30 year mortgage rate
Definition
The prevailing interest rate charged on a 30-year fixed-rate mortgage loan, a standard long-term home financing option in the United States that allows borrowers to spread payments over three decades.
A key financial benchmark reflecting the cost of borrowing for home purchases, often influencing housing affordability and market trends.
Examples
With the 30 year mortgage rate dipping to historic lows, even couch potatoes started daydreaming about flipping houses.
She locked in a killer 30 year mortgage rate just before it skyrocketed, proving timing is everything – unlike her ex's proposals.
The 30 year mortgage rate climbed higher than his ex-wife's alimony demands, forcing Dave back to apartment life.
Analysts predict the 30 year mortgage rate will stabilize, but until then, renters rejoice while buyers weep into their avocado toast.