Fixed Rate Mortgage

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Fixed rate mortgages are the most common type of mortgage and the safest. A fixed rate mortgages is program where the interest rate does not change at all over the life of the loan. That means that your first payment will be the exact same as your last payment. The main benefit of a fixed rate mortgage is the stability. No matter what the market conditions are, the rate will remain the same unlike in a adjustable rate mortgage where the rate fluctuates. What if the rate drops later and you want to get a lower rate, but have a fixed rate loan? You can always refinance your loan to a lower rate, so you don’t have to be worried about being stuck with a higher than average rate, if you are willing to put in the work.

California Mortgage Rates

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