At least half of mortgage holders still pay 5% or higher in interest, regardless of whether a fixed or floating rate.

不管采用的是固定还是浮动利率，目前至少有一半的按揭借款人支付的利息仍达5%以上。

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Interest-rate swaps allow investors and borrowers to switch from a fixed rate to a floating, or variable, rate and vice versa.

息率互换合约[3](Interest Rate Swap)允许投资者和借债人把一个固定利率的合约与一个浮动(可变)利率的合约相交换；同样也允许反向操作。

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Floating rate bond: bond on which the coupon is established periodically and calculated with reference to short-term interest rates.

浮动利率债券：这种债券的息票是定期确定的，并参照短期资金利率来计算。

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Take, for example, one indicator of the market's appetite for risk, the spread between swaps of fixed- and floating-rate interest payments (see chart).

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It carries a floating interest rate which is currently at about 1.75%, well below the 5.2% average rate on commercial-construction loans by U.S. banks in the fourth quarter, according to Trepp LLC.

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If more people want to pay a fixed rate in exchange for a floating rate than want to receive a fixed rate, the swap spread the fixed interest rises compared with Treasury yields.

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