Fabry-Perot interferometers (FPIs) with multilayer dielectric mirrors and mirror spacings as low as 0.7% of the operating wavelength are studied. It is shown how these low-order FPIs are affected by the phase dispersion characteristics of multilayer dielectric mirrors. Because experimental results in the optical regime are extremely difficult to obtain, radio frequency experiments are performed with coaxial cable FPI structures. Experimental results show excellent agreement with theory. These phase effects in FPIs with ultrathin mirror spacings are of great interest in the design of tunable microcavities with possible applications in optical communications.