There are 2 main kinds of rates of interest: fixed prices and adjustable prices.
Fixed interest levels
Fixed rates of interest are «fixed» at a particular price for the complete term for the home loan.
Types of loans and personal lines of credit with fixed rates of interest consist of:
- Fixed price mortgages
- Many vehicle and automobile loans
- Many bank cards
- Most unsecured loans
- Payday advances
Adjustable rates of interest
Adjustable rates of interest are «variable» since they can move up and down for the entire term for the loan. They’re usually predicated on a rate called the Prime rate.