August 12th, 2014 10:52 AM by Leonard Silvestri
A Mortage rate is the rate of interest charged by a mortgage lender. These rates are usually determined by the lender and are normally set as fixed or variable rates which is also determined by the lender. In the securing of a mortgage rate several factors pertaining to the borrower also come into play. The borrower's income level, credit score and financial history weigh heavily on the rate assigned to their purchase.