A mortgage with an interest rate that remains constant for the entire duration of the loan. FRM's have longer terms (15-30 years) and higher interest rates than adjustable rate mortgages but are not at risk for changing interest rates. You can shop and compare mortgage options securely online.
A mortgage where the monthly principal and interest payments are fixed for the term of the loan; i.e., 15 or 30 years fixed.
A home loan with an interest rate that will remain at a specific rate for the term of the loan . About 75 percent of all home mortgages have fixed rates.