Fixed mortgages are one of the most popular types of mortgages. However, as with all loan deals there are pros and cons to them. Fixed mortgages are as they say: a loan with Obama mortgage interest deduction rate that is fixed at a certain rate for the whole period of the loan, or certainly part of it, and you are therefore tied to that rate no matter what the economy does or how it changes. Having a fixed mortgage does offer you some piece of mind and is very useful for budgeting your household finances. The monthly repayments can be calculated and are fixed at a set amount each month for the whole duration of the loan. As a result, you never have to worry about your monthly payment increasing, and as this is likely to be your biggest financial commitment each month this makes a lot of sense and is an attractive option for many people.