Today, the mortgage interest rate on a 30-year fixed mortgage is 6.61%, according to the Mortgage Research Center. On a ...

For example, today’s average rate for a 10/1 ARM is 6.42%, according to Bankrate — or nearly 30 basis points lower than the rate for a traditional 30-year fixed mortgage.

You can use a rate and term refinance to switch from one type of loan to another, such as going from an FHA loan to a conventional loan or from an adjustable-rate mortgage to a fixed-rate mortgage.