A variety of notable mortgage rates inched up today. There's been a big growth in 30-year fixed mortgage rates, and 15-year fixed rates climbed higher as well. The average rate of the most common type of variable-rate mortgage, the 5/1 adjustable-rate mortgage, also trended upward.

Though mortgage rates have been rather consistently going up since the start of this year, what happens next depends on whether inflation continues to climb or begins to retreat. Interest rates are dynamic and unpredictable -- at least on a daily or weekly basis -- and they respond to a wide variety of economic factors. Right now, they're particularly sensitive to inflation and the prospect of a US recession. With so much uncertainty in the market, if you're looking to buy a home, trying to time the market may not play to your favor. If inflation rises and rates climb, this could translate to higher interest rates and steeper monthly mortgage payments. For this reason, you may have better luck locking in a lower mortgage interest rate sooner rather than later. No matter when you decide to shop for a home, it's always a good idea to seek out multiple lenders to compare rates and fees to find the best mortgage for your specific situation.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 5.87%, which is a growth of 33 basis points from one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one -- but often a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 5.08%, which is an increase of 19 basis points compared to a week ago. You'll definitely have a bigger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, as long as you're able to afford the monthly payments. You'll most likely get a lower interest rate, and you'll pay less interest in total because you're paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 4.33%, a climb of 12 basis points compared to a week ago. For the first five years, you'll typically get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. But since the rate adjusts with the market rate, you could end up paying more after that time, as described in the terms of your loan. Because of this, an ARM may be a good option if you plan to sell or refinance your house before the rate changes. Otherwise, changes in the market means your interest rate could be much higher once the rate adjusts.

Mortgage rate trends

Though mortgage rates were historically low at the beginning of 2022, they have been increasing somewhat steadily since then. The Federal Reserve recently raised interest rates by another 0.75 percentage points in an attempt to curb record-high inflation. The Fed has raised rates a total of four times this year, but inflation still remains high. As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.

Though the Fed does not directly set mortgage rates, the central bank's policy actions influence how much you pay to finance your home loan. If you're looking to buy a house in 2022, keep in mind that the Fed has signaled it will continue to raise rates, and mortgage rates could increase as the year goes on. Whether rates follow their upward projection or begin to level out hinges on if inflation actually slows.

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track rate changes over time. This table summarizes the average rates offered by lenders nationwide:

Average mortgage interest rates

Product	Rate	Last week	Change
30-year fixed	5.87%	5.54%	+0.33
15-year fixed	5.08%	4.89%	+0.19
30-year jumbo mortgage rate	5.87%	5.53%	+0.34
30-year mortgage refinance rate	5.82%	5.50%	+0.32

Rates as of Aug. 24, 2022.

How to find personalized mortgage rates

To find a personalized mortgage rate, meet with your local mortgage broker or use an online mortgage service. Make sure to think about your current finances and your goals when searching for a mortgage. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect the interest rate on your mortgage. Generally, you want a higher credit score, a higher down payment, a lower DTI and a lower LTV to get a lower interest rate. Aside from the interest rate, additional costs including closing costs, fees, discount points and taxes might also affect the cost of your home. Make sure you talk to a variety of lenders -- for example, local and national banks, credit unions and online lenders -- and comparison shop to find the best mortgage for you.

How does the loan term impact my mortgage?

When picking a mortgage, you should consider the loan term, or payment schedule. The most common loan terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are fixed for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (typically five, seven or 10 years). After that, the rate adjusts annually based on the current interest rate in the market.

One important factor to consider when deciding between a fixed-rate and adjustable-rate mortgage is the length of time you plan on living in your home. If you plan on living long-term in a new house, fixed-rate mortgages may be the better option. While adjustable-rate mortgages might offer lower interest rates upfront, fixed-rate mortgages are more stable in the long term. However, you might get a better deal with an adjustable-rate mortgage if you only intend to keep your home for a couple years. The best loan term is entirely dependent on your personal situation and goals, so make sure to think about what's important to you when choosing a mortgage.