What is a fixed-rate mortgage?
The Bankrate.com financial term of the day is: "fixed-rate mortgage."
Having your dog or cat fixed is a way to help control the pet population. Having a fixed-rate mortgage can help you control your monthly house payments. It's a home loan with an interest rate that always stays the same, unlike an adjustable-rate mortgage, with a rate that can change.
A fixed-rate mortgage offers an interest rate you can count on. That's a good thing if rates go up, though if rates go down, you're stuck.
To shop for a great mortgage rate, visit the rate tables at Bankrate.com.