Fixed-rate mortgage

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.

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.

Product comparisons and payment discussions need a clear contrast between a rate that stays put and a rate that can reset.

• Adjustable-rate mortgage
• Interest rate
• Mortgage