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 housing costs. Fixed-rate mortgages typically come in various terms, such as 15, 20, or 30 years, allowing borrowers to choose a repayment period that suits their financial situation. This stability is beneficial for homeowners who prefer predictable payments and want to avoid fluctuations in interest rates. Unlike adjustable-rate mortgages, where rates can change over time, a fixed-rate mortgage provides peace of mind, especially in uncertain economic conditions.