30 year mortgage interest rates Meaning and Definition
30 year mortgage interest rates
Pronunciation
/ˈthirty ˈjɜːr ˈmɔr ˈɪn tər ˈrɪt ˈreɪts/
Part of Speech
Noun
Definition
The interest rate paid on a mortgage loan over a period of 30 years, typically offered by banks, credit unions, and other financial institutions.
Etymology
Derived from the combination of “30 year” to describe the term of the loan and “mortgage interest rates” to describe the interest paid on the loan.
Usage Notes
When discussing mortgage options, 30 year mortgage interest rates are often compared to other types of mortgage loans, such as 15 year mortgages or adjustable-rate mortgages, to determine which option best suits an individual’s financial situation.
Cultural References
30 year mortgage interest rates have been referenced in popular culture, such as in financial news programs, personal finance books, and online forums.
Idiomatic Expressions or Phrases
- “Locked in at a 30 year mortgage interest rate” – to secure a low interest rate for a 30 year mortgage loan
Related Words or Phrases
- Mortgage loan
- Interest rate
- Bond yield
Collocations
- “Fixed 30 year mortgage interest rates” – a type of mortgage loan with a fixed interest rate over a 30 year term
- “Adjustable 30 year mortgage interest rates” – a type of mortgage loan with an adjustable interest rate over a 30 year term
Frequency of Use
30 year mortgage interest rates are commonly used in discussions about mortgage financing, personal finance, and real estate.
Common Misspellings
- Thirthy
- Thirtye