Fixed Rate Mortgages are mortgage loans where the rate and terms of the loan remain fixed through the life of the loan. Generally fixed rate loans have terms of 30, 25, 20, 15, or 10 years. Shorter term loans have lower interest rates. The payments for shorter term loans are higher than for longer term loans because principal portion of the payment is larger.

Fixed Rate Mortgages make sense for the majority of borrowers because the interest rate risk remains with the lender, not the borrower. If you think that you may be in your home for a short period of time then a fixed rate loan may not make sense for you. Otherwise, stick with fixed rates.

Jumbo Fixed Rate Loans are fixed rate loans with loan amounts above those available from Fannie Mae or Freddie Mac. Jumbo loans have slightly higher interest rates than conforming loans because they don't have the intrinsic guarantee that government owned, Fannie and Freddie provide. Otherwise Jumbo Fixed Rate loans have the same features as conforming fixed rate loans.

Jumbo loans are available for borrowers purchasing or refinancing higher priced homes.