Definition: The word "when mortgage rates go down" typically refers to a situation where the interest rates on home loans, or any other type of loan, are expected to decrease. When mortgage rates go down, it generally means that lenders are offering lower interest rates than they were previously. This can be due to several reasons: 1. Economic conditions: When economic growth is strong and inflation is low, consumers tend to have more money in their pockets, which allows for borrowing at a lower rate. 2. Government policies: If the government decides to lower interest rates on home loans, banks will usually follow suit. 3. Competition from other lenders: As more people are looking for cheaper home loan options, banks may see opportunities to compete with other lenders and offer more competitive rates. The word "when mortgage rates go down" is a general term used in the context of housing finance to indicate that there will be an increase or decrease in interest rates on certain types of loans.
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