Fixed rate loans guarantee a specific rate of interest for a set length of time.
Fixed-rate loans have interest rates that do not change over the loan. As a result, monthly payments for principle and interest are also fixed for the life of the loan. With a fixed rate loan, you will have predictable monthly payments for as long as you have the loan.
Loans that generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.