Refinance rates can be higher than purchase mortgage rates, but that isn't always the case. Monthly mortgage payment calculatorUse the mortgage calculator below to see how various mortgage rates will impact your monthly payments. There are two basic types of mortgage rates: fixed and adjustable rates. If the economy — for example, employment rates — is struggling, mortgage rates decrease to encourage borrowing, which helps boost the economy. Current mortgage rates: FAQsWhat bank is offering the lowest mortgage rates?