A fixed rate mortgage means that the interest rate remains unchanged for the life of your mortgage loan and locked into a set interest rate.  Fixed rate mortgages keeps your monthly expenses consistent and some prefer it as it makes budgeting easier.  If you have reason to think interest rates are going to increase, a fixed rate mortgage is probably the best option for you.

Most commonly fixed rate mortgages are repaid over a 30 year term, additionally, there is a 15 year fixed rate mortgage available.  Another option is an Adjustable (ARM) Rate Mortgage with variable rates and changing monthly payments.  Compare both type of mortgage loans to see which would best suit your needs.  More info on Adjustable Rate Mortgages