Fixed Rate Mortgage Loans

Get financial peace of mind with mortgage interest rates and payments that won’t change.

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What is a Fixed Interest Rate Home Loan?

Fixed rate mortgages have locked rates that remain the same throughout the life of the loan. While 15 and 30-year fixed mortgage rates are most popular, AmeriSave also offers 10, 20, and 25 fixed-rate loan term options. Even though fixed rates are generally higher than adjustable-rate mortgages, their benefit is that they offer consistent monthly payments and protection from volatile market conditions, including rapidly rising interest rates and impacts of inflation.

Who should get one?

Fixed rate mortgages are most attractive to those planning on owning their home for more than 10 years.

To help you decide between a fixed or adjustable rate, check out our historical rates to see how interest rates are trending. today to discuss all of your mortgage options.

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Key Benefits of a Fixed Rate Home Loan

  • Your monthly principal and interest payment will never go up.
  • Consistency in your mortgage payment makes budgeting easier.
  • You won’t have to worry about rising interest rates because your rate will never change.
  • If interest rates ever go down significantly, you could be eligible to refinance.
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FAQs

There are several types of fixed-rate mortgages available, including conventional home loans and jumbo loans that cover larger mortgage amounts that exceed the limits set by the Federal Housing Finance Agency (FHFA).

Other fixed-rate loan types are backed by a government agency and often come with less restrictive eligibility requirements:

  • FHA loans are mortgages issued through the Federal Housing Authority (FHA) to help people who have imperfect credit scores or who do not want to provide a large down payment.
  • VA loans that are reserved for military service members, veterans, and eligible family members.
  • USDA loans that are reserved for certain borrowers in rural areas.

Want to know more about these loan options?

The choice depends on your personal financial situation and risk tolerance. If you prefer predictability and want to know exactly how much you'll be paying month-to-month, a fixed-rate mortgage may be the better option. However, if you're comfortable with a bit of uncertainty and want to potentially save money in the short term, an adjustable-rate mortgage may be a better fit. We recommend to help you decide.

Yes, you can pay off a fixed-rate loan early.

Yes, you can refinance a fixed-rate loan. Refinancing may help you secure a lower interest rate or change the terms of your loan. Get a rate quote today.

One of the main advantages of a fixed-rate loan term is that your monthly principal and interest payment will remain the same throughout the life of the loan, which allows for easier budgeting.

Don’t see what you’re looking for? Check out our Knowledge Center for more resources.

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