• Alexstarfire@lemmy.world
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      1 year ago

      In the US a fixed rate does not expire. At the end the loan has been repaid. I do not know of they are in the US.

      • uranibaba@lemmy.world
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        1 year ago

        How does that work? You take a loan, negotiate a rate (say 3%) upfront, and you have this rate as long as the loan is not payed?

          • uranibaba@lemmy.world
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            1 year ago

            I meant payed off.

            So if I borrow $100.000 at 3% interest rate, I will 3% for the entire duration of the loan? Even if FED increased the rates to something else?

            • Alexstarfire@lemmy.world
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              1 year ago

              Yep. That’s why people who got these historic low rates are going to be very resistant to moving. Myself included.