What is a Fixed Mortgage?

Readers Question:  What is a fixed mortgage?

 Best Readers Answer:  A fixed rate mortgage is much as it sounds. The rate you pay is predetermined and will not change over the course of the mortgage. An adjustable, variable or floating rate mortgage will change overtime depending on the preset arrangments. If you think that interest rates will stay the same or go up, then a fixed rate mortgage is the way to go. Otherwise a variable rate is good because your rate will go down as interest rates fall. Recently when interest rates hit their lows, people ran out to refinance at fixed rates. It was a good idea to lock in those low rates because who knows when we will see that again.

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