Fixed Rate
A fixed rate mortgage is a mortgage loan where the interest rate remains the same throughout the term of the loan, as opposed to loans where the interest rate may move up or down. The term of the fixed rate can vary from 1 year to 25 years, and the term will also affect the rate that you pay, generally, the shorter the term ,the lower the rate.
Fixed rate mortgages are of particular interest to borrowers who are paying towards the upper end of what they can afford and for people whose income is unlikely to change in the near future.