301 rewrite / redirect rule results in 500 internal server error

Question

I am trying to redirect a specific page to another page using rewrite rule. However when ever I add the following code in the web config I get 500 internal server error.

<rewrite>
      <rules>
        <clear />
        <rule name="New Rewrite" enabled="true">
          <rule name="Redirect" stopProcessing="true">
            <match url="http://www.mydomain.com/terms" />
            <action type="Redirect" url="http://www.mydomain.com/" redirectType="Permanent"/>
          </rule>
        </rule>
      </rules>
    </rewrite>

I do not know much about redirection, however what I am doing is, let's say i have a domain www.mydomain.com, and if I have a specific url www.mydomain.com/terms i need to redirect it to home, that is www.mydomain.com

UPDATE

I have changed the rewrite rule as given, still able to access the page terms. The first part adding a www to non www based urls works fine , however not sure what is wrong in second rule.

<rewrite>
      <rules>        
        <rule name="WWW Rewrite" enabled="true">
          <match url="(.*)" />
          <conditions>
            <add input="{HTTP_HOST}" negate="true" pattern="^www\." />
          </conditions>
          <action type="Redirect" url="http://www.{HTTP_HOST}/{R:0}" appendQueryString="true" redirectType="Permanent" />
        </rule>
    <rule name="news redirect" stopProcessing="true">
          <match url="/terms" ignoreCase="true"/>
          <conditions>
            <add input="{HTTP_HOST}" pattern="domain\.com$" />
          </conditions>
          <action type="Redirect" url="http://www.mydomain.com/{R:1}" />
        </rule>
      </rules>
    </rewrite>

Answer 1

Try removing the host from the match URL:

<match url="/terms" />

Answer 2

Download URL Rewrite Module 2.1 this should fix the 500 error https://www.iis.net/downloads/microsoft/url-rewrite