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TeachMeFinance.com - explain fixed rate mortgage Fixed Rate Mortgage -- A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change. another definition... fixed rate mortgage -- a mortgage in which the interest rate and the amount of each payment remain constant throughout the life of the loan. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.