Definition: The term "housing market mortgage rate" refers to the cost of borrowing for housing, specifically for a first time homebuyer or anyone who has purchased a home in the past five years. The mortgage rate determines how much money you will pay over time as interest on your loan. For example, if the rate is 5%, then you would need to pay 5% of your monthly income on your mortgage each month. The definition of "housing market mortgage rate" is a general term that describes the cost of borrowing for purchasing or renting a home. It involves finding out how much money you will need to borrow, and how much interest you will be paying over time as part of that loan. The interest rate is another term used in this context, but it refers to the annual percentage rate charged on your mortgage, while the mortgage rate represents the monthly payment you will make.
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