Current 20 Year Refinance Rates Cash Out Refinance Mortgage rates fixed interest rate loan Fixed vs. variable interest Rates: What's the Difference. – Variable Rate Loans. A variable rate loan has an interest rate that adjusts over time in response to changes in the market. Many fixed rate consumer loans are available are also available with a variable rate, such as private student loans, mortgages and personal loans.Can You Actually Refinance Your Mortgage Too Often? – Just as it seems mortgage rates can’t get any lower. Once you demonstrate you’re making payments on the new loan, it goes back up.” Cash-out refinancing, in which people refinance into larger loans.