While the overall trend is for mortgage rates to move higher, they did slip a bit last week. This is good news for those looking to lock in lower home mortgage loan interest rates. When you go to lock in, you could get a 5.22% rate on a 30-year fixed, or less than 5% on 15-year fixed mortgage loans. ARMs are also showing interest rates of below 5%.

This week’s numbers illustrate the mortgage interest rate trend of returning a time when ARMs have lower rates than fixed rate loans. This usual state of affairs was upended, thanks to the recession and a declining housing market. However, some mortgage lenders are starting to feel a little more confident about the way things are going, and that means that ARMs are once again becoming more attractive.

Generally, of course, ARMs are not a particularly good idea. But if you plan to move, or if you are confident — really confident — that you can refinance, they can actually save you quite a bit in terms of what you pay in interest. It is important to be careful when you go with an adjustable rate mortgage, though. As we saw in the mortgage market crash, some really are not properly equipped financially to be able to handle a mortgage interest rate reset.