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The cost of borrowing money, or the reward for lending or saving it.
An interest rate is the price of borrowing money, shown as a yearly percentage of the amount borrowed. Savers earn interest; borrowers pay it. Central banks set a key short-term rate that influences almost every other rate.
Borrowing $10,000 for a year at 6% costs about $600 in interest.
Higher rates make loans and mortgages more expensive and usually weigh on stock prices, especially growth stocks. Lower rates do the opposite.
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