fixed-rate mortgage

[ fikst-reyt ]

noun

1. a home mortgage for which equal monthly payments of interest and principal are paid over the life of the loan, usually for a term of 30 years.

Example Sentences

When his two-year fixed-rate mortgage was up for renewal, he hoped to find a better rate.

From BBC

As expectations grow that it will look to borrow billions more from the financial markets, the cost of new borrowing is already rising affecting fixed-rate mortgage deals.

From BBC

And so too did the cost of new fixed-rate mortgage deals – which are also linked to those markets.

From BBC

So-called swap rates, which influence the price of fixed-rate mortgage deals, have been rising in recent days.

From BBC

The 30-year fixed-rate mortgage averaged 6.2% last week, down from 6.73% in early August and 7.18% a year ago, according to Freddie Mac.

From Los Angeles Times