prevailing rate

Definition

A term used to describe the average interest rate currently charged by lending institutions on mortgage loans.

Use prevailing rate in a sentence

I did not know what the prevailing rate was and it bothered me because I did not like having uncertainty.

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You should always try to get the lowest prevailing rate you can so that you know you are not over paying.

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The prevailing rate that was in the market place was 5.6%, so Harry was able to mortgage a much larger home than he has previously thought possible.

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