The average rate you’ll pay for a 30-year fixed mortgage is 3.04 percent, a decrease of 2 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 3.01 percent.

Several closely watched mortgage rates dropped this week. The average for a 30-year fixed-rate mortgage decreased, but the average rate on a 15-year fixed were unchanged. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, decreased.

The average rate you’ll pay for a 30-year fixed mortgage is 3.04 percent, a decrease of 2 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 3.01 percent.

At the current average rate, you’ll pay $423.76 per month in principal and interest for every $100,000 you borrow. That’s down $1.09 from what it would have been last week.

The average 15-year fixed-mortgage rate is 2.57 percent, unchanged over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $670 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 3.07 percent, falling 4 basis points over the last week.

These types of loans are best for those who expect to refinance or sell 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 3.07 percent would cost about $425 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.

About half of the experts on Bankrate's panel (53 percent) predict rates will hold steady while 40 percent expect rates to fall and 7 percent think rates will rise.

Elizabeth Rose, a sales manager at AmCap Mortgage, is one of the few who believe rates will be going up. She said, “Mortgage rates have been holding steady for a few weeks, while bonds have traded in a wide range. The Fed has been the major player as a buyer of bonds, keeping rates low. However, inflation moves the bond market. If inflation rises, rates must rise. And just today the producer inflation showed an increase, double market expectations. With this sharp increase, it is quite possible we will see rates nudge a small fraction higher. It’s important to note that any slight rate move higher still results in incredibly low home loan interest rates.”

Jeff Lazerson, President at MortgageGrader, said, “Mortgage rates will drop this week. Mortgage refinance lines are shortening. Lenders have to compete with each other by sharpening their pencils.”

Dick Lee, President of Independent Mortgage in Newton, adds, “Trend: lower. The treasury techs will soon turn bullish (higher prices, lower yields) sending rates lower. Of greater importance is the fact that markets are misreading the effects of massive Treasury deficits. Massive deficits are not going to create inflation but rather create a debt trap. Added government debt will actually reduce GDP by crowding out debt to businesses and individuals. Private debt helps GDP. Government debt at the present level actually reduces GDP. For now markets are not understanding this.”

Jennifer Kouchis, a senior vice president of real estate lending at VyStar Credit Union, believes, “Rates will remain the same. The stimulus and election news are what is driving rates. In the coming weeks there could be new developments which create some volatility in the market. For now, my feeling is that for the most part rates will remain the same, although we may see some slight movement both up and down.”

Gordon Miller, owner of the Miller Lending Group, says, “Rates should remain in a narrow trading range as lenders still struggle to play the catch up game. Despite rates barely moving, closing cost quotes continue to rise. Be careful as the interest rate is only half the picture.”

Logan Mohtashami, a housing analyst at HousingWire, thinks rates will be unchanged, saying, “Bond yields have retreated lower while this debate over disaster relief is being had. Unless we get real news, either way, it doesn't look like much movement will happen. However, be mindful of any headline news that comes out as the next 30 days will be filled with nothing but drama.”