fixed rate

Definition

A loan in which the interest rate does not change during the entire term of the loan. opposite of adjustable rate.

Use fixed rate in a sentence

The loan was a fixed rate loan so the individual taking out the loan had one less variable to consider.

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You need to do your best to get the best fixed rate that you can so that you are not overpaying for a long time.

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With mortgage rates at historic lows we anticipate financing our home purchase with a fixed rate rather than variable rate loan.

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