A Fixed Rate Mortgage is a type of home loan where the interest rate remains the same throughout the life of the loan. This means that your monthly payments will not change, making it easier to budget for your housing costs. Fixed rate mortgages typically come in various terms, such as 15, 20, or 30 years, allowing borrowers to choose a duration that fits their financial situation. This stability can be beneficial in a fluctuating market, as borrowers are protected from rising interest rates. However, fixed rate mortgages may have higher initial rates compared to Adjustable Rate Mortgages, which can start lower but change over time.