Fixed rate mortgages are usually more expensive than adjustable rate mortgages. Due to the inherent interest rate risk , long-term fixed rate loans will tend to be at a higher interest rate than short-term loans. Fixed rate mortgages are practically identical from lender to lender. While lenders keep many adjustable rate mortgages on their books, most financial institutions sell their fixed rate mortgages. Fixed rate mortgages are available for 30 years, 20 years and even 10 years. On a 30-year loan you pay 360 equal payments of principal and interest over the life of the loan.

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