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Mortgage rate

The interest rate on a home loan.

Freddie Mac publishes weekly averages for 30-year and 15-year fixed-rate mortgages in its Primary Mortgage Market Survey. Source 1

The Federal Reserve doesn't set mortgage rates, but changes in the federal funds rate typically pass through to longer-term rates, including fixed mortgage rates. Source 2

See How mortgage rates work.

Where it comes up

Sources

  1. Freddie Mac: Mortgage rates: Primary Mortgage Market Survey (opens in a new tab)
  2. Federal Reserve Board: Monetary policy: what are its goals? How does it work? (opens in a new tab)

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