A fixed rate mortgage is a mortgage loan that has a set interest rate for the entire life of the loan. It does not fluctuate with market changes and can only be altered through a refinance. Fixed rate mortgages are typically slightly higher than adjustable rate mortgages because they offer consistency and protection from inflation.
Eligibility for a fixed rate mortgage depends on your debt-to-income ratio, credit score, financial history, employment status, and other details, as well as the exact loan type you choose. Conventional, FHA, VA, and USDA loans all come with unique requirements.