In a fixed-rate mortgage, how does the interest rate change over the term?

In a fixed-rate mortgage, the interest rate remains constant over the entire term of the loan. This stability allows borrowers to plan their monthly payments with certainty, as they will not be affected by fluctuations in market interest rates. Whether the mortgage term is 15, 20, or 30 years, the rate agreed upon at signing stays the same, providing predictability in budgeting for the duration of the loan. This characteristic is one of the main attractions of fixed-rate mortgages compared to variable-rate options, where interest can change based on market conditions. Consequently, borrowers can avoid the financial strain that might arise from rising interest rates in the future.