What key feature differentiates a fixed-rate mortgage from an adjustable-rate mortgage?

A fixed-rate mortgage is characterized by its consistent interest rate throughout the life of the loan. This stability means that the borrower’s monthly mortgage payments remain the same, making it easier to budget and plan for future expenses. In contrast, an adjustable-rate mortgage (ARM) experiences fluctuations in its interest rate, which can lead to varying monthly payments. The key feature of stability in the interest rate for fixed-rate mortgages provides predictability and security for borrowers, ensuring they aren't subject to market changes over time.