MortgagesHomebuying Glossary
Fixed-Rate Mortgage
A mortgage whose interest rate stays exactly the same for the entire loan term.
In plain English
With a fixed-rate mortgage, your interest rate — and therefore your principal-and-interest payment — never changes, whether you have it for 15 or 30 years. It's the most common and predictable mortgage type.
Why it matters
Fixed-rate loans make budgeting simple since your core payment never surprises you, which is why most first-time buyers choose them over adjustable-rate options.
Where you'll run into it
Guides and tools on TheBuyingPath that cover fixed-rate mortgage in context.
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