A fixed-rate mortgage is characterized by the fact that the interest rate remains unchanged for the entire term, whether at least two years or a maximum of 25 years. The main advantage of a fixed-rate mortgage is that you pay the same monthly rate for the entire term of the mortgage, protecting you from an increase in interest rates.

However, there is a risk that during this time, the interest rate in the market will fall below the interest rate on your fixed-rate mortgage and you will still be locked into the fixed-rate mortgage. However, you can reduce this risk by taking out a fixed-rate mortgage with a short term, as you can then benefit more quickly from lower interest rates when the market offers them.