Fixed-Rate Mortgages (FRMs)

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A fixed-rate mortgage is a home loan where the interest rate remains the same over the lifetime of the loan. Though, payments can fluctuate as third-party fees and property taxes change. Fixed-rate mortgages can be 10, 15, 20, 25, or 30-year terms. The longer the loan term, the more you’ll pay in interest and overall costs. That said, a 30-year mortgage is the most common term because it offers the lowest monthly payment.