Fixed Rate Mortgage

Stability: With your mortgage rates fixed, the loan period set, you know what your mortgage payment will exactly be for the whole life of the residential loan. Given the certainty of your mortgage loan payment, you can plan your finances accordingly. 
Lower payments in a low mortgage interest rates environment: A lower monthly mortgage payment frees up your purchasing power and gives you greater financial flexibility. Using a 30 year fixed mortgage of $150,000 as an example, if the borrowing rate is 6.50%, the monthly payment would be $948.10. If the mortgage interest rate is 8.50%, the mortgage monthly payment would amount to $1,153.37. The difference in monthly payments is $205.27.

Affordability: If mortgage interest rates are high, you might have difficulty making the high mortgage payments. The home loan in this situation might not be approved. 
High payments in a high mortgage rate environment: Nobody wants to be saddled with high home mortgage payments over the long term. When borrowing rates are lower, you can refinance your mortgage. A refinance mortgage is the process of replacing your current mortgage with a new residential mortgage with better borrowing terms.