The interest is expressed as a percentage rate. You will also see listed an APR (annual percentage rate) which includes the interest rate along with any fees, and in the case of a mortgage, includes points and closing costs. It can be fixed or variable. If fixed, you are guaranteed the same monthly payment throughout the life of the loan.
New Fifth Third Community Mortgage Helps Pay Closing Costs – The couple said without the program, they would still be renting an apartment, paying almost twice the cost they now pay for their mortgage and expenses. Fifth Third bought down the interest rate on.