A fixed-rate mortgage, also called a conventional mortgage, is the most common type of home loan. As the title of the loan suggests, the interest rate of this loan will not change throughout the life of the loan. Because this type of loan has a fixed interest rate, it is easy to look for comparable rates. A fixed interest rate can prove to be both an advantage and a disadvantage, depending on how the market plays out. It can be beneficial to you, for example, if you have a rate of 3.8 percent and later the rates go up to 4.5 percent. On the other hand, if you have a fixed rate of 4.5 percent, but later on the rates go down to 3.8 percent, you would be stuck paying more interest on your loan.