Fixed-rate mortgage
A mortgage where the interest rate stays the same for the entire term.
The most common mortgage type in the US. The 30-year fixed is the default benchmark. Predictable monthly payments — the rate doesn't change even if market rates move.
Related
- ARM (Adjustable-Rate Mortgage) — A mortgage where the rate can change at fixed intervals.
- Amortization — Paying down a loan with equal periodic payments split between principal and interest.