Meaning of “fixed rate” in the English Dictionary

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"fixed rate" in Business English

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fixed ratenoun [ C ]

uk us

FINANCE an interest rate on a loan that is fixed when the loan is taken out and that does not change:

a buy-to-let loan at a fixed rate of 4%
fixed-rate
adjective [ before noun ]

We took out a 3-year fixed-rate mortgage.

(Definition of “fixed rate” from the Cambridge Business English Dictionary © Cambridge University Press)