Which of the following is typically true about fixed-rate mortgages?

Fixed-rate mortgages are characterized by a consistent interest rate that remains unchanged throughout the life of the loan. This means that the borrower can plan their budget effectively, knowing that their monthly principal and interest payments will stay the same for the entire term of the loan, whether it be 15, 30, or another duration. This stability is one of the primary advantages of fixed-rate mortgages, as it protects borrowers from fluctuations in interest rates that could occur in the market.

The other aspects of the question highlight scenarios that do not apply to fixed-rate mortgages. For instance, varying interest rates or monthly payment amounts are typical characteristics of adjustable-rate mortgages. Likewise, while creditworthiness can influence the terms of a loan, fixed-rate mortgages are not exclusively offered to those with excellent credit; they are available to a range of borrowers, often with various loan programs accommodating different credit profiles.