The interest rate on a loan used to buy real estate. Some mortgages have fixed mortgage rates, meaning that it remains constant over the life of the mortgage, while adjustable-rate mortgages have variable mortgage rates, meaning that interest rates change according to prevailing interest rates, at least within certain limits. The mortgage rate, along with the amount of the loan and the time until it comes due, helps determine one’s monthly payment.
Farlex Financial Dictionary. © 2009 Farlex, Inc. All Rights Reserved
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