# Fixed-rate mortgage

> A fixed-rate mortgage keeps the same interest rate for the whole loan, so principal and interest never change. What still can, with an example.

URL: https://mail.mortgage-math-us.com/glossary/fixed-rate-mortgage/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

**A fixed-rate mortgage** is a home loan whose interest rate is set when you take out the loan and doesn’t change for its whole term, so the principal-and-interest part of the payment stays the same from the first month to the last.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| 30-year fixed average | 7.24% | [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) | Week of Oct 29, 2026 |
| 15-year fixed average | 6.6% | [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) | Week of Oct 29, 2026 |
| US effective property tax rate (used in the example) | 0.89% | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) | 2024 ACS 1-year |

## What stays fixed — and what doesn’t

Only principal and interest are locked in. [Property tax](https://mail.mortgage-math-us.com/glossary/property-tax/) and [homeowners insurance](https://mail.mortgage-math-us.com/glossary/homeowners-insurance/) collected through an [escrow account](https://mail.mortgage-math-us.com/glossary/escrow-account/) can rise or fall each year, and mortgage insurance can drop off.

On a $375,000 home with 20% down, a 30-year fixed loan at 7.24% has principal and interest of $2,044. With taxes at the US effective rate of 0.89% and typical insurance, the full payment starts near $2,476. If the tax bill and premium each rise 10%, it becomes about $2,519 — even though the rate never moved.

## Fixed vs adjustable

Certainty has a price: an [adjustable-rate mortgage](https://mail.mortgage-math-us.com/glossary/adjustable-rate-mortgage/) often starts lower but can reset later. With a fixed loan, the only way to get a lower rate is to [refinance](https://mail.mortgage-math-us.com/glossary/refinance/). Freddie Mac’s weekly averages are 7.24% for 30-year and 6.6% for 15-year fixed loans; the [loan term](https://mail.mortgage-math-us.com/glossary/loan-term/) you pick changes both the rate and the payment. The [fixed vs adjustable guide](https://mail.mortgage-math-us.com/loan-types/fixed-vs-adjustable-rate/) compares the two in depth.

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average; 15-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) — Effective property tax rate (median taxes ÷ median home value) (2024 ACS 1-year)
- [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) — Average homeowners insurance premium per $1,000 of home value (2023 data)
- [CFPB: What is the difference between a fixed-rate and adjustable-rate mortgage (ARM) loan?](https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-fixed-rate-and-adjustable-rate-mortgage-arm-loan-en-100/)

_General information, not financial advice._