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Therefore, you will be paying the same monthly principal and interest rates during the entire period of the mortgage. While some adjustable rate mortgages have an introductory period during which the interest rate is fixed, a true fixed rate mortgage has one interest rate for the entire term of the mortgage loan. One disadvantage of fixed rate mortgage loans is that they typically have a higher interest rate than an adjustable rate mortgage. Generally speaking, the longer your mortgage loan's terms are, the higher the differences in costs will be with fixed rate mortgages compared to adjustable rate mortgages. If the mortgage borrower plans to stay in their house for many years and believes that interest rates may go up, then the premium today could be a substantial savings tomorrow.