What does a fixed-rate mortgage signify?

A fixed-rate mortgage signifies that the interest rate remains constant throughout the entire duration of the loan. This stability allows borrowers to have consistent monthly payments, making it easier to budget and plan for their financial commitments. Unlike adjustable-rate mortgages, where interest rates can change at specific intervals based on market conditions, a fixed-rate mortgage provides borrowers with the reassurance that their payment amount will not increase over time, regardless of economic fluctuations. This feature is especially appealing in a rising interest rate environment, as it locks in a potentially lower rate, ensuring borrowers won't be adversely affected by future interest rate hikes.