Fixed rate mortgages are offered in a variety of terms: 30 and 15 years being the most common. The 15 year term usually has an interest rate of about 1/2 point lower than the 30 year term. There are also a few variations of the traditional fixed rate mortgage such as a graduated payment mortgage. Graduated payment loans allow you to pay less at the beginning of the loan and then increase your payments as the loan matures.