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Fixed-Rate Mortgage Loans
Make room for what comes next with a mortgage rate that stays the same. Explore fixed-rate home financing for buying a home or refinancing, and find a loan term that fits your budget and long-term plans.
A Consistent Rate. A Clear Repayment Plan.
What Is a Fixed-Rate Mortgage?
A fixed-rate mortgage is a home loan with an interest rate that remains the same for the life of the loan. With a standard, fully amortizing fixed-rate mortgage, your scheduled monthly principal and interest payment stays consistent as you repay the balance over the agreed term.
That predictability can make planning easier. Your total monthly payment may still change if property taxes, homeowners insurance, or other escrowed costs change. A fixed mortgage rate protects the rate on your loan, not every part of your housing expenses.
Built Around Predictability
Benefits of a Fixed-Rate Home Loan
Consistent Principal and Interest
Know your scheduled principal and interest payment from the start. A consistent payment can help you plan around other expenses, savings goals, and life changes.
Protection from Rising Rates
After closing, market rate increases don't change the fixed interest rate on your mortgage. Your existing loan keeps its agreed rate throughout the term.
A Defined Payoff Schedule
A fully amortizing loan has a repayment schedule designed to pay off the balance by the end of the term when you make the required payments.
Balance Today's Budget with Tomorrow's Goals
Comparing 30-Year and 15-Year Fixed Mortgages
Your loan term affects your monthly payment and the interest you pay over time. A longer term generally offers a lower principal and interest payment, while a shorter term can help you repay the balance sooner. Ask about the terms available for your loan program.
30-Year Fixed-Rate Mortgage
Spreading repayment over 30 years generally produces a lower monthly principal and interest payment than a shorter term for the same loan amount and rate. The longer repayment period generally means more total interest.
15-Year Fixed-Rate Mortgage
A 15-year term repays the loan over a shorter period. Monthly principal and interest payments are generally higher, but you may build equity faster and pay less total interest than with a comparable longer-term loan.
Choosing a term: Compare actual quotes for each option. Consider the payment you can comfortably afford, the total cost, and how the mortgage fits your other financial goals.
Understand the Difference
Fixed-Rate vs. Adjustable-Rate Mortgages
A fixed-rate mortgage keeps the same interest rate throughout the loan. An adjustable-rate mortgage, or ARM, typically starts with an initial fixed-rate period before the rate can change according to the loan's terms.
| Feature | Fixed-Rate Mortgage | Adjustable-Rate Mortgage |
|---|---|---|
| Interest Rate | Remains the same throughout the loan term. | Can change after the initial fixed-rate period. |
| Principal and Interest Payment | Consistent for a standard fully amortizing loan. | May change when the rate adjusts. |
| Market Rate Increases | Do not change your existing fixed rate. | May affect future rates and payments, subject to loan terms. |
| Key Details to Review | Rate, APR, term, points, and closing costs. | Initial period, index, margin, adjustment schedule, and caps. |
Compare the Full Cost
What Affects Your Fixed Mortgage Rate?
Available fixed mortgage rates depend on market conditions and the details of your loan. Your credit profile, down payment or home equity, loan amount, property type, occupancy, loan term, and program can all affect pricing.
Compare the interest rate alongside APR, discount points, lender credits, and closing costs. A lower rate may come with higher upfront costs, so consider how long you expect to keep the mortgage when reviewing your options.
Visit our today's mortgage rates page to explore loan scenarios, or request a personalized quote based on your financing needs.
Financing Your Next Step
Fixed-Rate Financing for Buying or Refinancing
Buying a Home
A fixed-rate loan can provide a predictable principal and interest payment as you settle into your home. Plan for the down payment, closing costs, and ongoing ownership expenses alongside the mortgage payment.
Refinancing Your Mortgage
Refinancing may let you change your rate, term, or loan structure. Compare the new mortgage with your current loan, including closing costs and total interest. Learn more about mortgage refinancing.
Find the Right Fit
Is a Fixed-Rate Mortgage Right for You?
A fixed-rate mortgage may appeal to you if you value payment predictability and want protection from future interest rate increases. It can be especially helpful when planning around a consistent monthly budget.
Consider your expected time in the home, available loan options, and comfort with payment changes. If market rates fall, your fixed rate does not automatically decrease. Refinancing may be an option, but requires qualification and consideration of the associated costs.
Common Questions
Fixed-Rate Mortgage FAQs
Does a fixed-rate mortgage payment ever change?
The scheduled principal and interest payment stays consistent on a standard fully amortizing fixed-rate mortgage. Your total payment can change if property taxes, insurance, or other escrowed expenses change.
Is a fixed-rate mortgage the same as a conventional loan?
No. Fixed-rate describes how the interest rate behaves. Conventional describes a loan category. Different mortgage programs can offer fixed-rate financing, subject to availability and eligibility.
Is a 15-year or 30-year fixed mortgage better?
The better fit depends on your budget and goals. A 30-year term generally offers a lower monthly payment, while a 15-year term generally requires a higher payment but may reduce total interest. Compare personalized quotes.
What happens if mortgage rates fall after I close?
Your existing fixed rate stays the same. You may consider refinancing if a new loan supports your goals, but compare closing costs, eligibility requirements, and total loan costs before making a decision.
Does requesting a quote lock my interest rate?
No. A rate quote does not automatically lock your rate. A rate lock is a separate agreement for a specified period, subject to its terms. Discuss timing and available lock options with your loan officer.
How do I get a fixed-rate mortgage quote?
Request a personalized quote using the link on this page. Have your purchase or refinance goals, estimated property value or purchase price, and intended loan amount ready to help your mortgage team explore relevant options.
Find a Fixed-Rate Mortgage That Fits Your Plans
Connect with Farmers Bank of Kansas City to explore available loan terms, compare costs, and request your personalized home purchase or refinance quote.
Loan programs, rates, and availability are subject to change. All loans are subject to credit, collateral, and underwriting approval. A quote is not a rate lock or commitment to lend. Payment descriptions refer to standard fully amortizing loans. Taxes, insurance, and other applicable housing costs are additional. Refinancing may increase total borrowing costs, particularly when extending the loan term or financing closing costs.
© 2026 Farmers Bank of Kansas City is a branch of Farmers Bank & Trust. All Rights Reserved.
© 2026 Farmers Bank of Kansas City is a branch of Farmers Bank & Trust. All Rights Reserved.