Definition: Mortgage rates plot is a chart or graph that shows the current rate of interest for various mortgage products such as adjustable rate mortgages (ARMs), fixed-rate mortgages, and other types of loans. A mortgage rates plot is useful in understanding how different loan options may affect monthly payments and savings over time. For example, an ARM might offer lower interest rates but require a higher down payment than a fixed-rate mortgage. This means that borrowers would be paying more interest initially, but they would see their principal balance decrease faster as the rate adjusts. The term "mortgage rates plot" refers to the chart or graph used to display this information.
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