Fixed-Rate Mortgages

Q: What is a fixed-rate mortgage?

A fixed-rate mortgage is a home loan with an interest rate that stays the same throughout the entire term of the loan. This is in contrast to adjustable-rate mortgages, where the interest rate fluctuates based on market conditions.

Q: Why choose a fixed-rate mortgage?

Fixed-rate mortgages are a good choice for borrowers who want to know what their monthly payment will be each month. The consistency and predictability make fixed-rate mortgages a popular choice for long-term property holders.

Q: How long are the terms for fixed-rate mortgages?

Terms for fixed-rate mortgages can range between 15 and 30 years. The vast majority of homebuyers opt for a 30-year fixed-rate mortgage, with the 15-year term being the second-most popular choice.

Q: How are fixed-rate mortgage rates determined?

Mortgage rates fluctuate from day to day based on market conditions such as economic health, employment trends and inflation. Once you lock in your mortgage rate, the fixed-rate mortgage will remain at that rate throughout the life of the loan and will not be subject to daily variations. Your interest rate on a fixed-rate mortgage also depends on a number of personal factors. Examples include your credit score and the loan-to-value ratio, which is impacted by your down payment.

Q: How do I calculate the monthly payments for a fixed-rate mortgage?

You can use the mortgage payment calculator on this page to estimate your monthly payments on a fixed-rate mortgage. To use the calculator, you'll need to know the home's purchase price, annual property taxes and home insurance costs, and monthly HOA dues. You'll also need to know how long your loan term will be and its interest rate.

Q: Can you refinance a fixed-rate mortgage?

Yes. Refinancing a fixed-rate mortgage can help homeowners save money by securing a lower interest rate or shortening the term of their loan. For example, if you have a 30-year fixed-rate mortgage, you could refinance with a 15-year or 20-year mortgage loan. And although your monthly payments may be higher with a shorter term, you'll build equity and pay off your loan faster, resulting in less interest paid overall. In other cases, such as when interest rates fall below your fixed rate, refinancing could lead to lower monthly payments. If you're interested in refinancing your fixed-rate mortgage, talk to a mortgage banker about your options.

Lock in the financial security of a fixed-rate mortgage

Count on a fixed rate for up to 30 years

Interest rates rise and fall, but you can count on stability with a fixed-rate mortgage loan. When you're ready to buy a home, our expert lending team is here to help—and we know a thing or two about stability. After all, First Citizens has been helping families manage their finances for more than a century.

No surprises

Rest assured that your monthly payment won't change.

Down payment options

Use grants, gifts and other funds for down payment and closing costs.

Easily apply online

Secure your fixed-rate mortgage loan today by applying online.

Lock in your interest rate

Fixed-Rate Mortgage Application Requirements

Qualify for a fixed-rate home loan

Create an account in our online application platform. Here's what you'll need to apply for a fixed-rate mortgage.

Social Security number
Employer contact information
Estimated income, assets and liabilities
Details on the property you're interested in mortgaging

Get guidance through the homebuying process. We're here to help.

Find a Mortgage Banker

Financial security

Don't worry about your mortgage payment increasing and breaking your budget.

Locked-in mortgage rate

The interest rate is set in stone on day 1 of your mortgage term.

Pay over the long term

Take up to 30 years¹ to pay off your fixed-rate mortgage loan.

Get assistance

If you're eligible for down payment assistance, you may be able to make a lower lump-sum payment.

If you're interested in financing your home with a fixed-rate mortgage loan, you can start the process online.

Step 1

Get pre-qualified

Save time when you get pre-qualified for a fixed-rate mortgage loan. It'll help you estimate how much you can borrow so you can shop for homes with confidence.

Step 2

Connect with a mortgage banker

After you've applied for pre-approval, a mortgage banker will reach out to discuss your options. Feel free to ask anything about the conventional fixed-rate mortgage loan process—your banker is here to be your guide.

Step 3

Apply for a fixed-rate mortgage

Found the house you want to purchase? Then it's time to apply for financing and turn your dream of buying a home into a reality.

Use the mortgage payment calculator to see if a fixed-rate mortgage loan is right for you. Try comparing a 15-year fixed-rate mortgage and a 30-year fixed-rate mortgage to see which loan best fits your budget.

What is a fixed-rate mortgage?

Why choose a fixed-rate mortgage?

How long are the terms for fixed-rate mortgages?

How are fixed-rate mortgage rates determined?

How do I calculate the monthly payments for a fixed-rate mortgage?

Can you refinance a fixed-rate mortgage?

Home

Normal credit approval applies.

Not applicable in all states.

1. An example of a typical extension of credit is as follows: As of May 9, 2025 an amount financed of $400,000 at a term of 360 months with an annual percentage rate of 3.875% would result in 360 equal monthly principal and interest payments of $1,880.95.

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NMLSR ID 503941

Fixed-Rate Mortgages

Lock in the financial security of a fixed-rate mortgage

Count on a fixed rate for up to 30 years

Qualify for a fixed-rate home loan

Get guidance through the homebuying process. We're here to help.