They are best if you want a reliable payment over a very long period of time with no surprises.

The peace of mind of a fixed-rate loan will offset the slightly higher payment over the long term. When rates are very low, refinance into a fixed-rate loan to lower your monthly payment or convert the uncertainty of an Adjustable Rate to a reliable fixed-rate.

If you have a large Home Equity Loan or high interest credit cards that are not fixed, a fixed-rate loan may save you money in the long term.