There are two primary types of interest rates, fixed rates and adjustable rates. A fixed rate is one that is set at the time of purchase. With a fixed interest rate you lock in the interest rate for the entire term of the loan. With an adjustable rate, the interest rate you pay changes as national interest rates move up or down. Although adjustable rates present some risk, they usually offer a lower initial interest rate than a fixed rate.
All interest rates are subject to historic change.
For example, available interest rates change with the overall economic changes in the United States. Interest rates continue to move up and down in response to various national and international economic factors and events. All Rights Reserved. About Us . Privacy Policy .