fixed-rate mortgage

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Definition of fixed-rate mortgage words

noun fixed-rate mortgage 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. 1

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This term is known only to a narrow circle of people with rare knowledge. Only 7% of English native speakers know the meaning of this word.

According to our data most of word are more popular. This word is almost not used. It has a much more popular synonym.

adjustable-rate mortgage — a mortgage that provides for periodic changes in the interest rate, based on changing market condtions. Abbreviation: ARM.

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