Word forms: (regular plural) fixed rates
( Finance : Banking )
With a two-step mortgage, the borrower receives a fixed rate for a specified number of years, and then a new interest rate based on the terms
in the note.
Money is lent to you for a fixed period, at a fixed rate of interest and repayments are calculated at the start of the loan.
A fixed rate is an interest rate that is set to remain the same for the term of a loan.
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