turn times and preparing loans sales for delivery to the GSEs by the December deadline, we could see a change in our near future.”