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A mortgage whose interest rate stays the same for the life of the loan.
A fixed-rate mortgage locks the interest rate and principal-and-interest payment for the entire term, giving predictable payments regardless of market moves. It costs slightly more upfront than an adjustable rate but removes the risk of rising payments. It is the default choice for buyers who plan to stay put long-term.
A 30-year fixed-rate mortgage keeps the same payment in year one and year thirty.
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