The rate describes interest
The interest rate expresses the annual charge for borrowing before fees. APR adds certain loan charges to give a broader annualized cost measure.
Compare like with like
Read APR alongside the loan term, points, fees and payment structure. An adjustable-rate APR does not show the maximum future rate.
Make the comparison yours
Ask IIMBC to explain the tradeoff between upfront costs and the monthly payment for your expected ownership period. Keep both figures in view.
Research: CFPB, Mortgage interest rate and APR. Reviewed October 19, 2026.