What is a fixed-rate mortgage?

A fixed-rate mortgage offers home owners predictable payments. How does it compare to a variable rate? Learn how fixed-rate mortgages work in the MoneySense Glossary.

This article is 1 year old. Some details may be outdated.

Fixed-rate mortgages are often a good choice for home owners who want predictable future payments, or who expect interest rates to rise over the term of the mortgage.

Example: “Iqbal heard that interest rates were expected to rise, so he chose a fixed-rate mortgage to lock in at the current interest rate.”

Read more on fixed-rate mortgages:

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