A fixed rate mortgage loan has the same interest rate and principal and interest payments each month for a fixed period of time, like for 15 or 30 years. If you escrow your property taxes and insurance, those expenses can change, which will affect your monthly payments. Fixed-rate mortgage may be a good choice if you plan to stay in your home for a long time or if you feel more comfortable knowing your payment will not change.
Generally, the shorter the term the lower the rate and the higher the payments since it is being repaid over a shorter period of time.