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A fixed-rate mortgage keeps the interest rate and monthly payment unchanged for the full loan term, with the rate locked when closing papers are signed.
In the US, 40% of households had mortgages, and 92% of those were fixed-rate, showing how dominant this loan type remained.
Fixed-rate terms generally ranged from 5 yr to 30 yr, and lenders offered them across conventional, FHA, VA, USDA and jumbo mortgages.
Avg. fixed rates moved with the 10-yr Treasury yield and also depended on borrower credit, loan type and the lender chosen.
Borrowers usually could change a fixed rate only by refinancing, making the loan attractive for households wanting long-term budgeting certainty.