The rate of interest charged by a mortgage lender.
- Abbey National, the UK's second-largest mortgage lender, gets the wooden spoon, being the only major mortgage lender with a mortgage rate over 6% during 2002.
- Yet the building societies' cartel set its mortgage rate below prevailing interest rates.
- The mortgage rate changes every time interest rates change or, as in most cases, the overall effect of any interest rate changes is calculated once a year and payments are altered accordingly.
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Syllabification: mort·gage rate
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