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Afr - What is the meaning of AFR?
Answer
Loans to families may have different applicable federal rates (AFRs) depending on the circumstances. Consider the following data from October 2022: AFRs for short-term loans were 3.40%, mid-term loans were 3.28%, and long-term loans were 3.43%. You may give family members loans at more favorable rates with the AFR compared to the average 30-year fixed mortgage rate of 7.17% as of October 14th, 2022.
