Fixed Rate Terms
Fixed Rate terms are available in
1, 2, 3, 4, 5, 7, 10 & 15 years.
The majority of lenders offer 1-5 year fixed rate terms.
The majority of lenders do not fix the interest rate until settlement. Fixed Rates can change between the time of application and the settlement of the loan. However, most lender offer a rate lock for their fixed rates. This is additional fee to "lock-in" the rate at the time of application. Most lenders will lock the interest rate form 60 days to 90 days but it is important to find out the conditions of the rate lock and make sure.
In times when variable interest rates are increasing the fixed rates increase too. It can be a wise move to lock the interest rate at the time of application.