Mortgage repayment confused

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I'm on a fixed rate mortgage.

As expected, my mortgage statement shows only one interest rate has been applied in the last 12 months.

The same statement also shows that the calculated interest charges that I pay each month have been fluctuating with a fair amount of volatility.

Have I misunderstood the meaning of fixed rate?

HappyHarry

Could it simply be that there are a different number of days in each month, and your interest is calculated daily but reported monthly?

ViolaLass

The amount of interest should also go down a little each month because the capital owed is decreasing (unless you have an interest-only mortgage).

exiled_red

I would imagine that it would be one or combination of the 2 points made by HappyHarry and ViolaLass above, my mortgage interest is calculated daily but reported monthly and as a repayment mortgage the amount of interest paid (when comparing two months of the same length) decreases slightly as time goes on as a greater portion of your payments are paying off the capital.

One other thing to consider is when the statement is dated in relation to your payment date this can lead to almost a full month going by without a repayment being made so you may have a month where you have accumulated interest but not may a repayment (yet).

Thrugelmir

Some months have 28 days, some 31. Interest is calculated daily and charged monthly. This will cause a fluctuation in the interest charged , though will be on a slow progressive decline, as the capital balance owed reduces.

The actual rate of interest charged is fixed and does not change.