Fixed-Rate Mortgage

Mortgage with the same interest rate for the entire loan term. Most common is 30-year fixed.

A fixed-rate mortgage has the same interest rate for the entire term. The borrower's principal-and-interest payment is unchanged for the life of the loan. The 30-year fixed is by far the most common mortgage product; 15-year fixed offers a lower rate but higher monthly payment. Fixed rates are higher than ARM start rates but eliminate adjustment risk.

Related terms

ARM (Adjustable-Rate Mortgage)

Mortgage with a rate that changes periodically after an initial fixed period. Common formats: 5/1, 7/1, 10/1.

Note Rate

The actual interest rate written on your mortgage promissory note — the rate used to calculate your monthly payment.

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