And mortgage rate, or mortgage interest rate, is the percentage of interest you pay on the amount borrowed to finance the purchase of your home. This is the cost of the loan, expressed as a percentage, that the bank or financial institution adds to the capital to generate income from the money lent.
Mortgage rates can be fixed or variable:
- A fixed rate remains constant throughout the term of the loan, which means that your monthly payment remains the same.
- On the other hand, a variable rate fluctuates with financial market conditions, which can result in monthly payments that increase or decrease over time.
2023-08-11 07:21:22
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