Which of the following is a benefit of a fixed-rate mortgage?

A fixed-rate mortgage is structured to provide financial predictability and stability for borrowers. One of the primary benefits of this type of mortgage is that the borrower's monthly payments remain consistent throughout the life of the loan. This consistency is especially beneficial for budgeting, as borrowers can rely on the same payment amount every month without the concern of fluctuating interest rates.

In a fixed-rate mortgage, the interest rate is locked in at the time of closing and does not change over the term of the loan, which can typically span 15 to 30 years. This contrasts with adjustable-rate mortgages, where the interest rate can change at specified intervals, potentially leading to higher payments in the future.

Choosing a fixed-rate mortgage can be a wise decision for borrowers who value stability in their financial planning and prefer to have predictable expenses related to their home loan.