Average 30 year mortgage rate today Meaning and Definition
Average 30 year mortgage rate today
Pronunciation
/ˈævərɪdʒ thirty year mɔrɡɪt ˈreɪt tədˈeɪ/
Part of Speech
Noun
Definition
The current average interest rate offered by banks or other lenders for a 30-year mortgage, used to calculate the monthly payment and total cost of borrowing for a home purchase or refinancing.
Etymology
The term “average 30 year mortgage rate today” originated in the early 20th century, as a way to simplify the complex process of calculating mortgage interest rates.
Usage Notes
The term is commonly used in real estate and finance contexts, such as in news articles, mortgage calculators, and financial reports.
Cultural References
The term has been referenced in popular culture, such as in the TV show “The Office” and the movie “The Big Short.”
Idiomatic Expressions or Phrases
a) “The mortgage rate is through the roof” – used to describe a high interest rate
b) “The mortgage rate is at an all-time low” – used to describe a low interest rate
Related Words or Phrases
Interest rate, mortgage, refinancing, home ownership
Collocations
Average 30 year mortgage rate today is often collocated with words such as “rising”, “falling”, “historically low”, and “record-breaking.”
Frequency of Use
The term is commonly used in financial and real estate contexts, and is often cited in news articles and financial reports.
Common Misspellings
Average 30 year mortgage rate tomorrrow, Average 30 year mortgage rate today is the lowest ever