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INTEREST RATE
The rate charged the borrower each period for the loan of money, by custom quoted on an annual basis. A rate of 6%, for example, means a rate of 1/2% per month. A mortgage interest rate is a rate on a loan secured by a specific property.
ALSO SEE: INTEREST RATE CEILING, ADJUSTMENT INTERVAL, CURRENT INDEX VALUE, WRAPAROUND MORTGAGE, LOCK-IN RATE, TEASER RATE, FLOAT-DOWN, REFINANCE, BUY-DOWN, BUY-UP, MARGIN, COFI, APR, ARM

    Courtesy of the Mortgage Glossary
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