A fixed-rate mortgage has a _____________ mortgage rate for ___________ years.

The correct choice highlights that a fixed-rate mortgage has a "set" mortgage rate for "a set number" of years, which accurately describes the nature of fixed-rate mortgages. Such mortgages offer stability and predictability in payments because the interest rate remains constant throughout the term of the loan. This means that borrowers can plan their finances without worrying about fluctuations in interest rates, which can be a significant factor in overall mortgage costs.

In a fixed-rate mortgage, the terms can vary; common durations include 15 or 30 years, but they can extend to other time frames as well. The key takeaway is that the interest rate is predetermined and does not change over the life of the loan, allowing borrowers to have a clear financial commitment regarding their monthly payments.

While other options may contain specific figures or descriptors, they do not encapsulate the defining characteristic of fixed-rate mortgages as effectively as the idea of it having a "set" rate for a defined term. This understanding is crucial for grasping the fundamentals of mortgage types in personal finance.