Definition: The term "mortgage and refinance rates today" refers to the current interest rates on mortgages, including the prime rate, conforming mortgage rates, adjustable-rate mortgages (ARMs), and other types of loans. In general, a mortgage refers to a loan made by a lender to an individual or entity in exchange for the right to use the property as collateral. The type of mortgage and the terms of the agreement between the lender and borrower can vary widely depending on factors such as loan amount, interest rate, and payment schedule. Refinance mortgages are loans that allow borrowers to refinance their existing mortgage into a new one with a lower interest rate or loan term. This is typically done in order to lower monthly payments or obtain a lower interest rate from the original lender. In summary, "mortgage and refinance rates today" refers to current interest rates on mortgages and other types of loans, including refinances.
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