A fixed rate loan has an interest rate that stays the same during the term of the loan. This means that your loan payments will stay the same -- that is, they are fixed -- for the entire term of the loan.
Fixed rate loans offer stability in fluctuating market conditions. You can count on having the same monthly loan payments for the entire term of the loan. This reduces your risk of uncertainty. For this reason, rates for fixed rate loans are generally higher than those for adjustable rate loans. They can also be more expensive over the long run if rates go down.
Fixed rate loans are not normaly assumable.