Mortgage rates are the interest rates charged on loans used to purchase real estate. These rates can vary based on several factors, including the borrower's credit score, the size of the down payment, and the overall economic environment. Generally, lower rates make borrowing more affordable, while higher rates can increase monthly payments and the total cost of the loan. Mortgage rates can be fixed or adjustable. A fixed-rate mortgage maintains the same interest rate throughout the life of the loan, providing predictable payments. In contrast, an adjustable-rate mortgage may start with a lower rate that can change over time, potentially leading to higher payments in the future.