A basis point in mortgage is a change equivalent to 0.01%. For example, if your mortgage was at 3.62%, and decreases by 15 basis points, it is now at 3.47%. An increase of a single basis point can be worth quite a lot. For example, your $500000 mortgage at 4.5% requires a monthly repayment of $2.406.76. An increase of 1 bps means you must now pay an additional $2.82 a month, which totals an additional $1016 in payment. Read more