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FACT OR FICTION?
- homelifegalaxyreal
- Dec 18, 2015
- 1 min read
A fixed mortgage rate fluctuates with the market interest rate, known as the 'prime rate.' The interest rate varies with changes in market interest rates (typically the bank’s prime lending rate).
Fiction
A fixed mortgage rate is set for the duration of the mortgage term. Mortgage interest rate and payments are fixed.
A variable mortgage rate is an interest rate that can change during the term. The interest rate varies with changes in market interest rates (typically the bank’s prime lending rate)
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