A 15 year fixed rate mortgage is an ideal kind of mortgage for people who want to draw a long-term mortgage and want to establish a fixed amount to pay monthly. This is due to the fact that interest rates are subject to sudden changes due to many factors. Therefore, if interests rates increase, so do your payments. With a 15 year fixed rate mortgage you're covered against that issue. In general, this kind of mortgage is drawn by people who want to own their own home.
Most 15 year fixed rate mortgages have an interest rate of 5%, which remains stable for the 15-year term. After 15 years, if you haven't finished repaying the mortgage, interests for your 15 year fixed rate mortgage are likely to change.