what is a fixed rate mortgage 
the term fixed rate mortgage refers to a home loan that has a fixed interest rate for the entire term of the loan this means that the mortgage carries a constant interest rate from beginning to end fixed rate mortgages are popular products for consumers who want to know how much they have to pay every month fixed rate mortgages may be open or closed with specific terms of 15 or 30 years or they may run for a length of time agreed upon by the lender and borrower 