30 year fixed rate Meaning and Definition
30 year fixed rate
Pronunciation
/ˌθiːrty ˈfaɪkd ˈrɪte/
Part of Speech
Noun
Definition
A type of mortgage loan that has a fixed interest rate for 30 years, providing stability and predictability for homeowners.
Etymology
The term “30 year fixed rate” originated in the late 20th century as a response to the volatility of interest rates and the need for borrowers to have a stable financial burden.
Usage Notes
When discussing mortgage options, it’s crucial to mention the duration and rate stability of the loan to help customers make informed decisions.
Cultural References
The term has been frequently used in popular culture to highlight the financial benefits of home ownership and the importance of long-term planning.
Idiomatic Expressions or Phrases
“Locking in a 30 year fixed rate” means securing a mortgage with a stable interest rate for a 30-year term.
Related Words or Phrases
- Interest rate
- Mortgage
- Loan
- Finance
Collocations
- “30 year fixed rate mortgage”
- “low 30 year fixed rate”
- “high 30 year fixed rate”
Frequency of Use
The term “30 year fixed rate” is commonly used in financial and real estate contexts, particularly in the United States and other countries with stable housing markets.
Common Misspellings
- 30 year varius rate
- thirty year fixed rate