The term “fixed-rate mortgage” refers to a home loan that has a fixed interest rate for the entire term of the loan. This means that the mortgage carries a constant interest rate from beginning to end. Fixed-rate mortgages are popular products for consumers who want to know how much they’ll pay every month.

• A fixed-rate mortgage is a home loan with a fixed interest rate for the entire term of the loan.
• Once locked in, the interest rate does not fluctuate with market conditions.
• Borrowers who want predictability and/or who tend to hold property for the long term tend to prefer fixed-rate mortgages.
• Most fixed-rate mortgages are amortized loans.
• In contrast to fixed-rate mortgages are adjustable-rate mortgages, whose interest rates change over the course of the loan.