noun phrase · neutral
mortgage rates
UK/ˈmɔːɡɪdʒ reɪts/US/ˈmɔːrɡɪdʒ reɪts/MOR·gage·rates
the percentages charged by lenders on home loans, usually expressed per year
Examples
“Lower mortgage rates have encouraged more people to apply for loans.”
“A small change in mortgage rates can affect monthly budgets dramatically.”
“Banks reviewed their mortgage rates after the central bank's announcement.”
Band 8 sentence
“Given the Bank’s decision to cut base rates, we should expect mortgage rates to fall, which may revive the housing market.”
Collocations
- fixed mortgage rates
- variable mortgage rates
- lower mortgage rates
Word family
Common mistakes
mortgage interests→mortgage interest / mortgage rates
rate of mortgage→mortgage rate / mortgage rates
Say it for a higher band
5loan interest→6mortgage interest→7+mortgage rates
Synonyms
mortgage interest
Easily confused
interest rates
“Interest rates set by the central bank influence mortgage rates across the country.”
Related words
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In Hometown & Housing
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