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. One of the main advantages of a fixed-rate mortgage is stability. Homeowners can plan their finances without worrying about fluctuating interest rates, which can occur with other types of loans, like adjustable-rate mortgages. This predictability can be especially beneficial during times of economic uncertainty.