A basis point is one one-hundredth of a percentage point (0.01%). Earlier in the year, experts had anticipated mortgage rates would close in on 6% by year-end and continue descending from there.

"MBA is forecasting one additional cut this year. With the Fed on hold, we do expect that longer-term rates, including mortgage rates, will also stay within a narrow range for the foreseeable future." ...

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.

Mortgage rates are unlikely to see major drops any time soon, as economic markets wait to see what comes of the Trump ...