Mortgage interest rates were mostly up compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans ticked up, while 5/1 ARM rates declined.

You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”

Mortgage rates for home purchase

30-year fixed-rate mortgage moves higher, +0.18%

The average 30-year fixed-mortgage rate is 3.52 percent, up 18 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 3.25 percent.

At the current average rate, you’ll pay principal and interest of $447.93 for every $100,000 you borrow. That’s up $13.27 from what it would have been last week.

15-year fixed mortgage climbs,+0.22%

The average rate you’ll pay for a 15-year fixed mortgage is 2.84 percent, up 22 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $409 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 more rapidly.

5/1 ARM eases, -0.02%

The average rate on a 5/1 adjustable rate mortgageis 2.73 percent, ticking down 2 basis points from a week ago.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These loan types 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 2.73 percent would cost about $402 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.

Jumbo mortgage interest rate climbs, +0.19%

The current average rate you’ll pay for jumbo mortgages is 3.54 percent, an increase of 19 basis points over the last week. Last month on the 12th, the average rate for jumbo mortgages was lower, at 3.24 percent.

At today’s average jumbo rate, you’ll pay a combined $447.93 per month in principal and interest for every $100k you borrow. That’s an extra $13.27 compared with last week…ReadMore…