Fixed-Rate Mortgage
A fixed-rate mortgage is a home loan in which the interest rate remains the same for the entire life of the loan, providing consistent and predictable monthly payments.
The most common terms are 30-year and 15-year fixed. A 30-year term offers lower monthly payments, while a 15-year term builds equity faster and costs significantly less in total interest over the life of the loan.
A fixed-rate mortgage does not mean your total monthly payment will never change. While the principal and interest portion stays constant, your escrow amount for taxes and insurance may adjust annually based on changes in those costs.
Why This Matters: A fixed-rate mortgage gives you stability in an unpredictable market. Knowing your principal and interest payment will never change makes long-term budgeting easier and eliminates the risk of rate adjustments.
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