Fixed-Rate Mortgage

Fixed-rate mortgages offer the same interest rate and monthly principal and interest payment throughout the entire term of the loan. Holyoke Credit Union offers a variety of terms in conventional and jumbo loan amounts of up to $1,000,000. The longer the term, the lower your monthly payment and the more cash you'll have for other expenses. With a shorter term, you will qualify for a smaller loan amount and have higher monthly payments, but you save on interest costs over the life of the loan and build equity more quickly. A fixed-rate mortgage loan has long been, and continues to be, the traditional and most popular choice because it offers stability along with consistent monthly payments.


  • Fixed monthly payments for the life of the loan
  • Protection from rising interest rates because interest rate remains the same for the life of the loan
  • Faster equity growth compared to other mortgage options, such as adjustable rate and balloon mortgages

Best for people who:

  • Prefer regular payments with no surprises
  • Are on a limited or fixed income
  • Plan to stay in their home for at least five years
  • Are purchasing or refinancing at a time when interest rates are comparatively low

Other considerations:

  • Fixed-rate mortgages are offered with terms of 10,15, 20, 25, and 30 years
  • A monthly principal and interest payment that doesn't change helps with
    financial planning
  • If market interest rates go down, your monthly principal and interest payment will not decrease unless you refinance your mortgage

Click on Mortgage Rates to see the current rate and any additional disclosures.