The most common fixed-rate term is 30 years, but 15-, 20-, and 10-year terms are also available. Shorter terms have lower rates but higher monthly payments.

Fixed-rate loans offer predictable payments — useful for budgeting and protection against rising rates. The principal-and-interest payment never changes (though escrow for taxes/insurance may).

If rates fall significantly after you close, you can refinance to capture the lower rate.