Fixed Interest Rate Mortgage Loans 固定利率抵押贷款 In this chapter, we discuss various approaches to pricing and structuring fixed interest rate mortgage loans. We see that the price or interest rate on the loan depends on a number of factors, including various types of risk that affect mortgage lenders. It is important to keep these risk factors in mind in future chapters as we consider alternative mortgage instruments which are often designed in ways that alter risk characteristics. Although the focus of this chapter will be on residential mortgages, the concepts and calculations are equally important for commercial mortgages, which also are discussed in later chapters. We will find that the riskiness of the mortgage is also a factor in the risk and expected rate of return for investors in real estate income properties.