A fixed-rate mortgage is a home loan with an interest rate that stays the same for the entire term of the loan. The benefit of a going with a fixed-rate mortgage is that your P&I payment (principal and interest) will stay the same and will not fluctuate with changes in market rates.
The most popular repayment terms for a fixed-rate mortgage is either 30 years or 15 years, however, 20 year mortgages are also available. 40 and 50 year mortgages are also now available and are most commonly used in areas with higher priced homes to keep homeownership in reach for qualified borrowers.
The interest rate on a fixed-rate mortgage will vary based on loan size, location, your credit score, the length of the loan, the amount of down-payment on a purchase, and whether or the mortgage loan product is either conventional, FHA, or a VA home loan.
That really depends on your personal preference and tolerance for risk. The difference between a fixed rate and an adjustable rate mortgage is simple. With a fixed-rate mortgage the interest rate is set for the life of the loan and will never change. With an adjustable rate mortgage, the interest rate can go up or down depending on what the rate is tied to and where the market is at the time of maturity.