A "fixed-rate" refers to an interest rate that remains constant throughout the life of a loan or investment. This means that the borrower or investor knows exactly how much they will pay or earn over time, making budgeting easier. Fixed-rate loans are commonly used for mortgages, personal loans, and auto loans. In contrast to variable-rate loans, where interest rates can fluctuate based on market conditions, fixed-rate options provide stability. This predictability can be beneficial for individuals who prefer to avoid the uncertainty of changing rates, especially in long-term financial commitments like mortgages.