Which of the following is a characteristic of fixed-rate mortgages?

Fixed-rate mortgages are characterized by their stability in interest rates. This means that the interest rate remains constant throughout the entire loan term, which can typically range from 15 to 30 years. This characteristic gives borrowers the advantage of predictable monthly payments since their principal and interest amounts do not change. Such predictability is a significant benefit, especially in budgeting and financial planning.

In contrast, other types of mortgages, such as adjustable-rate mortgages, have interest rates that vary after an initial fixed period, which can lead to fluctuations in monthly payments. Thus, the idea that interest rates remain constant is a fundamental aspect that distinguishes fixed-rate mortgages from other mortgage types. It's this reliability that often attracts borrowers to fixed-rate options, as it shields them from market volatility in interest rates over the life of the loan.