Wi-Fi hardware designs have always auto-selected the best PHY rate (physical signaling rate) for the circumstances for every transmission.
That means it can change from one packet to the next, and it also means that the rate your AP (wireless router) used when transmitting the most recent packet to your laptop is often different than the rate your laptop used when transmitting its most recent packet to the AP; that is, there is no guarantee that your "from the AP" PHY rate is the same as your "to the AP" PHY rate. The set of possible rates that can be used between the two devices is determined when the the laptop associates to the AP, but either device can, unilaterally and without prior notice, pick any rate from that set for any given transmission it is about to perform.
The standards do not specify an algorithm for rate selection. It is left as an implementation detail. While some of us could give anecdotes about the proprietary implementation details for product with which we are familiar, I am not aware of any source of reliable empirical data that could tell us what is "usually" done.
Optimizing throughput is typically the biggest factor in the rate selection algorithms as one might expect, but designs almost always factor in power savings as well.
Note that since the PHY rate can fluctuate from packet to packet and from one direction to the other, there is no clear notion of the "current link speed":
- Is it the PHY rate of the last packet the laptop transmitted?
- Is it the PHY rate of the last packet the laptop received?
- Is it an average of those two?
- Is it an average of the last n packets in one or both directions?
- Or maybe it should just report the maximum PHY rate from the set that was determined at association?
There's no solid definition, so it's unclear exactly what a given chipset or OS might be reporting if it claims to report a "current link speed" somewhere. I would say "check your product documentation", but most vendors don't bother to document things in that much detail.
Also note that multicast/broadcast packets transmitted by the AP are often transmitted at a much lower PHY rate than unicast packets. So depending on how your implementation calculates some notion of "current link speed", it might look really low if the last packet you received—or if many of the last n packets you received—from the AP were multicasts or broadcasts, as might be the case if the link was mostly idle.
That's about all that can be reliably stated without inside knowledge of the proprietary implementation details of the Wi-Fi implementations in your AP and laptop.