What is Fixed-Rate Mortgage?
A mortgage with an unchanging interest rate for the full loan term (typically 15 or 30 years), providing predictable monthly payments.
A fixed-rate mortgage has an interest rate that remains constant for the entire loan term, providing predictable monthly payments. Common terms are 15-year and 30-year fixed. The rate never changes regardless of market conditions, protecting borrowers from rate increases but also meaning they cannot benefit from rate decreases without refinancing.