Which of the following best describes a fixed rate mortgage?

A fixed rate mortgage is characterized by having an interest rate that remains constant throughout the entire loan term. This consistency allows borrowers to have predictable monthly payments, making budgeting and financial planning easier. Fixed rate mortgages are often chosen by borrowers who prefer stability and want to protect themselves against potential increases in interest rates that could occur in the future. This predictability contrasts with adjustable-rate mortgages, where the interest rate can fluctuate based on market conditions. Therefore, option B accurately reflects the essential feature of a fixed rate mortgage, distinguishing it from other loan types, where interest rates can change or monthly payments might vary.