Why are fixed rate mortgages always for a limited period of time?

is this true??





for example back in 2001 -2003 when they were offering the ability to switch to a low rate fix mortgage...were all of these for a limited period of time or not?





why and how so??





Thanks for your answers!Why are fixed rate mortgages always for a limited period of time?
The rates change over time. You can always switch to a fix rate mortgage but how low depends on what banks are offering at the time.Why are fixed rate mortgages always for a limited period of time?
No, fixed rates never change. Only adjustable rates change, usually after 2 years.





Most fixed rates in the US are 30 years, but 15 is fairly common as well.
You are confusing an ARM fixed for 5 years which is not a fixed rate loan and an actual fixed rate loan which is for 15, 20 or 30 years.