Fixed Rate
/ˈfɪkst reɪt/
Definitions
- (n.) An interest rate on a loan or financial product that remains constant over the agreed period.
The borrower agreed to a fixed rate mortgage to avoid fluctuations in monthly payments.
Forms
- fixed rate
Related terms
See also
Commentary
In legal drafting, specifying a fixed rate requires clear definition of the rate and term period to avoid ambiguity in financial agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.