# Terms with Tag Rates

- Monetary Policy Committee (MPC) — Acronym, ➥ In relation to central banks.
- Monthly Periodic Rate — Definition,
- The interest rate factor used to calculate the interest charges on a monthly basis. The factor equals the yearly rate divided by 12.

- Morbidity Rate — Definition,
- A measurement of how prevalent a medical condition or disease is.

- Mortality Rate — Definition,
- A measurement of how many people in a particular population set and in a particular period of time die.

- Mortgage Interest Rate (MIR) — Acronym,
- Mortgage Rate — Definition,
**Very Important**,- The interest rate on a mortgage loan.

➥ You can compare mortgage rates using this website by clicking 'Rates' above. - Note Rate — Definition,
- The percentage paid by a borrower for the use of money, usually expressed as an annual percentage on a promissory note.

- Overnight Rate — Definition,
- The interest rate banks use to lend or borrow funds from each other.

- Participation Rate — Definition,
- The rate at which changes in a stock index affect the profit credited to an annuity.

- Penalty Rate — Definition,
- Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.

- Periodic Rate — Definition,
- The interest rate in relation to a specific amount of time. For example, the monthly periodic rate is the cost of credit per month whereas the daily periodic rate is the cost of credit per day.

- Periodic Rate Cap — Definition,
- In an adjustable-rate mortgage (ARM), it limits how much an interest rate can increase or decrease from one adjustment period to the next.

- Posted Rate — Definition,
- The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.

- Prime Rate — Definition,
- The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.

- Principal and Interest (PI, P&I) — Acronym,
- Acronym for the elements of a mortgage payment: principal and interest.

- Qualifying Rate — Definition,
- The mortgage rate that one must qualify for when applying for a variable rate or a term less than 5 years, so that if rates increase, the borrower can continue to make payments.

- Rate Cap — Definition,
- A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.

- Rate Hold — Definition,
- The length of time, typically between 60 and 120 days, that a lender will guarantee a loan's interest rate once you are locked in.

- Rate Index — Definition,
- A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.

- Rate Lock-in — Definition,
- A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.

- Rate of Interest (ROI) — Acronym,
- A percentage charged on a loan or paid on an investment for the use of the money.

➥ Same as interest rate. - Short Term Interest Rate (STIR) — Acronym,
- Simple Interest (SI) — Acronym,
**Important**,- Interest computed only on the principal balance, without compounding.

- Small Business Interest Rate (SBIR) — Acronym,
- Special interest rates banks use for business loan that are typically higher then personal loan.

- Step-rate Mortgage — Definition,
**Important**,- A fixed-rate home loan on which payments are lower at the beginning, typically for two years, and which then rise.

- Teaser Rate — Definition,
- Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.

- Unemployment Rate — Definition,
- The percentage of the labour force that is not employed but currently seeking work.

- Usurious Rate — Definition,
- An interest rate that is unnecessarily high or well above legal rates. For example, sometimes intangible property taxes are applied to income from usurious rates.

- Variable Interest Rate — Definition,
- Percentage that a borrower pays for the use of money, and which moves up or down periodically based on changes in other interest rates.

- Variable Rate — Definition,
- A floating percentage value that fluctuates based on certain conditions.

2.

Monetary Policy Committee -

Morbidity Rate

Morbidity Rate