A "Fixed Rate" refers to an interest rate that remains constant throughout the duration of a loan or investment. This means that the borrower or investor will pay the same interest amount over the entire term, providing predictability in budgeting and financial planning. Fixed rates are commonly associated with mortgages, personal loans, and certain types of bonds. One of the main advantages of a fixed rate is protection against market fluctuations. If interest rates rise, those with fixed-rate loans will not be affected, allowing them to maintain their original payment amounts. This stability can be particularly beneficial for long-term financial commitments, such as a 30-year mortgage.