Reset

Reset

Reset, in finance, refers to the update of an interest rate, so that it retains a specific relationship to a reference rate. On an adjustable-rate mortgage loan, for example, the rate is stated as a margin plus a specified reference rate. If this loan is structured to be reset annually, then the interest rate would be adjusted once a year to reflect any reference rate changes that occurred over the previous 12 months.

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National Rates

Loan Type Today
30 Year Fixed   6.28
15 Year Fixed   5.89
5/1 Adjustable   6.11

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