Bernadette Gatsby/Unsplash

Bernadette Gatsby/Unsplash

Multiple benchmark mortgage rates were down today. The average for a 30-year fixed-rate mortgage declined, but the average rate on a 15-year fixed trended upward. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages receded.

Compare mortgage rates in your area now.

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 4.57 percent, a decrease of 9 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.82 percent.

At the current average rate, you’ll pay principal and interest of $510.85 for every $100,000 you borrow. That’s down $5.39 from what it would have been last week.

You can use Bankrate’s mortgage calculator to figure out your monthly payments and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.98 percent, up 4 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $739 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, 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.

5/1 ARMs

The average rate on a 5/1 ARM is 4.12 percent, falling 7 basis points from a week ago.

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

Monthly payments on a 5/1 ARM at 4.12 percent would cost about $484 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.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? See local mortgage rates.

Average mortgage rates
Product Rate Change Last week
30-year fixed 4.57% -0.09 4.66%
15-year fixed 3.98% -0.04 3.94%
30-year fixed jumbo 4.61% -0.04 4.65%
30-year fixed refinance 4.61% -0.08 4.69%

Last updated: December 7, 2018.

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”