From Elizabeth Weintraub,
Your Guide to Home Buying / Selling.
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Definition: Fixed-rate loans are repaid at a fixed-interest rate that does not adjust over the term of the loan. Most fixed-rate loans are amortized for a certain period of time, meaning if the borrower pays the principal and interest payment every month over the term as agreed, the loan will be paid in full at the end of that time.

Examples: In the early 1980s, many borrowers were paying 12 to 18 percent on fixed-rate loans. Some were as high as 22%.