Average 30 year fixed mortgage rate Meaning and Definition

Pronunciation

/ˈævrɪdʒ ˌθɪrti ˈfɪksd ˈmɔrtsɪd reɪt/ 🔊

Part of Speech

Noun

Definition

The average interest rate set for a 30-year fixed-rate mortgage, typically offered by lenders to borrowers, as part of their mortgage lending process.

Examples

• The average 30-year fixed mortgage rate for the month is 4.25%.
• The lender offered a competitive average 30-year fixed mortgage rate to attract more customers.

Synonyms

• Mortgage rate
• Interest rate

Antonyms

• VARIABLE mortgage rate
• Adjustable rate mortgage

Etymology

The term ‘Average 30 year fixed mortgage rate’ originated from the widespread adoption of fixed mortgage rates in the 20th century, particularly in the 1980s.

Usage Notes

When using the term ‘Average 30 year fixed mortgage rate,’ specify the duration and type of mortgage to avoid confusion.

cultural References

The average 30-year fixed mortgage rate has been featured in various financial news outlets, including The New York Times and CNN Money.

Idiomatic Expressions or Phrases

“Mortgage rates are plummeting” is a common idiomatic expression that refers to a decrease in the average 30-year fixed mortgage rate.

Related Words or Phrases

Fixed-rate mortgage, 15-year mortgage, 20-year mortgage, variable-rate mortgage, adjustable-rate mortgage

Collocations

‘Average 30-year fixed mortgage rate’ commonly collocates with words like ‘borrower’, ‘lender’, ‘mortgage’, and ‘homebuyer’.

Frequency of Use

The term ‘Average 30-year fixed mortgage rate’ is frequently used in the financial industry, particularly in mortgage lending and real estate markets.

Common Misspellings

Gerbera, Gasbera, Gebbera, Gerbara, Gerbrera