A fixed rate mortgage can be defined as a type of mortgage for which you pay a fixed amount of money per month, and in which the interest rate remains still for a set period of time. After that period, the monthly amount will vary according to fluctuating interest rates. In the case of a 5 year fixed rate mortgage, the borrower will pay a fixed amount for 5 years, and after that, the amount will certainly start to vary. 5 year fixed rate mortgages are a really good product.
In general, 5 year fixed rate mortgages have high interest rates. However, if we look at the bright side, many people finish repaying their 5 year fixed rate mortgages in time, therefore benefiting from the set amount and interest rate.