what impact might an economic downturn have on a borrowers fixed - rate mortgage?\no it might cause a…

what impact might an economic downturn have on a borrowers fixed - rate mortgage?\no it might cause a borrowers payments to go up.\no it might cause a borrowers payments to go down.\no it has no impact because a fixed - rate mortgage cannot change.\no it has no impact because the economy does not affect interest rates.

what impact might an economic downturn have on a borrowers fixed - rate mortgage?\no it might cause a borrowers payments to go up.\no it might cause a borrowers payments to go down.\no it has no impact because a fixed - rate mortgage cannot change.\no it has no impact because the economy does not affect interest rates.

Answer

Answer:

C. It has no impact because a fixed - rate mortgage cannot change.

Brief Explanations:

A fixed - rate mortgage has a set interest rate throughout its term. Economic downturns do not affect the interest rate or the monthly payments for such mortgages as they are pre - determined.