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A fixed rate mortgage is a type of home loan where the interest rate remains the same throughout the entire life of the loan. This means that the borrower's monthly payment stays the same, regardless of changes in market interest rates.

What is a Fixed Rate Loan?

A fixed rate mortgage is a type of home loan where the interest rate remains the same throughout the entire life of the loan. This means that the borrower's monthly payment stays the same, regardless of changes in market interest rates.


Fixed rate mortgages are popular among homebuyers because they offer stability and predictability. With a fixed rate mortgage, borrowers know exactly how much they will be paying each month for the life of the loan, which can make budgeting and financial planning easier. Additionally, because the interest rate is fixed, borrowers are protected from rising interest rates, which can be a concern with variable rate mortgages.


The term of a fixed rate mortgage is typically 15 or 30 years, although other terms may be available. The interest rate on a fixed rate mortgage is determined at the time the loan is originated and does not change, even if market interest rates go up or down.


One potential drawback of a fixed rate mortgage is that they may come with higher interest rates than adjustable rate mortgages (ARMs), especially when market interest rates are low. Additionally, if interest rates decrease significantly over time, borrowers with fixed rate mortgages may miss out on potential savings. Despite these potential drawbacks, fixed rate mortgages remain a popular choice for homebuyers who prioritize stability and predictability in their finances.

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FAQs

Got a question? We’re here to help.

  • How does a fixed rate mortgage work?

    With a fixed rate mortgage, the interest rate is determined when the loan is originated and remains the same throughout the life of the loan. The borrower's monthly payment stays the same, making budgeting and financial planning easier.

  • What are the benefits of a fixed rate mortgage?

    Fixed rate mortgages offer stability and predictability. With a fixed rate mortgage, borrowers know exactly how much they will be paying each month for the life of the loan, making budgeting and financial planning easier. Additionally, because the interest rate is fixed, borrowers are protected from rising interest rates, which can be a concern with variable rate mortgages.

  • How long do fixed rate mortgages typically last?

    The term of a fixed rate mortgage is typically 15 or 30 years, although other terms may be available.

  • How is the interest rate on a fixed rate mortgage determined?

    The interest rate on a fixed rate mortgage is determined at the time the loan is originated and does not change, even if market interest rates go up or down.

  • How do fixed rate mortgages differ from adjustable rate mortgages (ARMs)?

    Fixed rate mortgages have a set interest rate for the life of the loan, while adjustable rate mortgages have an interest rate that can change over time based on market conditions.

  • What are the potential drawbacks of a fixed rate mortgage?

    One potential drawback of a fixed rate mortgage is that it may come with higher interest rates than adjustable rate mortgages (ARMs), especially when market interest rates are low. Additionally, if interest rates decrease significantly over time, borrowers with fixed rate mortgages may miss out on potential savings.

  • Can I refinance a fixed rate mortgage?

    Yes, you can refinance a fixed rate mortgage. Depending on the current market interest rates and your financial situation, refinancing your fixed rate mortgage could potentially lower your monthly payment or shorten the term of your loan.

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