Looking for the Cheapest Fixed Mortgage Rates?                                              We've already searched for you!  For the Best Rates... Just Click the Banner                                            Compare Fixed  Mortgage Rates from up to 4 Different Companies... ®        The Definition of The Cheapest Fixed Mortgage Rate: With Fixed Rate Mortgages, the interest rate is set for the term of the loan. The advantage of this type of loan is that it provides predictable housing costs for the life of the loan and no sudden rise in monthly expenses.  Usually you can get a 30 year fixed mortgage or a 15 year fixed rate mortgage, it all depends on how soon you want to pay off the loan. Cheapest Fixed Mortgage Rate Advantages: Ö      You will get a stable monthly payments for the life of the loan with no surprises Ö      If you feel interest rates will soon rise, you can lock yourself in at the lower rate Ö      Traditionally a Cheap Fixed Mortgage Rate will save you more money than getting an adjustable rate mortgage in the long run Compare Fixed Rate Mortgages to Adjustable Mortgages... Mortgage Type Monthly Payment Interest Rate Rate Changes Total Interest Paid Equity 30 Year Fixed Average Average No Average Slow 40 Year Fixed Notably Lower Slightly Higher No Higher Slower 15 Year Fixed Notably Higher Much Lower No Notably Lower Faster 5/1 Adjustable-Rate Mortgage (ARM) Lower for first 5 years, then may change each year Lower Fixed for the first 5 years (then may change once a year) Varies depending on interest rates Average 3/1 ARM Lower for first 3 years, then may change each year Notably Lower Fixed for the first 3 years (then may change once a year) Varies depending on interest rates Average NET 5® (5/1 Initial Interest-Only Payment) ARM Much Lower for first 5 years, then may change each year Lower Fixed for the first 5 years (then may change once a year) Varies depending on interest rates Does not build equity for 5 years       Cheapest Fixed Mortgage News: Breaking News…11/04/2009 Cheap Fixed Mortgages Available Now... Bush Signs Massive Housing Bill  The Housing and Economic Recovery Act of 2008 will create a program aimed to help an estimated 400,000 Americans   with subprime home loans refinance into 30-year, fixed-rate mortgages backed by the government.  This will give people the opportunity to seek out more favorable terms on their mortgages and allow banks and lenders to compete for new and cheaper fixed rate mortgages.  Undoubtedly, banks and lending institutions over cheap fixed mortgages will have an advantage in offering mortgage seekers the opportunity to save money by refinancing to more favorable and cheaper fixed rate mortgages.  What is an FHA Loan? An FHA loan is a mortgage loan fully insured through the Federal Housing Administration (FHA) and issued by FHA- approved lenders. FHA loans are popular for people seeking predictable and unwavering mortgage loan payments.