At its November meeting, the Fed cut the federal funds rate by 25 basis points. One basis point is one ... The average APR on a 15-year fixed mortgage is 6.43%. Last week. 6.43%.

Friday, ending the week just a few basis points above their lowest level of the new year. Many other loan types also saw ...

So with a 5/1 ARM, for example, your mortgage rate will remain fixed for the first five years you have the loan, and then it will change once a year after that. ARM terms are typically 30 years.