With a "fixed-rate 30 year mortgage", your rate, and payment, will be exactly the same in the first year as the 29th. A mortgage where the rate adjusts after 5

With a "fixed-rate 30 year mortgage", your rate, and payment, will be exactly the same in the first year as the 29th. A mortgage where the rate adjusts after 5 years is a 5-year ARM. (Edit: in the U.S.)