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An upper limit on the interest rate on a floating-rate note (FRN) or an adjustable-rate mortgage (ARM). Also, an OTC derivatives contract consisting of a series of European interest rate call options; used to protect an issuer of floating-rate debt from interest rate increases. Each individual call option within the cap is called a caplet. Opposite of a floor.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


1. Informal for market capitalization.

2. In a floating-rate note or an adjustable-rate mortgage (ARM), the highest possible interest rate. For example, if one has an adjustable-rate mortgage on a house, the interest rate fluctuates periodically. However, if the homeowner has a cap on the interest rate, there is a guarantee that it will never rise above a certain percent, no matter what the ARM formula would otherwise dictate. A cap is designed to protect the person or company making the interest payments. See also: Floor, Collar.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


1. An upper limit on the interest rate to be paid on a floating-rate note.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.


A cap is a ceiling, or the highest level to which something can go.

For example, an interest rate cap limits the amount by which an interest rate can be increased over a specific period of time. A typical cap on an adjustable rate mortgage (ARM) limits interest rate increases to two percentage points annually and six percentage points over the term of the loan.

In a different example, the cap on your annual contribution to an individual retirement account (IRA) is $4,000 for 2006 and 2007 and $5,000 in 2008, provided you have earned at least that much. If you're 50 or older, you can make an additional catch-up contribution of $1,000 each year.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.


Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005


A ceiling on the adjustments that can be made in the payments or interest rate of an adjustable-rate loan.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.


Same as Float-Down.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Proficiency test performance and experience with College of American Pathologists' programs.
HHS also has signed a $32 million, five-year contract with the College of American Pathologists (CAP) to license SNOMED (Systematized Nomenclature of Medicine), CAP's standardized medical vocabulary system of more than 340,000 medical concepts.
The majority of women with chronic "lumpy breasts" are at no greater risk of developing breast cancer than other women, according to the College of American Pathologists (CAP).
To the Editor.--We highly appreciated the recent publication on the update of human epidermal growth factor receptor 2 (HER2) testing guideline for breast cancer by the American Society of Clinical Oncology (ASCO) and the College of American Pathologists (CAP) in Journal of Clinical Oncology.
- The College of American Pathologists (CAP) has accredited the Montreal laboratory of Montreal, Canada- and Gosselies, Belgium-based specialty CRO laboratory Caprion Biosciences Inc., the company said.
Years ago, the College of American Pathologists (CAP) addressed this issue by creating the "Workload Recording" [WLR] program," (1) in which timed studies were performed on individual laboratory tests, from start to final results.
AMT has joined ACLA, the College of American Pathologists, and other lab groups in support of a permanent extension of the grandfather protection.
CAP STS (SNOMED Terminology Solutions[TM]), a division of the College of American Pathologists (CAP), is a leader in transforming health information.
He is active on committees of the College of American Pathologists, American Diabetes Association, National Glycohemoglobin Standardization Program, and IFCC.
Paul Raslavicus, MD, FCAP, a pathologist who dedicated his career to the advancement of patient health care, was named the 2004 Pathologist of the Year by the College of American Pathologists (CAP).
The College of American Pathologists has developed the Systematized Nomenclature of Medicine, Reference Terminology (SNOMED RT) for use in the electronic health record.

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