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 years or 30 years, allowing borrowers to choose a repayment period that suits their financial situation. These mortgages are popular among homeowners because they provide stability and predictability. Unlike adjustable-rate mortgages, where interest rates can fluctuate, a fixed-rate mortgage ensures that your payment amount will not increase, protecting you from potential market changes.