Fixed Rate

Fixed rate mortgages are the most popular option offered in mortgage lending today.  The term Fixed Rate is self-explanatory: the rate does not change for the entire period designed for your loan. 

Fixed rates can vary from 10, 15, 20, 30, and 40 years.  The most common fixed rate term is 30 years.  Obviously, the longer you stretch out your payments the lower your payment will be.