Brian Capon of the British Bankers’ Association replies: If, as I think is the case, you are asking about the difference between the ‘pure’ (not a technical term, just to differentiate the two).
The main fundamental headwind for CHMI was a rapid decrease in interest rates. Lower mortgage rates encouraged many homeowners to refinance. The mortgage REIT makes money based on the difference.
Interest Rate vs. APR. Understanding the difference between APR and interest rate starts with knowing what each term means. What is an interest rate? When you take out a loan or credit card, the interest rate is the percentage of your outstanding balance which you pay to borrow the money.
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APR, which stands for annual percentage rate, is a little trickier. It often includes fees charged in connection with the loan and is designed to reflect the total cost of the loan over time . With respect to credit cards, which operate as short-term loans, it’s used to calculate the interest that accumulates daily.
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The primary difference between an interest rate and annual percentage rate, or APR, is that the APR includes all financing costs on a loan. Comparing the APR on loans is typically the best way to evaluate alternatives, which is why banks are required to disclose the APR when promoting a loan.
The difference between the interest rate and APR is simple, says Bryan Sherman, a consumer lending executive with Bank of America. The interest rate represents the yearly cost you pay to borrow the.
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The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.
The APR for a given loan is typically higher than the mortgage interest rate. An APR is never used to calculate your monthly payment. Understanding mortgage interest rates A mortgage payment is made up of the principal and the interest.