What is a mortgage rate?

Answer Mortgage rates are added to monthly mortgage payments. Fixed, adjustable and interest-only mortgage rates are available to those who need to take out a mortgage loan to afford a home.DefinitionA mo... Read More »

Top Q&A For: What is a mortgage rate

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »

How Does the Prime Rate Impact a Mortgage Rate?

The prime rate is set by the Federal Reserve and is the interest rate lenders charge their most creditworthy customers. The "prime" fluctuates in relation to the fed fund rate from the Federal Res... Read More »

What is a fixed mortgage rate?

With a fixed rate mortgage, the principal and interest portion of the monthly payment stays the same for the life of the loan. A fixed-rate mortgage will not go up or down when interest rates fluct... Read More »

What is a mortgage interest rate?

The mortgage interest rate is the fee paid by the borrower monthly to borrow a set amount of funds. This fee is denoted by an percentage rate which is multiplied by the principle balance monthly to... Read More »