Fixed-Rate Mortgage
Predictable payments for the life of your loan. A fixed-rate mortgage locks in your interest rate from day one, giving you stability and peace of mind no matter what the market does.
What Is a Fixed-Rate Mortgage?
A fixed-rate mortgage is exactly what it sounds like: your interest rate stays the same for the entire life of the loan. Whether you choose a 15-year, 20-year, or 30-year term, your principal and interest payment never changes.
This is the most popular loan type in America for good reason. It offers simplicity, predictability, and protection against rising interest rates. You know exactly what your housing cost will be every single month.
At Mortgage Austin, we help you compare fixed-rate options across different term lengths so you can see exactly how your monthly payment and total interest costs change. No surprises, no guesswork.
Key facts:
- Terms: 15-, 20-, 25-, and 30-year options
- Principal and interest payment never changes for the life of the loan
- Minimum down payment: 3% conventional, 3.5% FHA, 0% VA
- A 15-year term costs less total interest but has a higher monthly payment than a 30-year
- Conforming fixed-rate loans go up to $832,750 in 2026 (FHFA limit)
Why Choose a Fixed Rate?
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Payment Stability
Your principal and interest payment stays the same from the first month to the last. Budget with confidence knowing your mortgage cost is locked in.
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Rate Protection
If interest rates rise after you close, it does not affect you. You are protected for the full term of your loan.
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Simple to Understand
No adjustments, no caps, no indexes to track. A fixed-rate mortgage is straightforward, making it easy to plan your finances long-term.
What Fixed-Rate Loan Options Are Available?
Fixed-rate mortgages come in 15-, 20-, 25-, and 30-year terms and are available across conventional, FHA, and VA programs. Down payments start at 3% for conventional, 3.5% for FHA, and 0% for VA. A shorter term builds equity faster and costs less in total interest, but the monthly payment is higher. Here is what to consider:
| Program | Minimum down payment (fixed-rate) |
|---|---|
| Conventional | 3% |
| FHA | 3.5% |
| VA | 0% |
✓ Term lengths: 15-year, 20-year, 25-year, and 30-year terms are commonly available.
✓ Loan types: Conventional, FHA, and VA loans can all be structured as fixed-rate mortgages.
✓ Down payment: Varies by program. Conventional starts at 3% down, FHA at 3.5%, and VA at 0%.
✓ Credit requirements: Depend on the loan program. We will help you find the best fit for your credit profile.
✓ Shorter terms: A 15-year fixed rate builds equity faster and costs less in total interest, but has a higher monthly payment than a 30-year.
The right term length depends on your budget, goals, and how long you plan to stay in the home. We help you run the numbers so the decision is clear.
Ready to Lock In Your Rate?
No pressure, no obligation. Let us walk you through your options and find the right fit for your situation.