what impact might an economic downturn have on a borrowers fixed - rate mortgage?\nit might cause a…
what impact might an economic downturn have on a borrowers fixed - rate mortgage?\nit might cause a borrowers payments to go up.\nit might cause a borrowers payments to go down.\nit has no impact because a fixed - rate mortgage cannot change.\nit has no impact because the economy does not affect interest rates.
Answer
Brief Explanations:
A fixed - rate mortgage has an unchanging interest rate over its term. So, economic conditions do not directly alter the interest rate and thus the mortgage payments remain the same.
Answer:
It has no impact because a fixed - rate mortgage cannot change.