A fixed rate mortgage is great because your rate is fixed and never changes. Fixed mortgage means your interest rate will stay the same the entire life of your loan. Having a fixed rate mortgage ensures that there are no surprises through-out the term of the loan. 

The two most common of the fixed rate mortgage are your fifteen year fixed, twenty year fixed and thirty year fixed rate. The thirty year fixed is the more common.

Benefits of a Fixed Rate

A fixed rate mortgage is better than adjustable because you don't go up and down with the market. A fixed mortgage not only can lower your payment, but will give you the piece of mind of knowing what your payment will be each month. A thirty year fixed keeps the payments down by making them over thirty 30 years. A fifteen year fixed, will have a lower rate and a higher payment, but is paid off in a short amount of time.