What is the primary advantage of a fixed-rate mortgage?

The primary advantage of a fixed-rate mortgage is that monthly payments remain constant throughout the life of the loan. This stability is crucial for budgeting, as homeowners can plan their finances with the assurance that their mortgage payment will not fluctuate. It provides predictability in financial planning, making it easier to manage monthly expenses without the concern of rising interest rates that would increase payments in an adjustable-rate mortgage. This consistency is especially beneficial in times of rising interest rates, as borrowers locking in a fixed rate may save significantly compared to those with variable rates.

Other options presented do not directly convey the primary benefit of a fixed-rate mortgage. For example, changing interest rates (as noted in one option) can lead to fluctuating payments in adjustable-rate mortgages, which is not a feature of fixed-rate mortgages. Moreover, while some loans may have no down payment or shorter repayment periods, these features are not exclusive advantages of fixed-rate mortgages and do not encapsulate the primary benefit that comes from their stable payment structure.