Fixed rate
Fixed rate is an interest rate that is set to remain the same for the term of a loan. (Collins English Dictionary).
With a two-step mortgage, the borrower receives a fixed rate for a specified number of years, and then a new interest rate based on the terms in the note. Money is lent to you for a fixed period, at a fixed rate of interest and repayments are calculated at the start of the loan. (Cambridge Dictionary).
A fixed rate of interest is an interest calculation based on the amount of money borrowed and the period of the loan and will not change during the life of the agreement.( Corporate Finance Institute)
Fixed-Rate Loans. (2023, November 1). Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/commercial-lending/fixed-rate-loans/
fixed rate. (2024). https://dictionary.cambridge.org/dictionary/english/fixed-rate
Fixed rate. Definition and meaning.Collins English Dictionary. (2023). https://www.collinsdictionary.com/dictionary/english/fixed-rate