What is the difference between a fixed and adjustable rate? When you have a fixed rate, this means that throughout the life span of your loan, your interest rate won’t change. If you were to choose to have an adjustable rate on a loan, your interest rate could change periodically, depending on what type of adjustable rate loan you choose. Thank you for tuning into this Joe Knows Mortgages MINUTE If you have any home loan related questions, we want to hear from you! SO please comment down below! Also, please feel free to like and share this information with your family and friends. See you again next Monday!