With Fixed Rate Mortgages, you pay a predetermined interest rate for the duration of the mortgage. You generally have a choice of a 15- or 30-year mortgage (though terms may vary to meet your needs). You pay more interest over the term of the 30-year mortgage but your monthly payments are lower. With the 15-year mortgage, you have higher monthly payments but you build up the equity in your home much sooner. Learn which rate is better for you: fixed or adjustable.