Which of the following is a benefit of a fixed-rate mortgage?

A fixed-rate mortgage primarily offers the advantage of stable monthly payments throughout the loan term. This stability is crucial for borrowers as it allows for better budget management and financial planning. Knowing exactly what to expect in monthly payments helps homeowners avoid surprises due to fluctuating interest rates.

Other options do not capture this central benefit. Lower interest rates can vary based on market conditions and borrower qualifications, and while some fixed-rate mortgages may offer competitive rates, this is not guaranteed. Flexibility in payment amounts typically applies more to adjustable-rate mortgages or loans with special payment structures, rather than fixed-rate loans which have consistent payment amounts. Lastly, the ability to refinance easily is not a characteristic inherent to fixed-rate mortgages; refinancing depends on a variety of factors including market conditions, creditworthiness, and lender policies.