Interest rates stays the same for the life of the loan.
Monthly payments typically higher initial payments than an adjustable rate mortgage.
30, 15, 10, 7,or 5 year loan terms. Rate fixed for entire loan term.
Interest rates may increase or decrease over the life of the loan.
Monthly payments typically lower initial payments than a fixed rate mortgage.
30 or 15 year loan terms. Rate fixed for 7 or 5 years.