Mortgage with a variable interest rate over a duration agreed in advance (1 to 5 years). The interest rate is adjusted every 3 or 6 months according to the corresponding
LIBOR rate. Depending on the provider, a money market mortgage cannot be terminated before the expiry date, or only against payment of a
premium for premature termination. Money market mortgages often have a
cap and/or
floor. Synonyms: LIBOR mortgage, Flex mortgage, Mix mortgage.
