Fixed rate mortgages have 2 distinct advantages. The first advantage is that the interest rate remains the same throughout the term of your mortgage. The second advantage is that the payment of the loan remains level for the life of the loan and is structured for the repayment of the loan at the end of the mortgage term.
With a fixed rate mortgage, you can choose whether you want the term of your mortgage to be 10 years, 15 years, 20 years or 30 years. The most popular fixed rate loans are 30 year mortgages and 15 year mortgages.
Be sure to talk to your mortgage broker or banker about what kind of mortgage works best for your financial situation.