Definition: "Today's 30-year mortgage rate" refers to the current rate charged on a 30-year fixed-rate mortgage loan, which is typically calculated using an index (a reference value or benchmark) that provides a basis for comparison with the actual monthly interest payments made by the borrower. The specific formula used depends on the type of mortgage loan and the index chosen. The term "today's" implies that the rate has been set in the past and therefore applies to today's 30-year fixed-rate mortgage rates, not to any previous dates. However, it is important to note that the actual interest rate may have changed since the calculation was made, as the rate used by lenders can vary from period to period. The term "today" refers to the date on which the current rate is calculated, while "30 years" indicates how many months the 30-year mortgage term will last. The term "rate" typically means the monthly payment amount and "mortgage interest," or "interest on a loan for mortgage purposes." In summary: - Today's 30-year mortgage rate refers to the current rate charged on a 30-year fixed-rate mortgage loan, based on an index that provides a basis for comparison with actual monthly interest payments. - Today's means today and not any past date (e.g., "today's mortgage rate"). - The term "rate" usually refers to the amount of monthly payment made by the borrower over the life of the 30-year fixed-rate mortgage loan, while "mortgage interest" typically means the interest on a loan for mortgage purposes.
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