Fixed Rate Mortgages

A fixed rate mortgage is a fully amortizing mortgage loan where the interest rate and the monthly payment on the note remain the same throughout the term of the loan.  Fixed-rate mortgages are available for 40, 30, 25, 20, 15 years and 10 year terms. Generally, the shorter the term of a loan, the lower the interest rate available. The most popular mortgage terms are 30 and 15 years.