Fixed rate mortgage

Okay kiddo, so you know that when you borrow money from someone, you have to pay them back with some extra money called interest. A fixed rate mortgage is when you borrow money from a bank to buy a house, and the interest rate that you have to pay back stays the same forever. So even if the interest rates go up or down in the future, you will always have to pay the same amount of interest on your mortgage every month. This helps you plan ahead and know exactly how much you will have to pay back each month, without any surprises. Just like how you always get the same amount of allowance each week, the interest rate on your fixed rate mortgage will always stay the same. Easy peasy, right?