There are three main benefits to fixed rate mortgages.

#1: Protection against inflation. Even if interest rates rise, your fixed-rate loan will keep your costs in-check. Even if other costs, like taxes and insurance go up, your monthly mortgage payment will not follow suit. If you are planning on owning your home for a protracted period of time (5+ years) this works out well.

#2: Planning. Over the long term, it is much easier to plan out your expenses with a fixed rate mortgage. You have many financial objectives and goals and planning for them is key. Being able to lock you monthly payment for housing will be a huge variable taken off your plate and is something that you can't even guarantee when renting an apartment.

#3: Limiting risk. With fixed rate mortgages, the risk lies in your ability to pay the set rate alone. If interest rates skyrocket, you are insulated from this risk by the fixed rate set in place. With a variable mortgage, you would need to be able to pay, perhaps, significantly more per month, with refinancing only available at these higher rates.