Definition: "When mortgage will go down" is a phrase that refers to a point in time when an interest rate on a mortgage loan falls below a certain level, typically the 30-year fixed interest rate (which can range from approximately 1% to 5%). The purpose of this term is to describe the period during which mortgage rates are generally lower than average. The "when" part of the phrase refers to a specific date or time when such an event occurs. For example, if a borrower's mortgage loan was originally at a rate of 4%, and the interest rate suddenly falls to 2% for several weeks before the end of the stated term (typically 30 years), it would be considered "when" because these events occur simultaneously. The "go down" part implies that as soon as the interest rate goes down, it will be lower than it was at the start. This could mean a decrease in the loan amount or a reduction in the monthly payment due on the mortgage loan. It is important to note that the rate of change in interest rates can vary significantly over time and across different loan types and borrowers. In many cases, the interest rate will remain relatively stable while it goes down, but if an unexpected event such as a recession occurs, the rate may suddenly go up or decrease again.
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