What is Fixed-Rate Mortgage?
A fixed-rate mortgage keeps the same interest rate for the entire life of the loan, so the principal-and-interest payment never changes. This makes budgeting predictable even if market rates rise. The most common terms are 30 years and 15 years.
Example: A buyer locks a 30-year fixed-rate loan at 6.5%. Whether market rates later rise or fall, their principal-and-interest payment stays the same for all 30 years.