mortgage rate
Definition
The interest rate charged by a lender on a mortgage loan, which determines the ongoing cost of borrowing money to finance a property purchase.
A percentage of the principal loan amount that borrowers pay periodically, often expressed as an annual percentage rate (APR), influencing monthly payments and total loan cost.
The variable or fixed rate applied to home loans, subject to market fluctuations, economic policies, and borrower creditworthiness.
Examples
With mortgage rates dipping lower than a limbo champion's back, millennials are finally eyeing their first overpriced condos.
He locked in a killer mortgage rate right before they spiked, turning his homebuying gamble into a smug brag at every barbecue.
Her adjustable mortgage rate turned her dream home into a financial thriller – cue the popcorn for the next rate hike.
Shoppers hunting mortgage rates like Black Friday deals, armed with spreadsheets and zero chill.