fixed-rate mortgage

American  

[fikst-reyt] / ˈfɪkstˌreɪt /

noun

1. a home mortgage for which equal monthly payments of interest and principal are paid over the life of the loan, usually for a term of 30 years.

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Example Sentences

The popular 30-year fixed-rate mortgage was around 6.2 percent in November, cooling from levels seen in prior months.

From Barron's

A bank, on the other hand, will likely make you choose between, say, a 15-year fixed-rate mortgage or a 30-year one, or an adjustable-rate mortgage.

From MarketWatch

The national average on a 30-year fixed-rate mortgage is 6.28%, according to Bankrate.

From The Wall Street Journal

Ruben suggested people look at adjustable-rate mortgages, which come with considerably lower rates, if they’re unable to afford the 30-year fixed-rate mortgage rate.

From MarketWatch

The average contract rate for a 30-year fixed-rate mortgage was 6.32% as of Nov. 28, according to the Mortgage Bankers Association, but the five-year ARM rate was just 5.4%.

From MarketWatch