is a fixed rate mortgage or a variable rate mortgage better 
a fixed rate mortgage gives you security your payment will never go up no matter what happens to interest rates in the world outside if rates go down you can refinance a variable rate mortgage usually has a slightly lower interest rate to start keeping your costs low at a time when you might be squeezed for cash that s because the bank is betting that interest rates will go up while you re betting they ll go down if you lose that bet your monthly payment will go up and you won t have the option of refinancing until they go down again the bottom linea mortgage rate is the interest that a home buyer will pay to finance the purchase you ll get the best rate available if you have a very good credit rating and a financial history that proves you can afford to repay the loan however the range of mortgage rates that are available at any given time is well outside your control prevailing interest rates determine mortgage rates and they change from week to week depending on economic conditions 