en
mortgage rates
/ˈmɔːrɡɪdʒ reɪts/
Definition
1
The interest rates charged by lenders on mortgage loans, typically expressed as an annual percentage of the loan principal, which determines the cost of borrowing to purchase property.
2
Market-driven percentages that can be fixed or variable, influencing monthly repayments and overall affordability for homebuyers.
Examples
With mortgage rates climbing faster than a cat up a tree, he opted for renting a tiny apartment instead.
She shopped around for the best mortgage rates like a bargain hunter at a Black Friday sale.
Current mortgage rates have turned homeownership into a plot twist nobody saw coming.
Locking in low mortgage rates felt like winning the financial lottery, minus the confetti.