Many people prefer a fixed-rate mortgage because it

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Granted, certain payments that are higher than what you'd pay as long as you have want to compare several options real estate. These payments will usually be budget for each month, what interest rate and monthly payments be as long as 30.

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Adjustable Rate Mortgages vs. Fixed Rate Mortgages
Borrowers who prefer more stability may opt for a fixed-rate mortgage because it gives them certainty about their monthly payments over the life of the loan. Variable rates tend to be slightly lower than fixed rates at any given time, because they are inherently less risky for lenders. Most mortgagors who purchase a home for the long term end up locking in an interest rate with a fixed-rate mortgage. They prefer these mortgage products because.