30 year interest rates Meaning and Definition

Pronunciation

/thirty year interest rates/ 🔊

Part of Speech

Noun

Definition

A financial term referring to the interest rate charged on a 30-year mortgage or loan.

Examples

• The bank offered a 30-year interest rate of 4% on the mortgage.
• The real estate agent discussed the importance of considering 30-year interest rates when purchasing a home.

Synonyms

• Mortgage rate
• Home loan rate

Antonyms

• Short-term interest rate
• Variable rate

Etymology

The term “30 year interest rate” originated in the 1980s as a standardized term in the mortgage industry to describe the interest rate charged on long-term home loans.

Usage Notes

In financial and mortgage contexts, 30-year interest rates are often used to compare loan options and determine the total cost of borrowing over a 30-year period. When speaking with lenders or real estate agents, it’s essential to understand the 30-year interest rate to make informed decisions.

Cultural References

In the 1990s, the 30-year interest rate was a popular topic in movie titles, such as “30-Year Interest Rates and Chicken Soup for the Soul”. The term has since become a staple in popular culture, often used to explain complex financial concepts to a broader audience.

Idiomatic Expressions or Phrases

“Lock in a 30-year interest rate” means to secure a low interest rate for a 30-year loan period, ensuring stable monthly payments.

Related Words or Phrases

• Interest rate
• Mortgage
• Loan

Collocations

• Fixed 30-year interest rate
• Adjustable 30-year interest rate

Frequency of Use

The term “30-year interest rate” is commonly used in financial and mortgage contexts, with a frequency of occurrence estimated to be around 1 in 10 financial discussions.

Common Misspellings

• Gerbera
• 30 yeer interest rates
• Thirty year intrest rates