No, the vectors do not have fixed locations. This is because a vector remains unaffected if it is displaced parallel to itself; provided its magnitude and direction remains the same. However, the position vector has a definite location.
Yes, the vector can vary with respect to time. The displacement vector of a particle moving with a velocity changes with time. Similarly, the displacement vector of a particle moving in a circular path, changes with time.
It is not necessary that two equal vectors located at different locations in space have the same physical effects. For example, two equal vector forces acting on two different points may not produce equal turning effects. The force which acts tangentially to the surface produces shear stress. The force which acts about the center of mass produces accelerated motion of the object.