Fixed-Rate Mortgage
A fixed-rate mortgage keeps the same interest rate and principal-and-interest payment for the entire loan term.
What Fixed-Rate Mortgage means
Because the rate never changes, your payment is predictable for the full 15 or 30 years. It's the most popular choice for buyers who want stability and plan to stay in the home long term.
Florida example
A Florida family taking a 30-year fixed at 6.75% knows their $2,270 principal-and-interest payment won't move, even if rates climb. Only taxes and insurance in escrow can change their total payment.
A rate that never changes
A fixed-rate mortgage keeps the same interest rate for the entire loan term. Your principal and interest payment never changes, which makes budgeting simple and predictable.
The most common terms are 30 years and 15 years.
Fixed versus adjustable
A fixed rate protects you from rising rates but starts a bit higher than an adjustable loan. If you plan to stay put for years, that stability is worth it.
We compare fixed and adjustable for your plans. Reach out and we will show which fits your timeline.
Related program: Learn more →
Verify the details for your own situation against these government and agency sources: Freddie Mac Primary Mortgage Market Survey and Federal Reserve H.15 selected rates.