30-yr fixed 6.43% ▾ 0.06 wk
15-yr fixed 5.79% ▾ 0.04 wk
HELOC avg 7.90% — no change
Auto 60-mo new 6.82% ▴ +0.03 mo
Personal 24-mo 11.57% ▾ 0.12 qtr
Credit card APR 21.52% ▴ +0.09 qtr
as of Jul 2, 2026 · Federal Reserve / Freddie Mac via FRED (St. Louis Fed)
Glossary

Co-borrower

A second person who shares ownership of what a loan financed and is equally responsible for repaying it from the start.

A co-borrower (or joint applicant) is a full partner on a loan: their income and credit help you qualify, they share ownership of the financed asset, and they are expected to help repay from day one. That distinguishes them from a cosigner, who typically has no ownership stake and exists only to strengthen the application. Both carry equal legal liability, but a co-borrower is a genuine co-owner — common on a mortgage between spouses — while a cosigner is a guarantor for someone else's loan.

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Related terms

  • Secured A loan backed by an asset the lender can seize if you default — a house, a car, or a deposit.
  • Charge-off When a creditor gives up trying to collect a debt through normal billing and writes it off as a loss — typically after 180 days of non-payment.
  • Credit utilization ratio The share of your available revolving credit you are currently using — the second-biggest factor in your credit score, after payment history.
  • Subprime loan A loan made to a borrower with a low credit score, priced with a higher rate to offset the added default risk.
  • Short sale Selling a home for less than what is owed on the mortgage, with the lender's approval — an alternative to foreclosure.
  • Hard inquiry A credit check triggered by a real application, which can cost a few points and stays on your report for two years.

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