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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 ?
They include condoms, diaphragms, the contraceptive sponge and cervical caps
Limited evidence suggests that the contraceptive effectiveness of the diaphragm and cervical cap may be moderately more effective when used with a spermicide than without.
The unit costs for the other methods were estimated as the published average wholesale price minus copayments of $5.50 for diaphragms and cervical caps, the other methods that typically are obtained through a pharmacy rather than directly inserted or administered by a clinician.
Richwald's team found no serious medical complications with the cervical cap, although more than 20 percent of the women in their study reported cap dislodgement during or after intercourse.
A cervical cap is a thimble or cap-shaped device smaller than a diaphragm that fits snugly over the cervix.
The Stork OTC includes two innovative parts: an updated cervical cap (similar to a condom) and an applicator device used to place the cap (similar to the delivery of a tampon).
The cervical cap fits snugly on the surface of the cervix.
[D] The cervical cap, one of the most effective and convenient
Secondary methods include a barrier method (diaphragm, condom, or cervical cap) used with spermicide.
The risk factors for asymptomatic bacteriuria were identical to those predisposing the women to symptomatic infections: recent sexual intercourse, use of a diaphragm with spermicide, spermicide used alone, and use of a cervical cap, said Dr.
The Stork OTC gives couples a way to use cervical cap insemination, an established conception technique, in the privacy of their home, Bollinger says.
In the past 25 years, only two significant non-hormonal contraceptive options have been developed and are still available today: the cervical cap and the female condom.