- A fixed-rate mortgage term is generally 15, 20, or 30 years long
- You pay the same interest rate the entire length of the loan—this means monthly principal (Opens Overlay) and interest (Opens Overlay) payment amount remain constant for the life of your loan and you don’t have to worry about rising mortgage rates
- Interest rates are slightly higher than adjustable-rate mortgages (ARM)
- Best if you plan to stay in your home at least 5 years
