What is a primary benefit of a fixed-rate mortgage?

A primary benefit of a fixed-rate mortgage is that it provides an unchanging interest rate throughout the loan term. This means that regardless of fluctuations in the market or changes in interest rates over time, the borrower’s rate remains stable. Such predictability allows borrowers to effectively budget their monthly payments, as they won’t face the uncertainty of rising payments that can occur with adjustable-rate mortgages. This stability can be particularly advantageous in a low-interest-rate environment, enabling borrowers to secure a favorable rate that won't change, providing long-term financial security and peace of mind.

The other options, while potentially appealing in different contexts, do not specifically highlight the most distinguishing feature of a fixed-rate mortgage. Lower monthly payments, faster equity accumulation, and lower closing costs can occur with various types of loans and are not exclusive to fixed-rate mortgages.