Step 1 :Given that $m^{2}=rac{1}{16}+rac{1}{9}$, we first need to add the two fractions together.
Step 2 :Adding the fractions gives us a sum of approximately 0.1736111111111111.
Step 3 :Next, we need to find the square root of this sum to find the value of $m$.
Step 4 :Taking the square root gives us $m$ approximately equal to 0.4166666666666667.
Step 5 :However, we need to express $m$ in lowest terms as a fraction.
Step 6 :Converting the decimal to a fraction gives us $m$ as $rac{5}{12}$.
Step 7 :\(\boxed{\frac{5}{12}}\) is the final answer.