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[-] uranibaba@lemmy.world 1 points 1 year ago

Could be fixed rate that expired and had to be renewed, but with a new rate.

[-] Alexstarfire@lemmy.world 1 points 1 year ago

In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.

[-] uranibaba@lemmy.world 2 points 1 year ago

How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?

[-] Alexstarfire@lemmy.world 2 points 1 year ago

Yes, though I'm not sure what you mean by not paid. You have monthly payments for the loan.

[-] uranibaba@lemmy.world 1 points 1 year ago

I meant payed off.

So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?

[-] Alexstarfire@lemmy.world 2 points 1 year ago

Yep. That's why people who got these historic low rates are going to be very resistant to moving. Myself included.

this post was submitted on 02 Nov 2023
310 points (98.4% liked)

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