This article will discuss how interest rates can affect your mortgage. It will explain the different types of interest rates, how they are determined, and how they can affect your monthly mortgage payments. It will also provide tips on how to get the best interest rate when applying for a mortgage
From Wikipedia
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed. Interest rate periods are ordinarily a year and are often annualized when not. Alongside interest rates, three other variables determine total interest: principal sum, compounding frequency, and length of time.