Your guide to a better futureThis week, some important Mortgage rates ticked up. The Fed's interest Rate hikes are increasing costs for prospective homebuyers.Some important mortgage rates climbed up over the last seven days. The average 15-year fixed and 30-year fixed mortgage rates both were higher. At the same time, average rates for 5/1 adjustable-rate mortgages remained steady.In March 2022, the Federal Reserve stepped in to combat surging inflation by hiking its key interest rate. Mortgage rates, which are not set by the central bank but are indirectly influenced by rate hikes, increased alongside.After hiking interest rates 11 times since March 2022, the Federal Reserve opted to skip another increase during its September meeting. However, the Fed hasn't ruled out the possibility of additional increases if inflation doesn't continue to moderate.About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.While inflation has dropped from its record highs, it's still above target. That means the Fed could continue to raise rates as it sees fit to increase the cost of borrowing and slow down the economy. Progress on inflation and other key economic indicators may ease some of the upward pressure on mortgage rates. But, if future inflation data comes in hotter than expected and the Fed chooses to hike rates further, mortgage rates could. keep going up in 2023.Fluctuations in the mortgage and housing markets are always going to happen. That's why experts say it's a good idea for homebuyers to focus on what they can control: getting the best rate for their financial situation.To increase your odds of qualifying for the lowest rate available, take steps to improve your credit score and save for a down payment. Also, be sure to look at the annual percentage rate, or APR, which reflects the mortgage interest rate plus other borrowing charges. By looking at the total cost of borrowing from multiple lenders, you can make a more accurate apples-to-apples comparison.For a 30-year, fixed-rate mortgage, the average rate you'll pay is 7.75%, which is a growth of 24 basis points compared to 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 lower monthly payment than a 15-year one -- but typically a higher interest rate. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.The average rate for a 15-year, fixed mortgage is 6.85%, which is an increase of 6 basis points from the same time last week. You'll definitely have a higher 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. However, as long as you can afford the monthly payments, there are several benefits to a 15-year loan. These include usually being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.A 5/1 ARM has an average rate of 6.54%, the same rate from the same time last week. With an adjustable-rate mortgage mortgage, you'll usually get a lower interest rate than a 30-year fixed mortgage for the first five years. However, you might end up paying more after that time, depending on the terms of your loan and how the rate shifts with the market rate. Because of this, an ARM could be a good option if you plan to sell or refinance your house before the rate changes. But if that's not the case, you could be on the hook for a much higher interest rate if the market rates change.Mortgage rates were historically low throughout most of 2020 and 2021 but increased steadily throughout 2022 as the Federal Reserve began aggressively hiking interest rates. The top question is what the rest of 2023 has in store for prospective homebuyers."Today's high mortgage rates are not the only challenge we have in the current market," said Erin Sykes, chief economist at Nest Seekers International. "The combination of high interest rates plus sustained property prices and persistent inflation are making day-to-day life more expensive."While experts say mortgage rates are unlikely to return to the rock-bottom levels in the early pandemic, there's a good chance we could see mortgage rates dip before the end of the year.In order for that to happen, though, Sykes says we need to see inflation pull back on a consistent basis for at least four to six readings. If the federal funds rate remains steady, that should also help stabilize mortgage rates going into 2024.Fannie Mae calls for the average 30-year fixed mortgage rate to close out the year at 7.1%.We use information collected by Bankrate to track rate changes over time. This table summarizes the average rates offered by lenders across the country:Rates as of Sept. 22, 2023.To find a personalized mortgage rate, speak to your local mortgage broker or use an online mortgage service. Make sure to take into account your current finances and your goals when trying to find a mortgage.Things that affect the interest rate you might get on your mortgage include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Generally, you want a higher credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate.The interest rate isn't the only factor that affects the cost of your home. Be sure to also consider additional factors such as fees, closing costs, taxes and discount points. Be sure to shop around with multiple lenders -- like credit unions and online lenders in addition to local and national banks -- in order to get a mortgage that's right for you.One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are fixed for the duration of the loan. For adjustable-rate mortgages, interest rates are the same for a certain number of years (most frequently five, seven or 10 years), then the rate changes annually based on the market interest rate.One important factor to consider when deciding between a fixed-rate and adjustable-rate mortgage is how long you plan on staying in your house. For people who plan on living long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer greater stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages may offer lower interest rates upfront. If you aren't planning to keep your new home for more than three to 10 years, however, an adjustable-rate mortgage could give you a better deal. There is no best loan term as an overarching rule; it all depends on your goals and your current financial situation. Be sure to do your research and understand what's most important to you when choosing a mortgage.