On Tuesday, May 4th, 2021, the average APR on a 30-year fixed-rate mortgage fell 1 basis point to 2.849%. The average APR on a 15-year fixed-rate mortgage fell 1 basis point to 2.169% and the average APR for a 5/1 adjustable-rate mortgage (ARM) fell 4 basis points to 3.079%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 3 basis points lower than one week ago and 112 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR. – @nerdwallet