A fixed-rate conventional mortgage refers to a type of home loan in which the interest rate remains constantly fixed throughout the entire duration of the loan. This means the interest rate you initially agree upon with the lender will stay the same, regardless of any fluctuations in the broader interest rate market.  Key characteristics of fixed rate mortgages: Stable Monthly Payments: Your monthly principal and interest payments amounts remain unchanged over the life of the loan.  Protection from Interest Rate Increases: It shields you from rising interest rates.  Longer Loan Terms: Fixed-rate mortgages often come with longer repayment terms, typically ranging from 15 to 30 years.