A fixed-rate mortgage is a type of home loan in which the interest rate remains constant throughout the entire term of the loan. This means that the borrower’s monthly mortgage payments remain unchanged, providing predictability and stability over the life of the loan, typically spanning 15, 20, or 30 years. Fixed-rate mortgages are popular among homebuyers who want to lock in a consistent monthly payment and protect themselves from fluctuations in interest rates that can impact adjustable-rate mortgages. While the initial interest rate on a fixed-rate mortgage may be slightly higher than the starting rate of an adjustable-rate mortgage, it offers peace of mind by ensuring that the interest rate and monthly payments won’t increase over time.