Final answer:
A homeowner's mortgage payments on a fixed-rate mortgage can change under certain circumstances, such as having an adjustable-rate mortgage or refinancing the mortgage.
Step-by-step explanation:
A homeowner will have fixed payments on a mortgage with a fixed interest rate. However, their payments may still change under certain circumstances:
- If the homeowner has an adjustable-rate mortgage, their payments can change when the interest rate changes due to market fluctuations.
- Refinancing the mortgage can also result in changes to the payment amount if the interest rate or loan term is modified.
- If there are changes in property taxes or mortgage insurance premiums, the total payment amount may increase or decrease accordingly.