Which of the following best describes a fixed-rate mortgage?

A fixed-rate mortgage is characterized by an interest rate that remains unchanged for the duration of the loan. This stability offers borrowers the advantage of predictable monthly payments, making it easier to budget over the long term. Unlike adjustable-rate mortgages, which can fluctuate based on market conditions, a fixed-rate mortgage provides assurance that the interest rate will not increase, ensuring consistent payment amounts throughout the loan's term. This feature is particularly appealing in an environment where interest rates are rising, as it locks in the rate at the time of origination, protecting the borrower from future increases.