Interest rates refer to the percentage of extra money that is charged or earned when borrowing or lending money. It is the cost of borrowing or the reward received for saving or investing money. Full definition
Low interest rates lower month - to - month mortgage payments and, more importantly, net total expenses. (policygenius.com)
The simple logic behind this is that conventional lenders charge higher interest rates on low credit scores. (homeplusmortgage.com)
As it becomes more costly for mortgage lenders to obtain money, they pass on their increased expenses to borrowers in the form of higher interest rates on mortgages and other kinds of credit. (valuepenguin.com)