Fixed-rate mortgage
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Definition
A fixed-rate mortgage is a home loan whose interest rate does not change over the life of the loan. The rate used to calculate interest stays the one stated in the note.
In plain English
With a fixed-rate mortgage, the interest rate in the contract stays put. The monthly principal-and-interest amount typically stays stable as well, though escrowed taxes and insurance can still change the total amount due. A 30-year or 15-year term is a common length, not a second product on this page. Adjustable-rate mortgages are the contrasting product.
Technical definition
Consumer glossaries describe a fixed-rate mortgage as one whose interest rate remains the same for the full term. Term length is related but separate.
Why it matters
Product comparisons and payment discussions need a clear contrast between a rate that stays put and a rate that can reset.
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