fixed-rate mortgage

[fikst-reyt]

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.

Example Sentences

The Bank rate has a big impact on the interest homeowners face when taking out a new fixed-rate mortgage.

From BBC

According to Freddie Mac data, the interest rate on a 30-year fixed-rate mortgage has ranged from 6.62% to 7.04% so far in 2025.

From Salon

So-called swap rates, which influence the price of fixed-rate mortgage deals, have been falling in recent days.

From BBC

For one, 30-year fixed-rate mortgage rates fell from over 7% in May 2024 to just over 6% around the time of the Fed's September rate cut.

From Salon

When his two-year fixed-rate mortgage was up for renewal, he hoped to find a better rate.

From BBC