Mortgage rate

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Mortgage rate

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Mortgage Rate

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. See also: Mortgage-backed security.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
According to Zillow, 30-year fixed mortgage rates hovered between 4.38 and 4.42 percent for the majority of last week, while Bankrate had them at 4.64 percent.
Westpac has the highest standard variable mortgage rate among the big four banks in Australia.
While a low mortgage rate would appear to benefit the economy by allowing homeowners to pay less each month and potentially entice new buyers, extremely strict approval standards mean that the bulk of Americans can't take advantage of low rates.
Total Mortgage Services, LLC, a provider of some of the lowest mortgage rates, is an industry-leading direct-to consumer and wholesale mortgage lender.
Moreover, the evidence presented here also suggests that a more direct method of subsidizing potential homeowners would have a larger effect on homeownership (while using the same amount of resources) than the reductions in mortgage rates attributed to Fannie Mae and Freddie Mac.
It added that around 500,000 borrowers were on the standard variable mortgage rate, or one linked to it, and could potentially be affected by the decision.
First Direct said it was cutting its smart mortgage rate by the full 0.5pc to 4.75pc with immediate effect.
The move brings the Halifax variable mortgage rate down to 6.85 per cent.
Patrick Bunton of independent mortgage brokers London & Country says: "It was only six years ago, half-way through the Tories' third term in office, that mortgage rates reached 15.5 per cent.
After falling for three weeks in a row, mortgage rates reversed course and posted modest increases.
Total Mortgage, which offers some of the lowest mortgage rates on jumbo loans, FHA-insured mortgages, 30-year fixed-rate mortgages, and adjustable-rate mortgages through its retail and wholesale channels, is licensed in California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Massachusetts, Maryland, Maine, Michigan, Mississippi, New Jersey, New York, New Hampshire, North Carolina, Ohio Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont and Virginia, West Virginia and the District of Columbia.
Barclays, The Woolwich, Standard Life Bank, Intelligent Finance, Northern Rock, The Royal Bank of Scotland, Citibank and Virgin One all also announced reductions in their mortgage rates.

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